0000101984-25-000038 | 10-K | XBRL Viewer | Universal Electronics INC

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Property, Plant, and Equipment, Net - Construction in Progress (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Construction in progress	$ 1,312	$ 2,688
Leasehold and building improvements
Property, Plant and Equipment [Line Items]
Construction in progress	102	623
Machinery and equipment
Property, Plant and Equipment [Line Items]
Construction in progress	483	738
Software
Property, Plant and Equipment [Line Items]
Construction in progress	60	11
Tooling
Property, Plant and Equipment [Line Items]
Construction in progress	638	1,197
Other
Property, Plant and Equipment [Line Items]
Construction in progress	$ 29	$ 119

Goodwill and Intangible Assets, Net - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 44,863	$ 46,366
Accumulated amortization	(20,825)	(21,017)
Total	24,038	25,349
Gross value of fully amortized intangible assets	49,300	45,000
Capitalized software development costs
Finite-Lived Intangible Assets, Net [Abstract]
Gross	2,575	2,161
Accumulated amortization	(1,150)	(421)
Total	1,425	1,740
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross	6,340	6,340
Accumulated amortization	(4,526)	(3,803)
Total	1,814	2,537
Developed and core technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross	740	4,220
Accumulated amortization	(398)	(3,754)
Total	342	466
Patents
Finite-Lived Intangible Assets, Net [Abstract]
Gross	34,758	33,195
Accumulated amortization	(14,339)	(12,686)
Total	20,419	20,509
Trademarks and trade names
Finite-Lived Intangible Assets, Net [Abstract]
Gross	450	450
Accumulated amortization	(412)	(353)
Total	$ 38	$ 97

Summary of Significant Accounting Policies - Intangible Assets (Details)	Dec. 31, 2024
Capitalized software development
Finite-Lived Intangible Assets [Line Items]
Estimated Lives (in years)	2 years
Patents
Finite-Lived Intangible Assets [Line Items]
Estimated Lives (in years)	10 years
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Lives (in years)	6 years
Minimum \| Developed and core technology
Finite-Lived Intangible Assets [Line Items]
Estimated Lives (in years)	6 years
Minimum \| Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Estimated Lives (in years)	6 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Lives (in years)	10 years
Maximum \| Developed and core technology
Finite-Lived Intangible Assets [Line Items]
Estimated Lives (in years)	14 years
Maximum \| Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Estimated Lives (in years)	8 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 394,879	$ 420,457	$ 542,751
Cost of sales	280,885	322,897	390,459
Gross profit	113,994	97,560	152,292
Research and development expenses	29,723	31,281	32,452
Selling, general and administrative expenses	91,811	98,490	105,292
Factory restructuring charges (Note 13)	3,585	4,015	0
Legal judgment (Note 13)	4,172	0	0
Goodwill impairment (Note 7)	0	49,075	0
Operating income (loss)	(15,297)	(85,301)	14,548
Interest income (expense), net	(3,361)	(4,332)	(2,200)
Other income (expense), net	60	(2,621)	(955)
Income (loss) before provision for income taxes	(18,598)	(92,254)	11,393
Provision for income taxes	5,431	5,984	10,986
Net income (loss)	$ (24,029)	$ (98,238)	$ 407
Earnings (loss) per share:
Basic (in dollars per share)	$ (1.85)	$ (7.64)	$ 0.03
Diluted (in dollars per share)	$ (1.85)	$ (7.64)	$ 0.03
Shares used in computing earnings (loss) per share:
Basic (in shares)	12,959	12,855	12,703
Diluted (in shares)	12,959	12,855	12,779

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense for each employee and director is presented in the same statement of operations caption as their cash compensation. Stock-based compensation expense by statement of operations caption and the related income tax benefit were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Cost of sales	$	106	$	125	$	155
Research and development expenses	769		1,098		1,342
Selling, general and administrative expenses:
Employees	5,379		6,980		7,257
Outside directors	446		606		1,259
Total employee and director stock-based compensation expense	$	6,700	$	8,809	$	10,013

Income tax benefit	$	1,026	$	1,369	$	1,660

Restricted Stock

Non-vested restricted stock award activity was as follows:


	2024			2023			2022
	Shares (in 000's)	Weighted-Average Grant Date Fair Value		Shares (in 000's)	Weighted-Average Grant Date Fair Value		Shares (in 000's)	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the year	486	$	21.66	376	$	36.82	310	$	44.41
Granted	391	10.55		340	14.15		262	31.05
Vested	(264)	24.85		(211)	35.77		(191)	41.09
Forfeited	(18)	17.40		(19)	17.72		(5)	43.22
Non-vested at end of the year	595	$	13.07	486	$	21.66	376	$	36.82

As of December 31, 2024, we expect to recognize $5.1 million of total unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock awards over a weighted-average life of 1.6 years.

Performance Stock

Non-vested performance stock award activity was as follows:


	Shares (in 000s)	Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2023	—	$	—
Granted	116	4.72
Vested	—	—
Forfeited	—	—
Non-vested at December 31, 2024	116	$	4.72

The assumptions we utilized in the Monte Carlo simulation model and the resulting weighted average fair value of performance stock grants were the following:


	Year Ended December 31,
	2024
Weighted average fair value of grants	$	4.72
Risk-free interest rate	4.08		%
Expected volatility	57.00		%
Expected life in years	2.73

As of December 31, 2024, we expect to recognize $0.4 million of total unrecognized pre-tax stock-based compensation expense related to non-vested performance stock awards over a weighted-average life of 1.8 years.

Stock Options

Stock option activity was as follows:


	2024						2023						2022
	Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)
Outstanding at beginning of the year	901	$	38.78				782	$	44.16				800	$	45.55
Granted	—	—					235	24.77					139	33.42
Exercised	—	—			$	—	—	—			$	—	(80)	19.25			$	292
Forfeited/canceled/expired	(122)	58.52					(116)	46.59					(77)	64.81
Outstanding at end of the year (1)	779	$	35.67	3.12	$	—	901	$	38.78	3.67	$	—	782	$	44.16	3.45	$	—
Vested and expected to vest at the end of the year (1)	779	$	35.67	3.12	$	—	901	$	38.78	3.67	$	—	782	$	44.16	3.45	$	—
Exercisable at the end of the year (1)	673	$	37.24	2.79	$	—	620	$	44.06	2.60	$	—	600	$	45.77	2.61	$	—

(1)The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of 2024, 2023 and 2022 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had they all exercised their options on December 31, 2024, 2023 and 2022. This amount will change based on the fair market value of our stock.

There were no option exercises in the years ended December 31, 2024 and 2023. The value of shares withheld in lieu of receiving cash from option exercises in the year ended December 31, 2022 was $1.5 million. There was no cash received from option exercises for the year ended December 31, 2022. The actual tax benefit realized from option exercises was $0.1 million for the year ended December 31, 2022.

The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following:


	Year Ended December 31,
	2024			2023			2022
Weighted average fair value of grants	$	—		$	10.83		$	14.51
Risk-free interest rate	—		%	3.86		%	1.93		%
Expected volatility	—		%	45.89		%	49.35		%
Expected life in years	0.00			4.70			4.73

Significant option groups outstanding at December 31, 2024 and the related weighted average exercise price and life information were as follows:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding (in 000's)	Weighted-Average Remaining Contractual Term (in years)	Weighted-Average Exercise Price		Number Exercisable (in 000's)	Weighted-Average Exercise Price
$24.77 to $34.56	497	3.78	$	27.69	391	$	28.23
$44.95 to $46.17	188	1.18	45.60		188	45.60
$52.85 to $59.43	94	3.48	58.03		94	58.03
	779	3.12	$	35.67	673	$	37.24

As of December 31, 2024, we expect to recognize $1.0 million of total unrecognized pre-tax stock-based compensation expense related to non-vested stock options over a remaining weighted-average life of 1.0 year.

Stock Incentive Plans

Our active stock-based incentive plans include those adopted in 2014 and 2018 ("Stock Incentive Plans"). Under the Stock Incentive Plans, we may grant restricted stock units, performance stock units, stock options, stock appreciation rights, or any combination thereof for a period of ten years from the approval date of each respective plan, unless the plan is terminated by resolution of our Board of Directors. No stock appreciation rights have been awarded under our Stock Incentive Plans as of December 31, 2024. Only directors and employees meeting certain employment qualifications are eligible to receive stock-based awards.

The grant price of restricted stock and stock option awards granted under our Stock Incentive Plans is the average of the high and low trades of our stock on the grant date. We prohibit the re-pricing or backdating of stock options. Restricted stock awards vest in various proportions over a one- to three-year time period. Our stock options become exercisable in various proportions over a three-year time frame. Stock options have a maximum ten-year term. Our performance stock awards vest in various proportions over a three-year term, subject to a service condition and stock price-based market conditions.

Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2024:


Name	Approval Date	Total Shares Available for Grant Under the Plan	Remaining Shares Available for Grant Under the Plan	Outstanding Shares Granted Under the Plan
2014 Stock Incentive Plan	6/12/2014	1,100,000	—	87,660
Amended and Restated 2018 Equity and Incentive Compensation Plan (1)	6/11/2024	3,391,794	970,387	1,402,148
			970,387	1,489,808

(1)The 2018 Equity and Incentive Compensation Plan, as amended on June 8, 2021, was amended and restated on June 11, 2024 to create the Amended and Restated 2018 Equity and Incentive Compensation Plan which added an additional 1,000,000 shares.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Principles of Consolidation

The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

Reportable Segment

An operating segment, in part, is a component of an enterprise whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. Operating segments may be aggregated only to a limited extent. Our chief operating decision maker, the Chief Executive Officer, reviews financial information presented on a consolidated basis, accompanied by disaggregated information about revenues for purposes of making operating decisions and assessing financial performance. Accordingly, we only have a single operating and reportable segment.

Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for credit losses, inventory valuation, impairment of long-lived assets, intangible assets and goodwill, business combinations, income taxes and related valuation allowances and stock-based compensation expense. Actual results may differ from these assumptions and estimates, and they may be adjusted as more information becomes available. Any adjustment may be material.

Revenue Recognition, including Shipping and Handling Fees and Costs

Revenue Recognition

Revenue is recognized when control of a good or service is transferred to a customer. Control is considered to be transferred when the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of that good or service. Revenues are generated from manufacturing, shipping and supporting home entertainment products, climate control solutions, wireless sensor and smart home control products and AV accessories that are used in the home entertainment, climate

control, consumer electronics, security, home automation and home appliance markets, which are sold through multiple channels, and licensing intellectual property that is embedded in these products or licensed to others for use in their products. We also generate revenues from a cloud-based software solution enabling software updates, digital rights management provisioning and remote technical support to consumer electronics customers.

Revenue - Product revenue is generated through manufacturing, shipping and supporting our products, as described above. Our performance obligations are satisfied over time or at a point in time, depending on the nature of the product. Our contracts have an anticipated duration of less than a year and consideration may be variable based on indeterminate volumes.

Revenue is recognized over time when our performance creates an asset with no alternative use to us (custom products) and we have an enforceable right to payment for performance completed to date, including a reasonable margin, through a contractual commitment from the customer. Custom products are those products for which we are unable to redirect the asset to another customer in the foreseeable future without significant rework or due to contract restrictions. The method for measuring progress towards satisfying a performance obligation for a custom product is based on the costs incurred to date (input method). We believe that the costs associated with production are most closely aligned with the revenue associated with those products.

We recognize revenue at a point in time if the criteria for recognizing revenue over time are not met, the title of the goods has transferred (based upon the terms of the contract, which can be upon shipment or delivery) and we have a present right to payment.

While unit prices are generally fixed, we have variable consideration for certain of our customers, typically in the form of discounts and rebates based on product volumes and indeterminate volumes themselves. We utilize the most likely amount to estimate the effect of uncertainty on the amount of variable consideration to which we would be entitled. The most likely amount method considers the single most likely amount from a range of possible consideration amounts which, for us, is typically based on historical experience and our expectations regarding future sales to our customers. Accruals for discounts and rebates are recorded as a reduction to sales in the same period as the related revenue. We have concluded that our estimates of variable consideration are not constrained according to the definition within the accounting standard. Changes in such accruals may be required if future rebates and incentives differ from our estimates. Such discounts were $12.3 million, $10.5 million and $12.2 million at December 31, 2024, 2023 and 2022, respectively.

We allow product returns of certain products sold to business-to-consumer customers based upon contract terms. A provision is recorded for estimated sales returns and allowances and is deducted from gross sales to arrive at net sales in the period the related revenue is recorded. These estimates are based on historical sales returns and allowances, analysis of credit memo data and other known factors. Actual returns and claims in any future period are inherently uncertain and thus may differ from our estimates. If actual or expected future returns and claims are significantly greater or lower than the reserves that we have established, we will record a reduction or increase to net sales in the period in which we make such a determination.

We license our symbolic intellectual property which includes our patented technologies and database of control codes. Royalty revenue is recognized for these licensing arrangements on an over time basis. We record license revenue for per-unit based licenses when our customers manufacture or ship a product incorporating our intellectual property and we have a present right to payment. We record per-unit-based licenses with minimum guarantees ratably over the license period to which the minimum guarantee relates and any per-unit sales in excess of the minimum guarantee in the period in which the sale occurs. We record licenses with fixed consideration ratably over the license period. Tiered royalties are recorded on a straight-line basis according to the forecasted per-unit fees taking into account the pricing tiers.

We recognize service revenues related to our cloud-based software solution on an over-time basis, as our customers simultaneously receive and consume the benefits provided by our performance. Revenues are recognized over the period during which the performance obligations are satisfied, and control of the service is transferred to the customers.

Contract assets - Contract assets represent the value of revenue recognized over time for which we have not yet invoiced the customer. Generally, we invoice the customer within 90 days of revenue recognition.

Contract liabilities - A contract liability is recorded when consideration is received from a customer prior to fully satisfying a performance obligation in a contract. Our contract liabilities primarily consist of cash received in advance of providing our cloud-based software services. These contract liabilities will be recognized as revenues when control of the related product or service is transferred to the customer. See Note 4 for further information concerning contract liabilities.

Other sales-related matters - Trade receivables are recorded at the invoiced amount and do not bear interest. Payment terms typically range from 30 to 120 days, are typically on open credit terms consistent with industry practice and do not have significant financing components.

We provide our customers an assurance-type warranty, generally for periods of 12 to 36 months. Assurance-type warranties are not considered a performance obligation. A provision is recorded for estimated product warranty claim costs and is included in cost of sales. Estimates are based on analysis of product warranty claims and other known factors. Actual product warranty claim costs are inherently uncertain and thus may differ from our estimates. If actual product warranty claims costs are greater or lower than the reserves that we have established, we will record an increase or reduction to cost of sales in the period in which we make such determination.

We present all non-income government-assessed taxes (sales, use and value added taxes) collected from our customers and remitted to governmental agencies on a net basis (excluded from revenue) in our financial statements. The government-assessed taxes are recorded in our consolidated balance sheets until they are remitted to the government agency.

See Notes 4 and 13 for further information concerning revenue, contract assets, contract liabilities and other sales-related matters.

Shipping and Handling Fees and Costs

We include shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with in-bound freight or amounts reimbursable by customers are recorded in cost of sales. All other shipping and handling activities performed prior to or after the customer obtains control of a good are treated as part of fulfilling the promise of transferring the good to the customer and are including in selling, general and administrative ("SG&A") expenses. These costs recorded in

Income Taxes

We provide for income taxes utilizing the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes are presented net as non-current by jurisdiction. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from the differences between the financial and tax bases of our assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when a judgment is made that is considered more likely than not that a tax benefit will not be realized. A decision to record a valuation allowance results in an increase in income tax expense or a decrease in income tax benefit. If the valuation allowance is released in a future period, income tax expense will be reduced accordingly.

The calculation of tax liabilities involves dealing with uncertainties in the application of complex global tax regulations. The impact of an uncertain income tax position is recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not, on a jurisdiction-by-jurisdiction basis, that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We continue to assess the need for a valuation allowance on deferred tax assets by evaluating both positive and negative evidence that may exist. Any adjustment to the net deferred tax asset valuation allowance would be recorded in the income statement for the period that the adjustment is determined to be required.

The Tax Cuts and Jobs Act (the "Tax Act") subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income ("GILTI") earned by certain foreign subsidiaries. We have elected to account for GILTI in the year the tax is incurred as a period expense.

Research and Development

Research and development ("R&D") costs are expensed as incurred and consist primarily of salaries, employee benefits, supplies and materials.

Advertising

Advertising costs are expensed as incurred.

Stock-Based Compensation

We recognize the grant date fair value of stock-based compensation awards as expense in proportion to vesting during the derived service period, which ranges from one to three years. Forfeitures of stock-based awards are accounted for as they occur. Upon the vesting of restricted stock awards, the vesting of performance stock awards or exercise of stock options, newly issued shares of our common stock are issued. Our stock-based compensation awards are made at the discretion of the Compensation Committee and are not timed or coordinated with the release of material, non-public information.

We determine the fair value of restricted stock awards with a service condition utilizing the average of the high and low trading prices of our common shares on the date they were granted.

The fair value of performance stock awards with a service and market condition is determined utilizing a Monte Carlo simulation model as of the grant date. The assumptions utilized in a Monte Carlo simulation model include the risk-free interest rate, expected volatility, term of the award and dividend yield. The risk-free interest rate over the expected term is equal to the prevailing U.S. Treasury note rate over the same period. Expected volatility is determined utilizing historical volatility. The dividend yield is assumed to be zero since we have not historically declared dividends and do not have any plans to declare dividends in the future.

The fair value of stock options awards is determined utilizing the Black-Scholes option pricing model. The assumptions utilized in the Black-Scholes model include the risk-free interest rate, expected volatility, expected life in years and dividend yield. The risk-free interest rate over the expected term is equal to the prevailing U.S. Treasury note rate over the same period. Expected volatility is determined utilizing historical volatility over a period of time equal to the expected life of the stock option. Expected life is computed utilizing historical exercise patterns and post-vesting behavior. The dividend yield is assumed to be zero since we have not historically declared dividends and do not have any plans to declare dividends in the future.

Performance-Based Common Stock Warrants

The measurement date for performance-based common stock warrants is the date on which the warrants vest. We recognize the fair value of performance-based common stock warrants as a reduction to net sales ratably as the warrants vest based on the projected number of warrants that will vest, the proportion of the performance criteria achieved by the customer within the period relative to the total performance required (aggregate purchase levels) for the warrants to vest and the fair value of the related unvested warrants. If we do not have a reliable forecast of future purchases to be made by the customer by which to estimate the number of warrants that will vest, then the maximum number of potential warrants is assumed until such time that a reliable forecast of future purchases is available. To the extent that our projections change in the future as to the number of warrants that will vest, a cumulative catch-up adjustment will be recorded in the period in which our estimates change. On January 1, 2023, all 275,000 of the vested and outstanding warrants expired unexercised.

Foreign Currency Translation and Foreign Currency Transactions

We use the U.S. Dollar as our functional currency for financial reporting purposes. The functional currency for most of our foreign subsidiaries is their local currency. The translation of foreign currencies into U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using the average

exchange rate during each period. The gains and losses resulting from the translation are included in the foreign currency translation adjustment account, a component of accumulated other comprehensive income in stockholders' equity, and are excluded from net income. The portions of intercompany accounts receivable and accounts payable that are intended for settlement are translated at exchange rates in effect at the balance sheet date. Our intercompany foreign investments and long-term debt that are not intended for settlement are translated using historical exchange rates.

Transaction gains and losses generated by the effect of changes in foreign currency exchange rates on recorded assets and liabilities denominated in a currency different than the functional currency of the applicable entity are recorded in other income (expense), net.

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares and dilutive potential common shares, including the dilutive effect of restricted stock, performance stock, stock options and common stock warrants, outstanding during the period. Dilutive potential common shares for all periods presented are computed utilizing the treasury stock method; however, dilutive potential common shares are excluded where their inclusion would be anti-dilutive. See Note 17 for further information concerning our earnings (loss) per share.

Financial Instruments

Our financial instruments consist primarily of cash and cash equivalents, term deposit, accounts receivable, accounts payable, accrued liabilities, debt and derivatives. The carrying value of our financial instruments, excluding derivatives, approximates fair value as a result of their short maturities. Our derivatives are carried at fair value.

Cash, Cash Equivalents, and Term Deposit

Cash, Cash Equivalents and Term Deposit

Cash and cash equivalents include cash accounts and all investments purchased with initial maturities of three months or less. Our term deposit, entered into on January 24, 2022, had an initial maturity of one year, but was redeemed prior to December 31, 2022. Domestically, we generally maintain balances in excess of federally insured limits. We attempt to mitigate our exposure to liquidity, credit and other relevant risks by placing our cash, cash equivalents and term deposit with financial institutions we believe are high quality. These financial institutions are located in many different geographic regions. As part of our cash and risk management processes, we perform periodic evaluations of the relative credit standing of our financial institutions. We have not sustained credit losses from instruments held at financial institutions.

Allowance for Credit Losses

We maintain an allowance for credit losses for estimated losses on our trade receivables, resulting from the inability of our customers to make payments for products sold or services rendered. The allowance for credit losses is based on a variety of factors, including credit reviews, historical experience, length of time receivables are past due, current economic trends and changes in customer payment behavior.

We also record specific provisions for individual accounts when we become aware of a customer's inability to meet its financial obligations to us, such as in the case of bankruptcy filings or deterioration in the customer's operating results or financial position. If circumstances related to a customer change, our estimates of the recoverability of the receivables would be further adjusted.

Inventories

Inventories consist of remote controls, thermostats, wireless sensors and AV accessories, as well as the related component parts and raw materials. Inventoriable costs include materials, labor, freight-in and manufacturing overhead related to the purchase and production of inventories. We value our inventories at the lower of cost or net realizable value. Cost is determined using the

first-in, first-out method. We attempt to carry inventories in amounts necessary to satisfy our customer requirements on a timely basis. See Note 5 for further information concerning our inventories and suppliers.

Product innovations and technological advances may shorten a given product's life cycle. We continually monitor our inventories to identify any excess or obsolete items on hand. We write down our inventories for estimated excess and obsolescence in an amount equal to the difference between the cost of the inventories and estimated net realizable value. These estimates are based upon management's judgment about future demand and market conditions.

Property, Plant and Equipment

Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost. The cost of property, plant, and equipment includes the purchase price of the asset and all expenditures necessary to prepare the asset for its intended use. We capitalize additions and improvements and expense maintenance and repairs as incurred.

We capitalize certain internal and external costs incurred to acquire or create internal use software, principally related to software coding, designing system interfaces and installation and testing of the software.

For financial reporting purposes, depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the appropriate accounts and any gain or loss is included as a component of depreciation expense.

Estimated useful lives are as follows:


Buildings			25 years
Tooling and equipment			2-8 years
Computer equipment			3-5 years
Software			3-7 years
Furniture and fixtures			2-5 years
Leasehold and building improvements			Lesser of lease term or useful life (approximately 2-8 years)

Goodwill

We record the excess purchase price of net tangible and intangible assets acquired over their estimated fair value as goodwill. We evaluate the carrying value of goodwill on December 31 of each year and between annual evaluations if events occur or circumstances change that may reduce the fair value of the reporting unit below its carrying amount. Such circumstances may include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) a decline in macroeconomic conditions, (3) a significant decline in our financial performance or (4) a significant decline in the price of our common stock for a sustained period of time.

We perform our annual impairment test, and any required interim tests, using the optional qualitative assessment, weighing the relative impact of factors that are specific to our single reporting unit including our market capitalization compared to the carrying value of our stockholders' equity, as well as industry and macroeconomic factors. Based on the qualitative assessment performed, we consider the aggregation of the relevant factors, and conclude whether it is more likely than not that the fair value of our single reporting unit is less than the carrying value. If we conclude that it is more likely than not that the fair value of our single reporting unit is less than the carrying value, or if we decide not to elect the optional qualitative assessment, we perform a quantitative impairment test, using cash flow projections, discounted by our weighted-average cost of capital. In addition to any quantitative impairment analysis, we also consider the implied control premium compared to our market capitalization.

Intangible Assets

Intangible assets consist of capitalized software development costs, customer relationships, developed and core technologies, patents and trademarks and trade names. Capitalized amounts related to patents represent external legal costs for the application, maintenance and extension of the useful life of patents. Intangible assets are amortized using the straight-line method over their estimated period of benefit.

Estimated useful lives are as follows:


Capitalized software development			2 years
Customer relationships			6-10 years
Developed and core technology			6-14 years
Patents			10 years
Trademarks and trade names			6-8 years

Long-Lived and Intangible Assets Impairment

We assess the impairment of long-lived and intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important which may trigger an impairment review may include the following, but are not limited to: (1) significant underperformance relative to historical or projected future operating results; (2) significant changes in the manner or use of the assets, their physical condition or strategy for the overall business; (3) significant negative industry or economic trends; (4) a current expectation that a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life; or (5) a significant decline in our stock price for a sustained period.

We conduct an impairment review when we determine that the carrying value of a long-lived or intangible asset may not be recoverable based upon the existence of one or more of the above indicators of impairment. The asset is impaired if its carrying value exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset.

An impairment loss is the amount by which the carrying value of an asset exceeds its fair value. We estimate fair value utilizing the projected discounted cash flow method and a discount rate determined by our management to be commensurate with the risk inherent in our current business model.

Leases

We determine if an arrangement is a lease at inception and determine the classification of the lease, as either operating or finance, at commencement. Operating leases are included in operating lease right-of-use ("ROU") assets, other accrued liabilities and long-term operating lease obligations on our consolidated balance sheets. We presently do not have any finance leases.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date, including the lease term, in determining the present value of lease payments. Operating lease ROU assets also factor in any lease payments made, initial direct costs and lease incentives received. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Some of our leases include options to extend with a range of three years to five years with two extensions at the then current market rate. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Leases with an initial term of twelve months or less are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. If applicable, we combine lease and non-lease components, which primarily relate to ancillary expenses associated with real estate leases such as common area maintenance charges and management fees.

Derivatives

Our foreign currency exposures are primarily concentrated in the Brazilian Real, British Pound, Chinese Yuan Renminbi, Euro, Hong Kong Dollar, Indian Rupee, Japanese Yen, Korean Won, Mexican Peso and Vietnamese Dong. We periodically enter into foreign currency exchange contracts with terms normally lasting less than nine months, to protect against the adverse effects that exchange-rate fluctuations may have on our foreign currency-denominated receivables, payables, cash flows and reported income. We do not enter into financial instruments for speculation or trading purposes.

The derivatives we enter into have not qualified for hedge accounting. The gains and losses on both the derivatives and the foreign currency-denominated balances are recorded as foreign exchange transaction gains or losses and are classified in other income (expense), net. The gains and losses on the derivatives are reflected in cash provided by (used for) operating activities in our consolidated statements of cash flows. Derivatives are recorded on the balance sheet at fair value. The estimated fair value of derivative financial instruments represents the amount required to enter into similar offsetting contracts with similar remaining maturities based on quoted market prices. See Note 18 for further information concerning derivatives.

Fair-Value Measurements

We measure fair value using the framework established by the Financial Accounting Standards Board ("FASB") in ASC Topic 820 for fair value measurements and disclosures. This framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.

The valuation techniques are based upon observable and unobservable inputs. Observable or market inputs reflect market data obtained from independent sources. Unobservable inputs require management to make certain assumptions and judgments based on the best information available. Observable inputs are the preferred data source. These two types of inputs result in the following fair value hierarchy:


Level 1:			Quoted prices (unadjusted) for identical instruments in active markets.

Level 2:			Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3:			Prices or valuations that require management inputs that are both significant to the fair value measurement and unobservable.

Business Combinations

We allocate the purchase price of acquired businesses to the tangible and intangible assets and the liabilities assumed based on their estimated fair values on the acquisition date. The excess of the purchase price over the fair value of net assets acquired is recorded as goodwill. We engage independent third-party appraisal firms to assist us in determining the fair values of assets acquired and liabilities assumed. Such valuations require management to make significant fair value estimates and assumptions, especially with respect to intangible assets and contingent consideration. Management estimates the fair value of certain intangible assets and contingent consideration by utilizing the following (but not limited to):

•future cash flow from customer contracts, customer lists, distribution agreements, acquired developed technologies, trademarks, trade names and patents;

•expected costs to complete development of in-process technology into commercially viable products and cash flows from the products once they are completed;

•brand awareness and market position, as well as assumptions regarding the period of time the brand will continue to be used in our product portfolio; and

•discount rates utilized in discounted cash flow models.

Results of operations and cash flows of acquired businesses are included in our operating results from the date of acquisition.

In those circumstances where an acquisition involves a contingent consideration arrangement, we recognize a liability equal to the fair value of the contingent payments we expect to make as of the acquisition date. We re-measure this liability at each reporting period and record changes in the fair value within operating expenses. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount periods and rates, as well as changes in the timing and amount of earnings estimates or in the timing or likelihood of achieving earnings-based milestones. Contingent consideration is recorded in other accrued liabilities and long-term contingent consideration in our consolidated balance sheets.

Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Effective

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting – Improvements to Reportable Segments Disclosures." The guidance enhances disclosures of significant segment expenses by requiring the disclosure of significant segment expenses regularly provided to the chief operating decision maker, extends certain annual disclosures to interim periods, and permits more than one measure of segment profit or loss to be reported under certain conditions. All disclosure requirements are also required for companies with a single reportable segment. We adopted this guidance in the fourth quarter of 2024, using the retrospective transition method. This guidance impacts our disclosures only, with no impact to our consolidated balance sheets, statements of operations or cash flows.

Accounting Pronouncements Not Yet Effective

In November 2024, the FASB issued ASU 2024-03 "Income Statement – Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses." This guidance requires additional disclosures by disaggregating the costs and expense line items that are presented on the face of the consolidated statements of operations. This guidance is effective for annual periods beginning in 2027 and interim periods beginning in 2028, with early adoption permitted. This guidance requires a public company to apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of adopting this guidance on our disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes – Improvements to Tax Disclosures." The guidance expands income tax disclosures by requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this guidance requires that all entities disaggregate disclosures by jurisdiction on the amount of income taxes paid (net of refunds received), income or loss from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. This guidance is effective for annual periods beginning after December 15, 2024, and therefore will be effective beginning with our financial statements issued for the year ending December 31, 2025. We are currently evaluating the impact of adopting this guidance on our consolidated financial statements and disclosures.

We have assessed all other ASUs issued but not yet adopted and concluded that those not disclosed are not relevant to the Company or are not expected to have a material impact.

Commitments and Contingencies - Narrative (Details) ¥ in Thousands, $ in Thousands							12 Months Ended
	Dec. 20, 2024 USD ($)	Dec. 20, 2024 CNY (¥)	Jan. 23, 2024 USD ($) factory	Jan. 23, 2024 CNY (¥) factory	Apr. 08, 2021 patent	Sep. 05, 2018 patent	Dec. 31, 2024 USD ($) action	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Contingencies [Line Items]
Voting threshold for business combinations (in percent)							0.6667
Factory restructuring charges (Note 13)							$ 3,585	$ 4,015	$ 0
Total costs incurred inception to date							$ 7,600
Number of litigation actions \| action							2
Number of patents allegedly infringed upon \| patent					2	2
Number of subsidiary factories included in lawsuit \| factory			1	1
Damages sought			$ 4,800	¥ 35,000
Litigation damages awarded to third party	$ 3,800	¥ 27,400
Litigation damages awarded to third party, interest and other costs	$ 4,200	¥ 30,400
Inventory
Contingencies [Line Items]
Purchase commitments							$ 9,300
PP&E
Contingencies [Line Items]
Purchase commitments							900
Severance Expense
Contingencies [Line Items]
Factory restructuring charges (Note 13)							2,008	3,425
Total costs incurred inception to date							5,433
Other Exit Expense
Contingencies [Line Items]
Factory restructuring charges (Note 13)							1,577	590
Total costs incurred inception to date							2,167
Asia
Contingencies [Line Items]
Total costs incurred inception to date							4,600
Asia \| Severance Expense
Contingencies [Line Items]
Factory restructuring charges (Note 13)							500	3,400
Asia \| Other Exit Expense
Contingencies [Line Items]
Factory restructuring charges (Note 13)							100	$ 600
Mexico
Contingencies [Line Items]
Total costs incurred inception to date							3,000
Mexico \| Severance Expense
Contingencies [Line Items]
Factory restructuring charges (Note 13)							1,500
Mexico \| Other Exit Expense
Contingencies [Line Items]
Factory restructuring charges (Note 13)							$ 1,500

Leases - Lease Balances within the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Operating lease right-of-use assets	$ 14,322	$ 18,693
Liabilities:
Other accrued liabilities	3,553	4,813
Long-term operating lease obligations	9,232	12,560
Total lease liabilities	$ 12,785	$ 17,373
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current

Accrued Compensation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Line Items]
Accrued bonus	$ 2,386	$ 2,843
Accrued commission	1,545	602
Accrued salary/wages	4,676	4,085
Accrued social insurance	6,718	7,082
Accrued vacation/holiday	3,036	3,252
Other accrued compensation	2,566	2,441
Total accrued compensation	20,927	20,305
Mexico
Accrued Liabilities, Current [Line Items]
Accrued severance, current	800
Asia
Accrued Liabilities, Current [Line Items]
Accrued severance, current	$ 100	$ 100

Revenue and Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Pattern of Revenue Recognition

The pattern of revenue recognition was as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Goods and services transferred at a point in time	$	321,410	$	324,433	$	450,227
Goods and services transferred over time	73,469		96,024		92,524
Net sales	$	394,879	$	420,457	$	542,751

Revenue from External Customers by Geographic Areas

Our net sales to external customers by geographic area were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
United States	$	106,718	$	129,528	$	167,501
Asia (excluding the PRC)	78,225		85,347		127,702
Europe	90,622		90,221		103,993
Latin America	34,433		28,870		28,363
PRC	60,338		63,334		85,215
Other	24,543		23,157		29,977
Total net sales	$	394,879	$	420,457	$	542,751

Accounts Receivable, Net and Changes in the Allowance for Credit Losses

Accounts receivable, net were as follows:


	December 31,
(In thousands)	2024		2023
Trade receivables, gross	$	93,773	$	106,182
Allowance for credit losses	(1,863)		(815)
Allowance for sales returns	(383)		(532)
Trade receivables, net	91,527		104,835
Other (1)	22,655		7,761
Accounts receivable, net (2)	$	114,182	$	112,596

(1) Other accounts receivable is primarily comprised of supplier, supplier rebate and interest receivables.

(2) Accounts receivable, net at December 31, 2022 was $112.3 million.

Allowance for Credit Losses

Changes in the allowance for credit losses were as follows:


(In thousands)	Year Ended December 31,
	2024		2023		2022
Balance at beginning of period	$	815	$	957	$	1,285
Additions (reductions) to costs and expenses	1,081		70		(182)

Write-offs/Foreign exchange effects	(33)		(212)		(146)
Balance at end of period	$	1,863	$	815	$	957

Carrying Amount of Contract Liabilities

Changes in the carrying amount of contract liabilities were as follows:


(In thousands)	Year Ended December 31,
	2024		2023
Balance at beginning of period	$	3,501	$	1,931

Payments received	5,524		6,080
Revenue recognized	(5,736)		(4,529)
Foreign exchange effects	(53)		19
Balance at end of period	$	3,236	$	3,501

Net Sales to Significant Customers

Net sales to the following customers totaled more than 10% of our net sales:


	Year Ended December 31,
	2024				2023				2022
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Daikin Industries Ltd.	$	52,421	13.3	%	$	58,843	14.0	%	$	78,413	14.4	%
Comcast Corporation	(1)		(1)		(1)		(1)		$	75,917	14.0	%

(1) Sales associated with this customer did not total more than 10% of our net sales for the indicated period.

Commitments and Contingencies - Changes in the Liability for Product Warranty Claim Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in the liability for product warranty claim costs
Balance at beginning of period	$ 522	$ 522	$ 1,095
Additions (reductions) to costs and expenses	(305)	0	249
Settlements (in cash or in kind)	(182)	0	(819)
Foreign currency translation gain (loss)	0	0	(3)
Balance at end of period	$ 35	$ 522	$ 522

Income Taxes - Pre-Tax Income (Loss) by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic operations	$ (53,708)	$ (95,876)	$ (69,058)
Foreign operations	35,110	3,622	80,451
Income (loss) before provision for income taxes	$ (18,598)	$ (92,254)	$ 11,393

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Pre-Tax Income (Loss) by Jurisdiction

In 2024, 2023 and 2022, pre-tax income (loss) was attributed to the following jurisdictions:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Domestic operations	$	(53,708)	$	(95,876)	$	(69,058)
Foreign operations	35,110		3,622		80,451
Total pre-tax income (loss)	$	(18,598)	$	(92,254)	$	11,393

Provision for Income Taxes

The provision for income taxes charged to operations was as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Current tax expense:
U.S. federal	$	37	$	23	$	573
State and local	45		44		73
Foreign	5,068		7,193		8,523
Total current	5,150		7,260		9,169
Deferred tax (benefit) expense:
U.S. federal	269		(813)		230
State and local	—		(126)		36
Foreign	12		(337)		1,551
Total deferred	281		(1,276)		1,817
Total provision for income taxes	$	5,431	$	5,984	$	10,986

Net Deferred Tax Assets

Net deferred tax assets were comprised of the following:


	December 31,
(In thousands)	2024		2023
Deferred tax assets:
Accounts receivable	$	464	$	—
Accrued liabilities	4,820		3,958
Amortization of intangible assets	9,223		9,999
Capitalized inventory costs	3,553		3,369
Capitalized research and development costs	10,245		8,035
Depreciation	3,797		4,058
Income tax credits	20,375		19,615
Inventory reserves	2,371		2,154
Net operating losses	14,003		12,053
Operating lease obligations	2,865		4,112
Stock-based compensation	2,915		4,453

Total deferred tax assets	74,631		71,806
Deferred tax liabilities:

Accounts receivable	—		(20)
Right-of-use assets	(3,175)		(4,385)
Other	(1,333)		(2,920)
Total deferred tax liabilities	(4,508)		(7,325)
Net deferred tax assets before valuation allowance	70,123		64,481
Less: Valuation allowance	(65,629)		(59,686)
Net deferred tax assets	$	4,494	$	4,795

Reconciliation of Tax Provision at Statutory U.S. Rate to Provision for Income Taxes

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pre-tax income from operations as a result of the following:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Tax provision (benefit) at statutory U.S. rate	$	(3,906)	$	(19,373)	$	2,392
Increase (decrease) in tax provision (benefit) resulting from:
Distribution of previously taxed foreign earnings and profits	—		(9,450)		(16,776)
Federal research and development credits	(816)		(1,043)		(715)
Foreign participation exemption	—		(12,571)		—
Foreign permanent benefit	(650)		(1,426)		(1,620)
Foreign tax rate differential	(295)		21,794		15,133
Foreign undistributed earnings, net of credits	6,231		7,198		6,486
Goodwill impairment	—		5,383		—

Non-deductible items	635		594		601
Non-territorial income	(2,088)		(945)		(2,323)
Provision to return	(350)		(19)		(435)

Sale of intangible asset	—		—		(3,385)
State and local taxes, net	(992)		(2,629)		(2,408)
Stock-based compensation	2,045		980		693
Tax rate change	(2,286)		1,648		(640)

Valuation allowance	5,943		15,090		12,058
Withholding tax	1,521		1,229		2,188
Other	439		(476)		(263)
Tax provision	$	5,431	$	5,984	$	10,986

Changes to Gross Unrecognized Tax Benefits

Changes to our gross unrecognized tax benefits were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Balance at beginning of period	$	3,315	$	3,150	$	3,001
Additions as a result of tax positions taken during the current year	322		165		149




Balance at end of period	$	3,637	$	3,315	$	3,150

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Estimated Useful Lives of Property, Plant and Equipment

Estimated useful lives are as follows:


Buildings			25 years
Tooling and equipment			2-8 years
Computer equipment			3-5 years
Software			3-7 years
Furniture and fixtures			2-5 years
Leasehold and building improvements			Lesser of lease term or useful life (approximately 2-8 years)

Property, plant, and equipment, net ("PP&E") were as follows:


	December 31,
(In thousands)	2024		2023
Buildings	$	17,273	$	17,806
Computer equipment	9,159		9,679
Furniture and fixtures	2,501		3,598
Leasehold and building improvements	29,404		33,049
Machinery and equipment	75,637		82,302
Software	25,411		28,074
Tooling	30,314		30,724
	189,699		205,232
Accumulated depreciation	(156,804)		(163,301)
	32,895		41,931
Construction in progress	1,312		2,688
Total property, plant, and equipment, net	$	34,207	$	44,619

Construction in progress was as follows:


	December 31,
(In thousands)	2024		2023
Leasehold and building improvements	$	102	$	623
Machinery and equipment	483		738
Software	60		11
Tooling	638		1,197
Other	29		119
Total construction in progress	$	1,312	$	2,688

Schedule of Finite-Lived Intangible Assets

Estimated useful lives are as follows:


Capitalized software development			2 years
Customer relationships			6-10 years
Developed and core technology			6-14 years
Patents			10 years
Trademarks and trade names			6-8 years

The components of intangible assets, net were as follows:


	December 31,
	2024						2023
(In thousands)	Gross (1)		Accumulated Amortization (1)		Net (1)		Gross (1)		Accumulated Amortization (1)		Net (1)
Capitalized software development costs	$	2,575	$	(1,150)	$	1,425	$	2,161	$	(421)	$	1,740
Customer relationships	6,340		(4,526)		1,814		6,340		(3,803)		2,537
Developed and core technology	740		(398)		342		4,220		(3,754)		466

Patents	34,758		(14,339)		20,419		33,195		(12,686)		20,509
Trademarks and trade names	450		(412)		38		450		(353)		97
Total intangible assets, net	$	44,863	$	(20,825)	$	24,038	$	46,366	$	(21,017)	$	25,349

(1)This table excludes the gross value of fully amortized intangible assets totaling $49.3 million and $45.0 million on December 31, 2024 and 2023, respectively.

Lines of Credit	12 Months Ended
Lines of Credit	Dec. 31, 2024
Debt Disclosure [Abstract]
Lines of Credit	Lines of Credit U.S. Line of Credit On December 16, 2024, we executed an amendment to our Second Amended and Restated Credit Agreement ("Second Amended Credit Agreement") with U.S. Bank National Association ("U.S. Bank"), which provides for a revolving line of credit ("U.S. Credit Line") through April 30, 2026. The U.S. Credit Line may be used for working capital and other general corporate purposes including acquisitions, share repurchases and capital expenditures. The U.S. Credit Line has a maximum availability up to $75.0 million, subject to meeting certain financial conditions, including an accounts receivable coverage ratio ("AR Ratio"). This AR Ratio is calculated monthly and adjusts the current U.S. Credit Line total availability. At December 31, 2024, the U.S. Credit Line availability was $58.3 million based upon the AR Ratio. At February 18, 2025, the U.S. Credit Line total availability was $60.5 million based upon the AR Ratio. Amounts available for borrowing under the U.S. Credit Line are reduced by the balance of any outstanding letters of credit, of which there were none at December 31, 2024. All obligations under the U.S. Credit Line are secured by substantially all of our U.S. personal property and tangible and intangible assets, as well as a guaranty of the U.S. Credit Line by our wholly-owned subsidiary, Universal Electronics BV. Under the Second Amended Credit Agreement, up through March 13, 2024, we may elect to pay interest on the U.S. Credit Line based on the Secured Overnight Financing Rate ("SOFR") plus an applicable margin (varying from 2.00% to 2.75%), or base rate (based on the prime rate of U.S. Bank or as otherwise specified in the Second Amended Credit Agreement) plus an applicable margin (varying from —% to 0.75%). Subsequent to March 13, 2024, we pay interest on the U.S. Credit Line based on SOFR plus a 3.00% margin. Additionally, subsequent to March 13, 2024, the Second Amended Credit Agreement also contains a facility fee of 0.25%. The interest rates in effect at December 31, 2024 and 2023 were 7.31% and 8.06%, respectively. The Second Amended Credit Agreement includes financial covenants and contains other customary affirmative and negative covenants and events of default. From January 1, 2024 to September 30, 2024, our covenants were based upon EBITDA and a minimum accounts receivable coverage ratio. From October 1, 2024 to December 31, 2024, our covenants were based upon a minimum fixed charge coverage ratio. Subsequent to December 31, 2024, our covenants will be based upon a minimum fixed charge coverage ratio and a maximum cash flow leverage ratio. We were in compliance with the covenants and conditions of the Second Amended Credit Agreement at and during the years ended December 31, 2024 and 2023. At December 31, 2024, we had $26.0 million outstanding under the U.S. Credit Line. At December 31, 2024, our remaining availability under the U.S. Credit Line was $32.3 million. Our total interest expense on borrowings under the U.S. Credit Line was $4.2 million, $6.0 million and $3.3 million during the years ended December 31, 2024, 2023 and 2022, respectively. Our total facility fee expense under the U.S. Credit Line was $0.2 million during the year ended December 31, 2024. China Line of Credit On August 29, 2024, our subsidiary Gemstar Technology (Yangzhou) Co. Ltd. ("GTY"), executed a Line of Credit Agreement (the "Line of Credit Agreement") with the Bank of China, which provides for a revolving line of credit ("China Credit Line") through July 24, 2025. We expect to renew our Line of Credit Agreement with the Bank of China prior to its expiration; however, no assurance can be given that future financing will be available or, if available, that we will be offered terms satisfactory to us. The China Credit Line may be used for working capital purposes. The China Credit Line has a maximum availability up to RMB 80.0 million (approximately $11.0 million), subject to meeting certain financial conditions. Amounts available for borrowing under the China Credit Line are reduced by the balance of any outstanding letters of credit, of which there were none at December 31, 2024. All obligations under the China Credit Line are secured by GTY's buildings and land use rights. Under the Line of Credit Agreement, we pay interest on the China Credit Line based on the one-year rate from the National Interbank Funding Center less a 0.1% margin. There are no associated commitment fees on the China Credit Line. The interest rate in effect at December 31, 2024 was 3.07%. The Line of Credit Agreement includes financial covenants and contains other customary affirmative and negative covenants and events of default. Our covenants are based on a debt to asset ratio and a dividends paid to net income ratio. We were in compliance with the covenants and conditions of the Line of Credit Agreement at and during the year ended December 31, 2024. At December 31, 2024, we had RMB 80.0 million (approximately $11.0 million) outstanding under the China Credit Line. At December 31, 2024, we had no remaining availability under our China Credit Line. Our total interest expense on borrowings under the China Credit Line was RMB 0.5 million (approximately $0.1 million) during the year ended December 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue and Accounts Receivable, Net - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 815	$ 957	$ 1,285
Additions (reductions) to costs and expenses	1,081	70	(182)
Write-offs/Foreign exchange effects	(33)	(212)	(146)
Balance at end of period	1,863	815	957
Contract assets	$ 10,300	$ 4,200	$ 8,000

Treasury Stock - Repurchased Shares of Common Stock (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Total shares repurchased (in shares)	206	165	434
Total cost of shares repurchased	$ 1,957	$ 1,779	$ 13,035
Open market shares repurchased
Equity, Class of Treasury Stock [Line Items]
Total shares repurchased (in shares)	121	100	300
Total cost of shares repurchased	$ 1,109	$ 864	$ 9,437
Stock-based compensation related shares repurchased
Equity, Class of Treasury Stock [Line Items]
Total shares repurchased (in shares)	85	65	134
Total cost of shares repurchased	$ 848	$ 915	$ 3,598

Earnings (Loss) Per Share - Securities Excluded from the Computation of Diluted Earnings (Loss) Per Common Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per common share (in shares)	526	440	242
Performance stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per common share (in shares)	104	0	0
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per common share (in shares)	796	900	686
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per common share (in shares)	0	0	275

Cash, Cash Equivalents and Term Deposit (Tables)

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents by Geographic Region

Cash and cash equivalents were held in the following geographic regions:


	December 31,
(In thousands)	2024		2023
North America	$	1,986	$	8,460
People's Republic of China ("PRC")	10,117		11,102
Asia (excluding the PRC)	2,343		2,427
Europe	7,035		8,145
South America	5,302		12,617
Total cash and cash equivalents	$	26,783	$	42,751

Treasury Stock

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Treasury Stock

From time to time, our Board of Directors authorizes management to repurchase shares of our issued and outstanding common stock. On October 26, 2023, our Board approved a new share repurchase program with an effective date of November 7, 2023. Pursuant to the program, we are authorized to repurchase up to 1,000,000 shares of our common stock. At December 31, 2024, we had 778,362 shares available for repurchase under the program. We may utilize various methods to effect the repurchases under the program, including open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some or all of which could be effected through Rule 10b5-1 plans.

We also repurchase shares of our issued and outstanding common stock to satisfy income tax withholding obligations relating to the stock-based compensation of our employees and directors and/or the cost of stock option exercises.

Repurchased shares of our common stock were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Open market shares repurchased	121		100		300
Stock-based compensation related shares repurchased	85		65		134
Total shares repurchased	206		165		434

Cost of open market shares repurchased	$	1,109	$	864	$	9,437
Cost of stock-based compensation related shares repurchased	848		915		3,598
Total cost of shares repurchased	$	1,957	$	1,779	$	13,035

Repurchased shares are recorded as shares held in treasury at cost. We hold these shares for future use as management and the Board of Directors deem appropriate.

Cash, Cash Equivalents and Term Deposit

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Term Deposit

Cash and cash equivalents were held in the following geographic regions:


	December 31,
(In thousands)	2024		2023
North America	$	1,986	$	8,460
People's Republic of China ("PRC")	10,117		11,102
Asia (excluding the PRC)	2,343		2,427
Europe	7,035		8,145
South America	5,302		12,617
Total cash and cash equivalents	$	26,783	$	42,751

On January 25, 2022, we entered into a one-year term deposit cash account with Banco Santander (Brasil) S.A., denominated in Brazilian Real. The term deposit earned interest at a variable annual rate based upon the Brazilian CDI overnight interbank rate. As of December 31, 2022, all of this term deposit was redeemed.

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories, Net

Inventories were as follows:


	December 31,
(In thousands)	2024		2023
Raw materials	$	21,245	$	32,794
Components	10,820		11,061
Work in process	1,896		3,827
Finished goods	45,394		40,591
Inventories	$	79,355	$	88,273

Purchases from Significant Suppliers

We purchase integrated circuits, components and finished goods from multiple sources. Purchases from the following supplier totaled 10% of our total inventory purchases:


	Year Ended December 31,
	2024		2023		2022
	$ (thousands)	% of Total Inventory Purchases	$ (thousands)	% of Total Inventory Purchases	$ (thousands)		% of Total Inventory Purchases
Qorvo International Pte Ltd.	(1)	(1)	(1)	(1)	$	33,293	11.5	%

(1) Purchases associated with this supplier did not total more than 10% of our total inventory purchases for the indicated period.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

Reportable Segment

Estimates and Assumptions

Revenue Recognition

See Notes 4 and 13 for further information concerning revenue, contract assets, contract liabilities and other sales-related matters.

Income Taxes

See Note 10 for further information concerning income taxes.

Research and Development

Research and development ("R&D") costs are expensed as incurred and consist primarily of salaries, employee benefits, supplies and materials.

Advertising

Advertising costs are expensed as incurred. Advertising expense totaled $0.7 million, $0.6 million and $0.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Shipping and Handling Fees and Costs

Stock-Based Compensation

We determine the fair value of restricted stock awards with a service condition utilizing the average of the high and low trading prices of our common shares on the date they were granted.

Performance-Based Common Stock Warrants

Foreign Currency Translation and Foreign Currency Transactions

Earnings (Loss) Per Share

Financial Instruments

Cash, Cash Equivalents and Term Deposit

Allowance for Credit Losses

Inventories

Property, Plant, and Equipment

Estimated useful lives are as follows:


Buildings			25 years
Tooling and equipment			2-8 years
Computer equipment			3-5 years
Software			3-7 years
Furniture and fixtures			2-5 years
Leasehold and building improvements			Lesser of lease term or useful life (approximately 2-8 years)

See Note 6 for further information concerning our property, plant, and equipment.

Goodwill

See Note 7 for further information concerning goodwill and goodwill impairment.

Intangible Assets

Estimated useful lives are as follows:


Capitalized software development			2 years
Customer relationships			6-10 years
Developed and core technology			6-14 years
Patents			10 years
Trademarks and trade names			6-8 years

See Note 7 for further information concerning intangible assets.

Long-Lived and Intangible Assets Impairment

See Note 6 for further information concerning long-lived assets. See Note 7 for further information concerning intangible assets.

Leases

See Note 8 for further information concerning our leases.

Derivatives

Fair-Value Measurements


Level 1:			Quoted prices (unadjusted) for identical instruments in active markets.

Level 2:			Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3:			Prices or valuations that require management inputs that are both significant to the fair value measurement and unobservable.

Business Combinations

•future cash flow from customer contracts, customer lists, distribution agreements, acquired developed technologies, trademarks, trade names and patents;

•expected costs to complete development of in-process technology into commercially viable products and cash flows from the products once they are completed;

•brand awareness and market position, as well as assumptions regarding the period of time the brand will continue to be used in our product portfolio; and

•discount rates utilized in discounted cash flow models.

Results of operations and cash flows of acquired businesses are included in our operating results from the date of acquisition.

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Effective

We have assessed all other ASUs issued but not yet adopted and concluded that those not disclosed are not relevant to the Company or are not expected to have a material impact.

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Components of Other Accrued Liabilities

The components of accrued compensation were as follows:


	December 31,
(In thousands)	2024		2023
Accrued bonus	$	2,386	$	2,843
Accrued commission	1,545		602
Accrued salary/wages (1)	4,676		4,085
Accrued social insurance (2)(3)	6,718		7,082
Accrued vacation/holiday	3,036		3,252
Other accrued compensation	2,566		2,441
Total accrued compensation	$	20,927	$	20,305

(1)For the year ended December 31, 2024, accrued severance expenses of $0.8 million and $0.1 million related to our Mexico and Asia manufacturing footprint optimization efforts, respectively, are included in this amount. See Note 13 for further information related to our restructuring activities.

(2)Includes $0.1 million of accrued severance expenses at December 31, 2023, related to our Asia manufacturing footprint optimization efforts. See Note 13 for further information related to our restructuring activities.

(3)PRC employers are required by law to remit the applicable social insurance payments to their local government. Social insurance is comprised of various components such as pension, medical insurance, job injury insurance, unemployment insurance, and a housing assistance fund, and is administered in a manner similar to social security in the United States. This amount represents our estimate of the amounts due to the PRC government for social insurance on December 31, 2024 and 2023.

The components of other accrued liabilities were as follows:


	December 31,
(In thousands)	2024		2023
Contract liabilities	$	2,521	$	2,697
Duties	543		481
Expense associated with fulfilled performance obligations	678		1,092
Freight and handling fees	2,275		1,998
Interest	10		438
Legal judgment (1)	4,162		—
Operating lease obligations	3,553		4,813
Product warranty claim costs	35		522
Professional fees	1,128		1,558
Sales and value added taxes	2,684		4,194
Other (2)	3,419		3,388
Total other accrued liabilities	$	21,008	$	21,181

(1)This amount relates to the judgment of a lawsuit with an employment agency in the PRC. See Note 13 for further information related to this matter.

(2)Includes $0.1 million and $0.2 million at December 31, 2024 and 2023, respectively, associated with the purchase of property, plant and equipment.

Goodwill and Intangible Assets, Net - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning Balance	$ 0	$ 49,085
Goodwill impairment (Note 7)	$ 0	(49,075)	$ 0
Foreign exchange effects		(10)
Ending Balance		$ 0	$ 49,085

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Cash, Cash Equivalents and Term Deposit - Cash and Cash Equivalents by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 26,783	$ 42,751
North America
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	1,986	8,460
People's Republic of China ("PRC")
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	10,117	11,102
Asia (excluding the PRC)
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	2,343	2,427
Europe
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	7,035	8,145
South America
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 5,302	$ 12,617

Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories were as follows:


	December 31,
(In thousands)	2024		2023
Raw materials	$	21,245	$	32,794
Components	10,820		11,061
Work in process	1,896		3,827
Finished goods	45,394		40,591
Inventories	$	79,355	$	88,273

Significant Supplier

We purchase integrated circuits, components and finished goods from multiple sources. Purchases from the following supplier totaled 10% of our total inventory purchases:


	Year Ended December 31,
	2024		2023		2022
	$ (thousands)	% of Total Inventory Purchases	$ (thousands)	% of Total Inventory Purchases	$ (thousands)		% of Total Inventory Purchases
Qorvo International Pte Ltd.	(1)	(1)	(1)	(1)	$	33,293	11.5	%

(1) Purchases associated with this supplier did not total more than 10% of our total inventory purchases for the indicated period.

There were no trade payable balances from suppliers that totaled more than 10% of our total accounts payable at December 31, 2024 and December 31, 2023.

Treasury Stock (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Repurchased Shares of Common Stock

Repurchased shares of our common stock were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Open market shares repurchased	121		100		300
Stock-based compensation related shares repurchased	85		65		134
Total shares repurchased	206		165		434

Cost of open market shares repurchased	$	1,109	$	864	$	9,437
Cost of stock-based compensation related shares repurchased	848		915		3,598
Total cost of shares repurchased	$	1,957	$	1,779	$	13,035

Commitments and Contingencies - Schedule of Restructuring (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	$ 462	$ 0
Restructuring charges	3,585	4,015	$ 0
Cash payments	(3,036)	(3,553)
Balance at December 31, 2024	1,011	462	0
Total costs incurred inception to date	7,600
Total estimated expense to be incurred after December 31, 2024	0
Severance Expense
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	147	0
Restructuring charges	2,008	3,425
Cash payments	(1,288)	(3,278)
Balance at December 31, 2024	867	147	0
Total costs incurred inception to date	5,433
Total estimated expense to be incurred after December 31, 2024	0
Other Exit Expense
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	315	0
Restructuring charges	1,577	590
Cash payments	(1,748)	(275)
Balance at December 31, 2024	144	$ 315	$ 0
Total costs incurred inception to date	2,167
Total estimated expense to be incurred after December 31, 2024	$ 0

Derivatives - Foreign Currency Exchange Contracts (Details) - Not designated as hedging instrument $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / € $ / ¥	Dec. 31, 2023 USD ($) $ / € $ / ¥
USD/CNY
Derivative [Line Items]
Notional value	$ 28,000	$ 20,000
Forward Rate	7.2316	7.1181
Unrealized gain (loss) recorded at balance sheet date	$ (406)	$ (18)
USD/EUR
Derivative [Line Items]
Notional value	$ 8,000	$ 22,000
Forward Rate	1.0569	1.1009
Unrealized gain (loss) recorded at balance sheet date	$ 157	$ (65)

Lines of Credit (Details)	2 Months Ended	10 Months Ended	12 Months Ended
Lines of Credit (Details)	Mar. 13, 2024	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 18, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 16, 2024 USD ($)	Aug. 29, 2024 USD ($)	Aug. 29, 2024 CNY (¥)
Line of Credit Facility [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			SOFR	SOFR
Amount outstanding under line of credit		$ 36,960,000	$ 36,960,000		$ 55,000,000
Interest expense on borrowings			$ 4,200,000		$ 6,000,000.0	$ 3,300,000
Line of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity										$ 11,000,000	¥ 80,000,000.0
Line of credit \| SOFR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	2.00%
Line of credit \| SOFR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	2.75%
Line of credit \| US Bank
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)		3.00%
Facility fee (in percent)		0.25%
Effective interest rate		7.31%	7.31%		8.06%			7.31%
Line of credit \| US Bank \| Prime Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	0.00%
Line of credit \| US Bank \| Prime Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	0.75%
Line of credit \| National Interbank
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)			0.10%	0.10%
Line of credit, interest rate		3.07%	3.07%					3.07%
Line of credit \| Second Amended Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity									$ 75,000,000.0
Remaining borrowing capacity		$ 58,300,000	$ 58,300,000
Line of credit \| Second Amended Credit Agreement \| Subsequent event
Line of Credit Facility [Line Items]
Remaining borrowing capacity							$ 60,500,000
Line of credit \| U.S. Line of Credit
Line of Credit Facility [Line Items]
Remaining borrowing capacity		32,300,000	32,300,000
Amount outstanding under line of credit		26,000,000.0	26,000,000.0
Facility fee expense			200,000
Line of credit \| China Line of Credit
Line of Credit Facility [Line Items]
Amount outstanding under line of credit		11,000,000	11,000,000					¥ 80,000,000.0
Interest expense on borrowings			100,000	¥ 500,000
Letter of credit
Line of Credit Facility [Line Items]
Letter of credit outstanding amount		$ 0	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 189,699	$ 205,232
Accumulated depreciation	(156,804)	(163,301)
Property, plant and equipment, net	32,895	41,931
Construction in progress	1,312	2,688
Total property, plant, and equipment, net	34,207	44,619
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	17,273	17,806
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	9,159	9,679
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,501	3,598
Leasehold and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	29,404	33,049
Construction in progress	102	623
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	75,637	82,302
Construction in progress	483	738
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	25,411	28,074
Construction in progress	60	11
Tooling
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	30,314	30,724
Construction in progress	$ 638	$ 1,197

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
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
Total 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
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 (Note 13)
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding	0	0
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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (24,029)	$ (98,238)	$ 407

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Accrued Compensation

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Compensation

The components of accrued compensation were as follows:


	December 31,
(In thousands)	2024		2023
Accrued bonus	$	2,386	$	2,843
Accrued commission	1,545		602
Accrued salary/wages (1)	4,676		4,085
Accrued social insurance (2)(3)	6,718		7,082
Accrued vacation/holiday	3,036		3,252
Other accrued compensation	2,566		2,441
Total accrued compensation	$	20,927	$	20,305

Other Accrued Liabilities

The components of other accrued liabilities were as follows:


	December 31,
(In thousands)	2024		2023
Contract liabilities	$	2,521	$	2,697
Duties	543		481
Expense associated with fulfilled performance obligations	678		1,092
Freight and handling fees	2,275		1,998
Interest	10		438
Legal judgment (1)	4,162		—
Operating lease obligations	3,553		4,813
Product warranty claim costs	35		522
Professional fees	1,128		1,558
Sales and value added taxes	2,684		4,194
Other (2)	3,419		3,388
Total other accrued liabilities	$	21,008	$	21,181

(1)This amount relates to the judgment of a lawsuit with an employment agency in the PRC. See Note 13 for further information related to this matter.

(2)Includes $0.1 million and $0.2 million at December 31, 2024 and 2023, respectively, associated with the purchase of property, plant and equipment.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

In 2024, 2023 and 2022, pre-tax income (loss) was attributed to the following jurisdictions:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Domestic operations	$	(53,708)	$	(95,876)	$	(69,058)
Foreign operations	35,110		3,622		80,451
Total pre-tax income (loss)	$	(18,598)	$	(92,254)	$	11,393

The provision for income taxes charged to operations was as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Current tax expense:
U.S. federal	$	37	$	23	$	573
State and local	45		44		73
Foreign	5,068		7,193		8,523
Total current	5,150		7,260		9,169
Deferred tax (benefit) expense:
U.S. federal	269		(813)		230
State and local	—		(126)		36
Foreign	12		(337)		1,551
Total deferred	281		(1,276)		1,817
Total provision for income taxes	$	5,431	$	5,984	$	10,986

Net deferred tax assets were comprised of the following:


	December 31,
(In thousands)	2024		2023
Deferred tax assets:
Accounts receivable	$	464	$	—
Accrued liabilities	4,820		3,958
Amortization of intangible assets	9,223		9,999
Capitalized inventory costs	3,553		3,369
Capitalized research and development costs	10,245		8,035
Depreciation	3,797		4,058
Income tax credits	20,375		19,615
Inventory reserves	2,371		2,154
Net operating losses	14,003		12,053
Operating lease obligations	2,865		4,112
Stock-based compensation	2,915		4,453

Total deferred tax assets	74,631		71,806
Deferred tax liabilities:

Accounts receivable	—		(20)
Right-of-use assets	(3,175)		(4,385)
Other	(1,333)		(2,920)
Total deferred tax liabilities	(4,508)		(7,325)
Net deferred tax assets before valuation allowance	70,123		64,481
Less: Valuation allowance	(65,629)		(59,686)
Net deferred tax assets	$	4,494	$	4,795


	Year Ended December 31,
(In thousands)	2024		2023		2022
Tax provision (benefit) at statutory U.S. rate	$	(3,906)	$	(19,373)	$	2,392
Increase (decrease) in tax provision (benefit) resulting from:
Distribution of previously taxed foreign earnings and profits	—		(9,450)		(16,776)
Federal research and development credits	(816)		(1,043)		(715)
Foreign participation exemption	—		(12,571)		—
Foreign permanent benefit	(650)		(1,426)		(1,620)
Foreign tax rate differential	(295)		21,794		15,133
Foreign undistributed earnings, net of credits	6,231		7,198		6,486
Goodwill impairment	—		5,383		—

Non-deductible items	635		594		601
Non-territorial income	(2,088)		(945)		(2,323)
Provision to return	(350)		(19)		(435)

Sale of intangible asset	—		—		(3,385)
State and local taxes, net	(992)		(2,629)		(2,408)
Stock-based compensation	2,045		980		693
Tax rate change	(2,286)		1,648		(640)

Valuation allowance	5,943		15,090		12,058
Withholding tax	1,521		1,229		2,188
Other	439		(476)		(263)
Tax provision	$	5,431	$	5,984	$	10,986

At December 31, 2024, we had U.S. federal and state Research and Development ("R&D") income tax credit carryforwards of approximately $6.0 million and $17.6 million, respectively. The federal R&D income tax credits begin expiring in 2039. The state R&D income tax credits do not have an expiration date.

At December 31, 2024, we had U.S. federal, state and local, and foreign net operating loss carryforwards of approximately $28.6 million, $91.0 million and $7.5 million, respectively. The U.S. federal net operating loss carryforwards do not have an expiration date. The state and local and foreign net operating loss carryforwards begin to expire in 2025 and 2027, respectively.

At December 31, 2024, we assessed the realizability of the Company's deferred tax assets by considering whether it is more likely than not some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We considered the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. Due to cumulative operating losses for the three years ended December 31, 2024, we have recorded a valuation allowance against our U.S. federal and state deferred tax assets of $39.3 million and $23.8 million, respectively, as we have determined that it is more likely than not that the tax benefits will not be realized in the future. The valuation allowance increased by $6.0 million and $15.1 million during the years ended December 31, 2024 and 2023, respectively. The Company had an overall U.S. federal deferred tax liability as of December 31, 2024 for foreign withholding taxes that cannot be used as a source of income to offset deferred tax assets.

In general, under Section 382, a corporation that undergoes an "ownership change" is subject to limitations on its ability to utilize pre-change net operating losses and tax credits to offset future taxable income. We do not believe that we have experienced such an ownership change and do not expect our net operating losses and tax credits to be subject to the limitations under Section 382.

Uncertain Tax Positions

At December 31, 2024 and 2023, we had gross unrecognized tax benefits of approximately $3.7 million and $3.4 million, respectively, including interest and penalties. In accordance with accounting guidance, we have elected to classify interest and penalties as components of tax expense. Interest and penalties were immaterial for the year ended December 31, 2024, 2023 and 2022. Interest and penalties are included in the unrecognized tax benefits.

Changes to our gross unrecognized tax benefits were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Balance at beginning of period	$	3,315	$	3,150	$	3,001
Additions as a result of tax positions taken during the current year	322		165		149




Balance at end of period	$	3,637	$	3,315	$	3,150

Approximately $3.7 million, $3.3 million and $3.2 million of the total amount of unrecognized tax benefits at December 31, 2024, 2023 and 2022, respectively, would favorably effect the annual effective tax rate if not for the valuation allowance. We are unaware of any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase within the next twelve months. We do not anticipate a decrease in unrecognized tax benefits within the next twelve months based on federal, state, and foreign statute expirations in various jurisdictions. We have classified uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year.

We file income tax returns in the U.S. and in various state and foreign jurisdictions. As of December 31, 2024, the open statutes of limitations for our significant tax jurisdictions are as follows: U.S. federal for 2021 through 2023, state and local for 2020 through 2023, and non-U.S. for 2018 through 2023.

Indefinite Reinvestment Assertion

Beginning in 2018, the Tax Act generally provides a 100% federal deduction for dividends received from foreign subsidiaries. Nevertheless, companies must still apply the guidance of ASC Topic 740 to account for the tax consequences of outside basis differences and other tax impacts of their investments in foreign subsidiaries, including potential foreign withholding taxes on distributions. For the years ended December 31, 2024, 2023 and 2022, we recorded a deferred tax liability of $0.4 million, $0.4 million and $0.5 million, respectively, relating to state tax and foreign tax withholding liabilities on future distributions.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Expense and Related Income Tax Benefit

Stock-based compensation expense by statement of operations caption and the related income tax benefit were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Cost of sales	$	106	$	125	$	155
Research and development expenses	769		1,098		1,342
Selling, general and administrative expenses:
Employees	5,379		6,980		7,257
Outside directors	446		606		1,259
Total employee and director stock-based compensation expense	$	6,700	$	8,809	$	10,013

Income tax benefit	$	1,026	$	1,369	$	1,660

Non-Vested Restricted Stock Awards Activity

Non-vested restricted stock award activity was as follows:


	2024			2023			2022
	Shares (in 000's)	Weighted-Average Grant Date Fair Value		Shares (in 000's)	Weighted-Average Grant Date Fair Value		Shares (in 000's)	Weighted-Average Grant Date Fair Value
Non-vested at beginning of the year	486	$	21.66	376	$	36.82	310	$	44.41
Granted	391	10.55		340	14.15		262	31.05
Vested	(264)	24.85		(211)	35.77		(191)	41.09
Forfeited	(18)	17.40		(19)	17.72		(5)	43.22
Non-vested at end of the year	595	$	13.07	486	$	21.66	376	$	36.82

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

Non-vested performance stock award activity was as follows:


	Shares (in 000s)	Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2023	—	$	—
Granted	116	4.72
Vested	—	—
Forfeited	—	—
Non-vested at December 31, 2024	116	$	4.72

The assumptions we utilized in the Monte Carlo simulation model and the resulting weighted average fair value of performance stock grants were the following:


	Year Ended December 31,
	2024
Weighted average fair value of grants	$	4.72
Risk-free interest rate	4.08		%
Expected volatility	57.00		%
Expected life in years	2.73

Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2024:


Name	Approval Date	Total Shares Available for Grant Under the Plan	Remaining Shares Available for Grant Under the Plan	Outstanding Shares Granted Under the Plan
2014 Stock Incentive Plan	6/12/2014	1,100,000	—	87,660
Amended and Restated 2018 Equity and Incentive Compensation Plan (1)	6/11/2024	3,391,794	970,387	1,402,148
			970,387	1,489,808

Stock Option Activity

Stock option activity was as follows:


	2024						2023						2022
	Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)
Outstanding at beginning of the year	901	$	38.78				782	$	44.16				800	$	45.55
Granted	—	—					235	24.77					139	33.42
Exercised	—	—			$	—	—	—			$	—	(80)	19.25			$	292
Forfeited/canceled/expired	(122)	58.52					(116)	46.59					(77)	64.81
Outstanding at end of the year (1)	779	$	35.67	3.12	$	—	901	$	38.78	3.67	$	—	782	$	44.16	3.45	$	—
Vested and expected to vest at the end of the year (1)	779	$	35.67	3.12	$	—	901	$	38.78	3.67	$	—	782	$	44.16	3.45	$	—
Exercisable at the end of the year (1)	673	$	37.24	2.79	$	—	620	$	44.06	2.60	$	—	600	$	45.77	2.61	$	—

Schedule of Weighted Average Fair Value of Stock Option Grants

The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following:


	Year Ended December 31,
	2024			2023			2022
Weighted average fair value of grants	$	—		$	10.83		$	14.51
Risk-free interest rate	—		%	3.86		%	1.93		%
Expected volatility	—		%	45.89		%	49.35		%
Expected life in years	0.00			4.70			4.73

Significant Option Groups Outstanding and Related Weighted Average Exercise Price and Life Information

Significant option groups outstanding at December 31, 2024 and the related weighted average exercise price and life information were as follows:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding (in 000's)	Weighted-Average Remaining Contractual Term (in years)	Weighted-Average Exercise Price		Number Exercisable (in 000's)	Weighted-Average Exercise Price
$24.77 to $34.56	497	3.78	$	27.69	391	$	28.23
$44.95 to $46.17	188	1.18	45.60		188	45.60
$52.85 to $59.43	94	3.48	58.03		94	58.03
	779	3.12	$	35.67	673	$	37.24

Reportable Segment

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Reportable Segment

Segment

Our chief operating decision maker, our Chief Executive Officer, reviews financial information presented on a consolidated basis, including consolidated net income and its components, as reported on our consolidated statements of operations, accompanied by disaggregated information about revenues, for purposes of making operating decisions and assessing financial performance of our single consolidated segment, primarily by monitoring actual results versus our internal budget and forecasts.

Our reported segment revenue, segment profit or loss, and significant segment expenses were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Revenue	$	394,879	$	420,457	$	542,751
Less:
Adjusted cost of sales (1)	280,779		315,049		387,437
Adjusted research and development expenses (2)	28,954		30,183		31,110
Adjusted operating expenses (3)	82,952		85,345		89,355
Other segment items (4)	26,223		88,118		34,442
Net income (loss)	$	(24,029)	$	(98,238)	$	407

(1)Cost of sales from the consolidated statements of operations, adjusted to exclude impairment of long-lived assets and stock-based compensation expense.

(2)R&D expenses from the consolidated statements of operations, adjusted to exclude stock-based compensation expense.

(3)Operating expenses less R&D expenses from the consolidated statements of operations, adjusted to exclude stock-based compensation, amortization of acquired intangible assets, costs associated with our Roku litigation, factory restructuring charges, legal judgment, severance, lease termination costs and goodwill impairment.

(4)Other segment items include the adjustments described in the notes above; as well as interest income (expense), net; other income (expense), net; and provision for income taxes.

The measure of segment assets is reported on our consolidated balance sheets as consolidated total assets. Long-lived assets by geographic area are disclosed in Note 6. The measure of revenues from external customers is reported on the consolidated statements of operations as net sales. Revenues by geographic region and information about major customers are disclosed in Note 4. Depreciation expense is disclosed in Note 6. Amortization expense is disclosed in Note 7. Interest expense is disclosed in Note 9 and income taxes are disclosed in Note 10.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 12.9	$ 18.0	$ 19.9
Impairment associated with closure and sale of factory		7.7
Impairment of long-lived assets		$ 0.2	$ 2.9
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]		Adjusted cost of sales	Adjusted cost of sales
Cost of sales
Property, Plant and Equipment [Line Items]
Impairment associated with closure and sale of factory		$ 7.6
Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Impairment associated with closure and sale of factory		$ 0.1

Other Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Other Accrued Liabilities

Accrued Compensation

The components of accrued compensation were as follows:


	December 31,
(In thousands)	2024		2023
Accrued bonus	$	2,386	$	2,843
Accrued commission	1,545		602
Accrued salary/wages (1)	4,676		4,085
Accrued social insurance (2)(3)	6,718		7,082
Accrued vacation/holiday	3,036		3,252
Other accrued compensation	2,566		2,441
Total accrued compensation	$	20,927	$	20,305

Other Accrued Liabilities

The components of other accrued liabilities were as follows:


	December 31,
(In thousands)	2024		2023
Contract liabilities	$	2,521	$	2,697
Duties	543		481
Expense associated with fulfilled performance obligations	678		1,092
Freight and handling fees	2,275		1,998
Interest	10		438
Legal judgment (1)	4,162		—
Operating lease obligations	3,553		4,813
Product warranty claim costs	35		522
Professional fees	1,128		1,558
Sales and value added taxes	2,684		4,194
Other (2)	3,419		3,388
Total other accrued liabilities	$	21,008	$	21,181

(1)This amount relates to the judgment of a lawsuit with an employment agency in the PRC. See Note 13 for further information related to this matter.

(2)Includes $0.1 million and $0.2 million at December 31, 2024 and 2023, respectively, associated with the purchase of property, plant and equipment.

Derivatives - Total Net Fair Value of Derivatives (Details) - Foreign currency exchange contracts - Measured on a recurring basis - Not designated as hedging instrument - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Total Balance
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	$ (249)	$ (83)
Level 1
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	0	0
Level 2
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	(249)	(83)
Level 3
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	$ 0	$ 0

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill were as follows:


(In thousands)
Balance at December 31, 2022	$	49,085
Goodwill impairment	(49,075)
Foreign exchange effects	(10)
Balance at December 31, 2023	$	—

Components of Intangible Assets

Estimated useful lives are as follows:


Capitalized software development			2 years
Customer relationships			6-10 years
Developed and core technology			6-14 years
Patents			10 years
Trademarks and trade names			6-8 years

The components of intangible assets, net were as follows:


	December 31,
	2024						2023
(In thousands)	Gross (1)		Accumulated Amortization (1)		Net (1)		Gross (1)		Accumulated Amortization (1)		Net (1)
Capitalized software development costs	$	2,575	$	(1,150)	$	1,425	$	2,161	$	(421)	$	1,740
Customer relationships	6,340		(4,526)		1,814		6,340		(3,803)		2,537
Developed and core technology	740		(398)		342		4,220		(3,754)		466

Patents	34,758		(14,339)		20,419		33,195		(12,686)		20,509
Trademarks and trade names	450		(412)		38		450		(353)		97
Total intangible assets, net	$	44,863	$	(20,825)	$	24,038	$	46,366	$	(21,017)	$	25,349

(1)This table excludes the gross value of fully amortized intangible assets totaling $49.3 million and $45.0 million on December 31, 2024 and 2023, respectively.

Amortization Expense by Income Statement Caption

Amortization expense by statement of operations caption was as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Cost of sales	$	729	$	443	$	49
Selling, general and administrative expenses	4,438		4,440		3,969
Total amortization expense	$	5,167	$	4,883	$	4,018

Estimated Future Amortization Expense Related to Intangible Assets

Estimated future annual amortization expense related to our intangible assets at December 31, 2024 is as follows:


(In thousands)
2025	$	5,048
2026	4,563
2027	3,490
2028	2,956
2029	2,645
Thereafter	5,336
Total	$	24,038

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Stock-Based Compensation - Weighted Average Assumptions (Details) - Performance stock awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 4.72	$ 0
Risk-free interest rate	4.08%
Expected volatility	57.00%
Expected life in years	2 years 8 months 23 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Property, Plant, and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment, Net

Property, plant, and equipment, net ("PP&E") were as follows:


	December 31,
(In thousands)	2024		2023
Buildings	$	17,273	$	17,806
Computer equipment	9,159		9,679
Furniture and fixtures	2,501		3,598
Leasehold and building improvements	29,404		33,049
Machinery and equipment	75,637		82,302
Software	25,411		28,074
Tooling	30,314		30,724
	189,699		205,232
Accumulated depreciation	(156,804)		(163,301)
	32,895		41,931
Construction in progress	1,312		2,688
Total property, plant, and equipment, net	$	34,207	$	44,619

Depreciation expense was $12.9 million, $18.0 million and $19.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

During the three months ended September 30, 2023, as part of our manufacturing footprint optimization efforts, we made the decision to close our southwestern PRC factory and manufacturing operations were stopped in September 2023. We also downsized and streamlined the Mexico operations by moving to a smaller, more efficient facility. As a result of these decisions, we recorded impairment charges of $7.7 million, of which $7.6 million and $0.1 million was recorded in cost of sales and SG&A expenses, respectively. In addition, during the year ended December 31, 2023, we recorded an additional $0.2 million of impairment charges, recorded in cost of sales, relating to the underutilization of property, plant and equipment in our other PRC-based factories. During the year ended December 31, 2022, we incurred $2.9 million in impairment charges, recorded in cost of sales, relating to the underutilization of certain property, plant and equipment in our Mexico factory.

Construction in progress was as follows:


	December 31,
(In thousands)	2024		2023
Leasehold and building improvements	$	102	$	623
Machinery and equipment	483		738
Software	60		11
Tooling	638		1,197
Other	29		119
Total construction in progress	$	1,312	$	2,688

We expect that most of the assets under construction will be placed into service during the first six months of 2025. We will begin to depreciate the cost of these assets under construction once they are placed into service.

Long-lived tangible assets by geographic area, which include property, plant, and equipment, net and operating lease ROU assets, were as follows:


	December 31,
(In thousands)	2024		2023
United States	$	9,683	$	13,245
PRC	22,139		26,679
Vietnam	8,520		10,089
Mexico	5,164		9,227
All other countries	3,023		4,072
Total long-lived tangible assets	$	48,529	$	63,312

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Universal Electronics Inc. ("UEI"), based in Scottsdale, Arizona, is a global leader in universal wireless control solutions for the home. We design, develop, manufacture, ship and support home entertainment control products, technology and software solutions, climate control solutions, wireless sensor and smart home control products and audio-video ("AV") accessories that are used by the world's leading brands in the home entertainment, climate control, consumer electronics, security, home automation and home appliance markets. In addition, over the past 38 years, we have developed a broad portfolio of patented technologies and cloud-based connectivity and control software solutions that we license to our customers, including many leading Fortune 500 companies. Distribution methods for our control solutions vary depending on the sales channel. We distribute remote control devices, connected thermostats, integrated circuits ("ICs"), smart home automation and security sensors and AV accessories directly to video and security service providers and original equipment manufacturers ("OEMs"), both domestically and internationally. We distribute connected and smart thermostats and home security sensors to pro-security installers and hospitality system integrators in the United States and Europe through a network of national and regional distributors and dealers. Additionally, we sell our wireless control devices and AV accessories under the One For All®, Ecolink® and private label brand names to retailers in key markets, such as in the United States, United Kingdom, Germany, France and Spain. We utilize third-party distributors for the retail channel in countries where we do not have subsidiaries. As used herein, the terms "we", "us" and "our" refer to Universal Electronics Inc. and its subsidiaries unless the context indicates the contrary.

Reportable Segment (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Revenue, Segment Profit or Loss, and Significant Segment Expenses

Our reported segment revenue, segment profit or loss, and significant segment expenses were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Revenue	$	394,879	$	420,457	$	542,751
Less:
Adjusted cost of sales (1)	280,779		315,049		387,437
Adjusted research and development expenses (2)	28,954		30,183		31,110
Adjusted operating expenses (3)	82,952		85,345		89,355
Other segment items (4)	26,223		88,118		34,442
Net income (loss)	$	(24,029)	$	(98,238)	$	407

(1)Cost of sales from the consolidated statements of operations, adjusted to exclude impairment of long-lived assets and stock-based compensation expense.

(2)R&D expenses from the consolidated statements of operations, adjusted to exclude stock-based compensation expense.

(4)Other segment items include the adjustments described in the notes above; as well as interest income (expense), net; other income (expense), net; and provision for income taxes.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (24,029)	$ (98,238)	$ 407
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	18,058	22,927	24,033
Provision for credit losses	1,081	70	(182)
Deferred income taxes	(256)	(1,149)	1,377
Shares issued for employee benefit plan	1,063	1,293	1,199
Employee and director stock-based compensation	6,700	8,809	10,013
Impairment of goodwill	0	49,075	0
Impairment of long-lived assets	333	7,963	2,888
Changes in operating assets and liabilities:
Accounts receivable and contract assets	(12,174)	5,040	12,765
Inventories	6,239	51,458	(9,913)
Prepaid expenses and other assets	764	2,860	(917)
Accounts payable and accrued liabilities	15,733	(21,379)	(28,670)
Accrued income taxes	1,310	(3,539)	(2,074)
Net cash provided by (used for) operating activities	14,822	25,190	10,926
Cash flows from investing activities:
Purchase of term deposit	0	0	(7,487)
Redemption of term deposit	0	0	7,803
Acquisition of the net assets of Qterics, Inc.	0	0	(939)
Acquisitions of property, plant and equipment	(4,572)	(8,116)	(14,006)
Acquisitions of intangible assets	(3,856)	(5,761)	(6,579)
Net cash provided by (used for) investing activities	(8,428)	(13,877)	(21,208)
Cash flows from financing activities:
Borrowings under lines of credit	102,193	78,000	133,000
Repayments on lines of credit	(120,000)	(111,000)	(101,000)
Proceeds from stock options exercised	0	0	1,536
Treasury stock purchased	(1,957)	(1,779)	(13,035)
Net cash provided by (used for) financing activities	(19,764)	(34,779)	20,501
Effect of foreign currency exchange rate changes on cash and cash equivalents	(2,598)	(523)	(4,292)
Net increase (decrease) in cash and cash equivalents	(15,968)	(23,989)	5,927
Cash and cash equivalents at beginning of period	42,751	66,740	60,813
Cash and cash equivalents at end of period	26,783	42,751	66,740
Supplemental cash flow information:
Income taxes paid	3,481	13,176	10,922
Interest paid	$ 4,738	$ 7,015	$ 2,214

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Other Income (Expense), Net

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Other Income (Expense), Net

Other income (expense), net consisted of the following:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Net gain (loss) on foreign currency exchange contracts (1)	$	(727)	$	(3,238)	$	(1,309)
Net gain (loss) on foreign currency exchange transactions	403		(262)		218
Other income (expense)	384		879		136
Other income (expense), net	$	60	$	(2,621)	$	(955)

(1)This represents the gains (losses) incurred on foreign currency hedging derivatives. See Note 18 for further information concerning our foreign currency exchange contracts.

Stock-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised	$ 0	$ 0	$ 0
Value of shares withheld in lieu of receiving cash			1,500,000
Tax benefit from stock options exercised			$ 100,000
Term of plans / awards	10 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense	$ 5,100,000
Unrecognized pre-tax stock-based compensation expense, remaining weighted-average life (in years)	1 year 7 months 6 days
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense	$ 400,000
Unrecognized pre-tax stock-based compensation expense, remaining weighted-average life (in years)	1 year 9 months 18 days
Vesting period	3 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense	$ 1,000,000.0
Unrecognized pre-tax stock-based compensation expense, remaining weighted-average life (in years)	1 year
Term of plans / awards	10 years
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock appreciation rights and performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted to date (in shares)	0

Accrued Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Components of Accrued Compensation

The components of accrued compensation were as follows:


	December 31,
(In thousands)	2024		2023
Accrued bonus	$	2,386	$	2,843
Accrued commission	1,545		602
Accrued salary/wages (1)	4,676		4,085
Accrued social insurance (2)(3)	6,718		7,082
Accrued vacation/holiday	3,036		3,252
Other accrued compensation	2,566		2,441
Total accrued compensation	$	20,927	$	20,305

The components of other accrued liabilities were as follows:


	December 31,
(In thousands)	2024		2023
Contract liabilities	$	2,521	$	2,697
Duties	543		481
Expense associated with fulfilled performance obligations	678		1,092
Freight and handling fees	2,275		1,998
Interest	10		438
Legal judgment (1)	4,162		—
Operating lease obligations	3,553		4,813
Product warranty claim costs	35		522
Professional fees	1,128		1,558
Sales and value added taxes	2,684		4,194
Other (2)	3,419		3,388
Total other accrued liabilities	$	21,008	$	21,181

(1)This amount relates to the judgment of a lawsuit with an employment agency in the PRC. See Note 13 for further information related to this matter.

(2)Includes $0.1 million and $0.2 million at December 31, 2024 and 2023, respectively, associated with the purchase of property, plant and equipment.

Earnings (Loss) Per Share - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
BASIC
Net income (loss)	$ (24,029)	$ (98,238)	$ 407
Weighted-average common shares outstanding (in shares)	12,959	12,855	12,703
Basic earnings (loss) per share (in dollars per share)	$ (1.85)	$ (7.64)	$ 0.03
DILUTED
Net income (loss)	$ (24,029)	$ (98,238)	$ 407
Weighted-average common shares outstanding (in shares)	12,959	12,855	12,703
Dilutive effect of stock options, restricted stock and common stock warrants (in shares)	0	0	76
Weighted-average common shares outstanding on a diluted basis (in shares)	12,959	12,855	12,779
Diluted earnings (loss) per share (in dollars per share)	$ (1.85)	$ (7.64)	$ 0.03

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
Reportable Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 394,879	$ 420,457	$ 542,751
Adjusted cost of sales	280,885	322,897	390,459
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	394,879	420,457	542,751
Adjusted cost of sales	280,779	315,049	387,437
Adjusted research and development expenses	28,954	30,183	31,110
Adjusted operating expenses	82,952	85,345	89,355
Other segment items	26,223	88,118	34,442
Net income (loss)	$ (24,029)	$ (98,238)	$ 407

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Goodwill and Intangible Assets, Net - Amortization Expense by Income Statement Caption (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 5,167	$ 4,883	$ 4,018
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	729	443	49
Selling, general and administrative expenses
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 4,438	$ 4,440	$ 3,969

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2024	Mar. 07, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	0-21044
Entity Registrant Name	UNIVERSAL ELECTRONICS INC.
Entity Incorporation, State or Country Code	DE
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
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	UEIC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 124,876,933
Entity Common Stock, Shares Outstanding		13,111,653
Documents Incorporated by Reference	Portions of the registrant's notice of annual meeting of shareholders and proxy statement to be filed pursuant to Regulation 14A within 120 days after registrant's fiscal year end of December 31, 2024 are incorporated by reference into Part III of this Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission no later than April 30, 2025. Except as otherwise stated, the information contained in this Form 10-K is as of December 31, 2024.
Entity Central Index Key	0000101984
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill impairment (Note 7)	$ 0	$ 49,075	$ 0
Weighted Average
Goodwill [Line Items]
Amortization period (in years)	6 years 3 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Percent of employer matching contribution (in percent)	25.00%	50.00%
Maximum percent of annual employer matched contribution per employee (in percent)	15.00%	15.00%
Company contributions expense			$ 1.1	$ 1.3	$ 1.2

Revenue and Accounts Receivable, Net

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Revenue and Accounts Receivable, Net

Revenue Details

The pattern of revenue recognition was as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Goods and services transferred at a point in time	$	321,410	$	324,433	$	450,227
Goods and services transferred over time	73,469		96,024		92,524
Net sales	$	394,879	$	420,457	$	542,751

Our net sales to external customers by geographic area were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
United States	$	106,718	$	129,528	$	167,501
Asia (excluding the PRC)	78,225		85,347		127,702
Europe	90,622		90,221		103,993
Latin America	34,433		28,870		28,363
PRC	60,338		63,334		85,215
Other	24,543		23,157		29,977
Total net sales	$	394,879	$	420,457	$	542,751

Specific identification of the customer billing location was the basis used for attributing revenues from external customers to geographic areas.

Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
(In thousands)	2024		2023
Trade receivables, gross	$	93,773	$	106,182
Allowance for credit losses	(1,863)		(815)
Allowance for sales returns	(383)		(532)
Trade receivables, net	91,527		104,835
Other (1)	22,655		7,761
Accounts receivable, net (2)	$	114,182	$	112,596

(1) Other accounts receivable is primarily comprised of supplier, supplier rebate and interest receivables.

(2) Accounts receivable, net at December 31, 2022 was $112.3 million.

Allowance for Credit Losses

Changes in the allowance for credit losses were as follows:


(In thousands)	Year Ended December 31,
	2024		2023		2022
Balance at beginning of period	$	815	$	957	$	1,285
Additions (reductions) to costs and expenses	1,081		70		(182)

Write-offs/Foreign exchange effects	(33)		(212)		(146)
Balance at end of period	$	1,863	$	815	$	957

Contract Assets

Contract assets were $10.3 million, $4.2 million, and $8.0 million at December 31, 2024, 2023 and 2022, respectively. The change in balances between periods is due to the fluctuation of custom product inventory balances for which we have an enforceable right to payment for performance completed to date.

Contract Liabilities

We have current and non-current contract liability balances primarily consist of cash received in advance of providing our cloud-based software services. Contract liabilities are included within other accrued liabilities and other long-term liabilities in our consolidated balance sheets.

Changes in the carrying amount of contract liabilities were as follows:


(In thousands)	Year Ended December 31,
	2024		2023
Balance at beginning of period	$	3,501	$	1,931

Payments received	5,524		6,080
Revenue recognized	(5,736)		(4,529)
Foreign exchange effects	(53)		19
Balance at end of period	$	3,236	$	3,501

Significant Customers

Net sales to the following customers totaled more than 10% of our net sales:


	Year Ended December 31,
	2024				2023				2022
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Daikin Industries Ltd.	$	52,421	13.3	%	$	58,843	14.0	%	$	78,413	14.4	%
Comcast Corporation	(1)		(1)		(1)		(1)		$	75,917	14.0	%

(1) Sales associated with this customer did not total more than 10% of our net sales for the indicated period.

There were no significant customers that totaled more than 10% of our accounts receivable at December 31, 2024 or December 31, 2023.

Leases - Lease Terms and Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average lease liability term (in years)	4 years 7 months 6 days	4 years 10 months 24 days
Weighted average discount rate	5.45%	5.04%

Summary of Significant Accounting Policies - Narrative (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) extension	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) shares	Jan. 25, 2022
Accounting Policies [Line Items]
Accruals for discounts and rebates	$ 12,300	$ 10,500	$ 12,200
Advertising costs	700	600	500
Selling, general and administrative expenses	$ 91,811	98,490	$ 105,292
Maturity of time deposits (in years)			1 year	1 year
Number of options to extend leases \| extension	2
Maturity of foreign currency exchange contracts	9 months
Performance stock awards
Accounting Policies [Line Items]
Vesting period	3 years
Dividend yield	0.00%
Stock options
Accounting Policies [Line Items]
Dividend yield	0.00%
Common stock purchase warrants
Accounting Policies [Line Items]
Number of shares called by warrants (in shares) \| shares			275
Shipping and Handling
Accounting Policies [Line Items]
Selling, general and administrative expenses	$ 8,600	$ 8,300	$ 10,800
Minimum
Accounting Policies [Line Items]
Customer payment terms	30 days
Assurance-type warranty, term	12 months
Vesting period	1 year
Renewal term of operating leases (in years)	3 years
Minimum \| Stock options
Accounting Policies [Line Items]
Vesting period	3 years
Maximum
Accounting Policies [Line Items]
Customer payment terms	120 days
Assurance-type warranty, term	36 months
Vesting period	3 years
Renewal term of operating leases (in years)	5 years

Revenue and Accounts Receivable, Net - Pattern of Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 394,879	$ 420,457	$ 542,751
Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	321,410	324,433	450,227
Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 73,469	$ 96,024	$ 92,524

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Stock-Based Compensation - Assumptions Used in Valuation and Weighted Average Fair Value of Stock Option Grants (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 0	$ 10.83	$ 14.51
Risk-free interest rate	0.00%	3.86%	1.93%
Expected volatility	0.00%	45.89%	49.35%
Expected life in years	0 years	4 years 8 months 12 days	4 years 8 months 23 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	GRANT THORNTON LLP
Auditor Location	Phoenix, Arizona
Auditor Firm ID	248

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current tax expense:
U.S. federal	$ 37	$ 23	$ 573
State and local	45	44	73
Foreign	5,068	7,193	8,523
Total current	5,150	7,260	9,169
Deferred tax (benefit) expense:
U.S. federal	269	(813)	230
State and local	0	(126)	36
Foreign	12	(337)	1,551
Total deferred	281	(1,276)	1,817
Total provision for income taxes	$ 5,431	$ 5,984	$ 10,986

Stock-Based Compensation - Non-Vested Restricted Stock and Performance Stock Award Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock
Shares (in 000's)
Non-vested at beginning of period (in shares)	486	376	310
Granted (in shares)	391	340	262
Vested (in shares)	(264)	(211)	(191)
Forfeited (in shares)	(18)	(19)	(5)
Non-vested at end of period (in shares)	595	486	376
Weighted-Average Grant Date Fair Value
Non-vested at beginning of the year (in dollars per share)	$ 21.66	$ 36.82	$ 44.41
Granted (in dollars per share)	10.55	14.15	31.05
Vested (in dollars per share)	24.85	35.77	41.09
Forfeited (in dollars per share)	17.40	17.72	43.22
Non-vested at end of the year (in dollars per share)	$ 13.07	$ 21.66	$ 36.82
Performance stock awards
Shares (in 000's)
Non-vested at beginning of period (in shares)	0
Granted (in shares)	116
Vested (in shares)	0
Forfeited (in shares)	0
Non-vested at end of period (in shares)	116	0
Weighted-Average Grant Date Fair Value
Non-vested at beginning of the year (in dollars per share)	$ 0
Granted (in dollars per share)	4.72
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Non-vested at end of the year (in dollars per share)	$ 4.72	$ 0

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (loss) per share was calculated as follows:


	Year Ended December 31,
(In thousands, except per-share amounts)	2024		2023		2022
BASIC
Net income (loss)	$	(24,029)	$	(98,238)	$	407
Weighted-average common shares outstanding	12,959		12,855		12,703
Basic earnings (loss) per share	$	(1.85)	$	(7.64)	$	0.03

DILUTED
Net income (loss)	$	(24,029)	$	(98,238)	$	407
Weighted-average common shares outstanding for basic	12,959		12,855		12,703
Dilutive effect of restricted stock, performance stock awards, stock options and common stock warrants	—		—		76
Weighted-average common shares outstanding on a diluted basis	12,959		12,855		12,779
Diluted earnings (loss) per share	$	(1.85)	$	(7.64)	$	0.03

The following number of restricted stock awards, performance stock awards, stock options and common stock warrants were excluded from the computation of diluted earnings per common share as their inclusion would have been anti-dilutive:


	Year Ended December 31,
(In thousands)	2024	2023	2022
Restricted stock awards	526	440	242
Performance stock awards	104	—	—
Stock options	796	900	686
Common stock warrants	—	—	275

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

We have entered into various operating lease agreements for automobiles, offices and manufacturing facilities throughout the world. At December 31, 2024, our operating leases had remaining lease terms of up to 36 years, including any reasonably probable extensions.

Lease balances within our consolidated balance sheets were as follows:


(In thousands)	December 31, 2024		December 31, 2023
Assets:
Operating lease right-of-use assets	$	14,322	$	18,693
Liabilities:
Other accrued liabilities	$	3,553	$	4,813
Long-term operating lease obligations	9,232		12,560
Total lease liabilities	$	12,785	$	17,373

We entered into lease amendments for our southwestern PRC and Mexico factories during the year ended December 31, 2023 as a part of our manufacturing footprint optimization efforts. As a result of these modifications, our operating lease right-of-use assets decreased by $1.2 million and our total lease liabilities decreased by $1.3 million.

Operating lease expense, operating lease cash flows and supplemental cash flow information were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Cost of sales	$	2,390	$	3,012	$	2,822
Selling, general and administrative expenses	5,017		4,378		4,474
Total operating lease expense	$	7,407	$	7,390	$	7,296

Operating lease expenses from variable and short-term lease costs	$	1,146	$	1,033	$	632
Operating cash outflows from operating leases	$	8,152	$	7,736	$	7,427
Operating lease right-of-use assets obtained in exchange for lease obligations	$	1,249	$	4,360	$	8,756

The weighted average remaining lease liability term and the weighted average discount rate were as follows:


	Year Ended December 31,
	2024		2023
Weighted average lease liability term (in years)	4.6		4.9
Weighted average discount rate	5.45	%	5.04	%

The following table reconciles the undiscounted cash flows for each of the first five years and thereafter to the operating lease liabilities recognized in our consolidated balance sheet at December 31, 2024. The reconciliation excludes short-term leases that are not recorded on the balance sheet.


(In thousands)
2025	$	4,100
2026	3,744
2027	2,999
2028	1,349
2029	594
Thereafter	1,829
Total lease payments	14,615
Less: imputed interest	(1,830)
Total lease liabilities	$	12,785

At December 31, 2024, we did not have any operating leases that had not yet commenced.

Prepaid Land Lease

We operate one factory within the PRC on which the land is leased from the government as of December 31, 2024. This land lease was prepaid to the PRC government at the time our subsidiary occupied the land. We have obtained a land-use right certificate for the land pertaining to this factory.

The factory is located in the city of Yangzhou in the Jiangsu province. The remaining net book value of this operating lease ROU asset was $2.1 million at December 31, 2024, and is being amortized on a straight-line basis over the remaining term of approximately 34 years. The buildings located on this land had a net book value of $11.2 million at December 31, 2024 and are being depreciated over a remaining weighted average period of approximately 15 years.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	25,712,940	25,346,383
Treasury stock (in shares)	12,666,443	12,459,845

Derivatives - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on foreign currency exchange contracts	$ (727)	$ (3,238)	$ (1,309)
Not designated as hedging instrument \| Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) on foreign currency exchange contracts	$ 700	$ (3,200)	$ (1,300)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Changes in the Liability for Product Warranty Claim Costs

Changes in the liability for product warranty claim costs were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Balance at beginning of period	$	522	$	522	$	1,095
Additions (reductions) to costs and expenses	(305)		—		249
Settlements (in cash or in kind)	(182)		—		(819)
Foreign currency translation gain (loss)	—		—		(3)
Balance at end of period	$	35	$	522	$	522

Restructuring and Related Costs

Restructuring liabilities are included in accrued compensation, accounts payable and other accrued liabilities on our consolidated balance sheets. Total restructuring activities for the years ended December 31, 2024 and December 31, 2023 are as follows:


	Restructuring Costs
(In thousands)	Total		Severance Expense		Other Exit Expense
Balance at December 31, 2022	$	—	$	—	$	—
Restructuring charges	4,015		3,425		590
Cash payments	(3,553)		(3,278)		(275)

Balance at December 31, 2023	$	462	$	147	$	315
Restructuring charges	3,585		2,008		1,577
Cash payments	(3,036)		(1,288)		(1,748)

Balance at December 31, 2024	$	1,011	$	867	$	144
Total costs incurred inception to date	$	7,600	$	5,433	$	2,167
Total estimated expense to be incurred after December 31, 2024	$	—	$	—	$	—

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Outstanding at beginning of the year (in shares)	901	782	800
Granted (in shares)	0	235	139
Exercised (in shares)	0	0	(80)
Forfeited/canceled/expired (in shares)	(122)	(116)	(77)
Outstanding at end of the year (in shares)	779	901	782
Vested and expected to vest at the end of the year (in shares)	779	901	782
Exercisable at the end of the year (in shares)	673	620	600
Weighted-Average Exercise Price
Outstanding at beginning of the year (in dollars per share)	$ 38.78	$ 44.16	$ 45.55
Granted (in dollars per share)	0	24.77	33.42
Exercised (in dollars per share)	0	0	19.25
Forfeited/canceled/expired (in dollars per share)	58.52	46.59	64.81
Outstanding at end of the year (in dollars per share)	35.67	38.78	44.16
Vested and expected to vest at the end of the year (in dollars per share)	35.67	38.78	44.16
Exercisable at the end of the year (in dollars per share)	$ 37.24	$ 44.06	$ 45.77
Weighted-Average Remaining Contractual Term (in years)
Outstanding at end of the year	3 years 1 month 13 days	3 years 8 months 1 day	3 years 5 months 12 days
Vested and expected to vest at the end of the year	3 years 1 month 13 days	3 years 8 months 1 day	3 years 5 months 12 days
Exercisable at the end of the year	2 years 9 months 14 days	2 years 7 months 6 days	2 years 7 months 9 days
Aggregate Intrinsic Value (in 000's)
Exercised	$ 0	$ 0	$ 292
Outstanding at end of the year	0	0	0
Vested and expected to vest at the end of the year	0	0	0
Exercisable at the end of the year	$ 0	$ 0	$ 0

Income Taxes - Changes to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes to gross unrecognized tax benefits:
Balance at beginning of period	$ 3,315	$ 3,150	$ 3,001
Additions as a result of tax positions taken during the current year	322	165	149
Balance at end of period	$ 3,637	$ 3,315	$ 3,150

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Net gain (loss) on foreign currency exchange contracts	$ (727)	$ (3,238)	$ (1,309)
Net gain (loss) on foreign currency exchange transactions	403	(262)	218
Other income (expense)	384	879	136
Other income (expense), net	$ 60	$ (2,621)	$ (955)

Property, Plant, and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net and Construction in Progress

Estimated useful lives are as follows:


Buildings			25 years
Tooling and equipment			2-8 years
Computer equipment			3-5 years
Software			3-7 years
Furniture and fixtures			2-5 years
Leasehold and building improvements			Lesser of lease term or useful life (approximately 2-8 years)

Property, plant, and equipment, net ("PP&E") were as follows:


	December 31,
(In thousands)	2024		2023
Buildings	$	17,273	$	17,806
Computer equipment	9,159		9,679
Furniture and fixtures	2,501		3,598
Leasehold and building improvements	29,404		33,049
Machinery and equipment	75,637		82,302
Software	25,411		28,074
Tooling	30,314		30,724
	189,699		205,232
Accumulated depreciation	(156,804)		(163,301)
	32,895		41,931
Construction in progress	1,312		2,688
Total property, plant, and equipment, net	$	34,207	$	44,619

Construction in progress was as follows:


	December 31,
(In thousands)	2024		2023
Leasehold and building improvements	$	102	$	623
Machinery and equipment	483		738
Software	60		11
Tooling	638		1,197
Other	29		119
Total construction in progress	$	1,312	$	2,688

Long-Lived Tangible Assets by Geographic Area

Long-lived tangible assets by geographic area, which include property, plant, and equipment, net and operating lease ROU assets, were as follows:


	December 31,
(In thousands)	2024		2023
United States	$	9,683	$	13,245
PRC	22,139		26,679
Vietnam	8,520		10,089
Mexico	5,164		9,227
All other countries	3,023		4,072
Total long-lived tangible assets	$	48,529	$	63,312

Inventories - Purchases from Significant Suppliers (Details) - Supplier Concentration Risk - Inventory Purchases - Qorvo International Pte Ltd. $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Purchases from significant supplier	$ 33,293
Concentration risk percentage	11.50%

Treasury Stock - Narrative (Details) - shares	Dec. 31, 2024	Nov. 07, 2023
Equity [Abstract]
Number of shares authorized to be repurchased (in shares)		1,000,000
Remaining number of shares authorized to be repurchased (in shares)	778,362

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Valuation allowance	$ 65,629,000	$ 59,686,000
Increase in valuation allowance	6,000,000.0	15,100,000
Unrecognized tax benefits including interest and penalties	3,700,000	3,400,000
Interest and penalties	0	0	$ 0
Unrecognized tax benefits that would impact effective tax rate	3,700,000	3,300,000	3,200,000
Deferred tax liability related to state tax liabilities on future distributions	400,000	$ 400,000	$ 500,000
Federal
Income Taxes [Line Items]
Net operating losses	28,600,000
Valuation allowance	39,300,000
State
Income Taxes [Line Items]
Net operating losses	91,000,000.0
Valuation allowance	23,800,000
Foreign
Income Taxes [Line Items]
Net operating losses	7,500,000
Research and experimentation \| Federal
Income Taxes [Line Items]
Income tax credit carryforwards	6,000,000.0
Research and experimentation \| State
Income Taxes [Line Items]
Income tax credit carryforwards	$ 17,600,000

Derivatives

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The following table sets forth the total net fair value of derivatives:


	December 31, 2024								December 31, 2023
	Fair Value Measurement Using						Total Balance		Fair Value Measurement Using						Total Balance
(In thousands)	Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Foreign currency exchange contracts	$	—	$	(249)	$	—	$	(249)	$	—	$	(83)	$	—	$	(83)

We held foreign currency exchange contracts which resulted in a net pre-tax loss of $0.7 million, $3.2 million, and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 16 for further information concerning our foreign currency exchange contracts.

Details of foreign currency exchange contracts held were as follows:


Date Held	Currency	Position Held	Notional Value (in millions)		Forward Rate	Unrealized Gain/(Loss) Recorded at Balance Sheet Date (in thousands)(1)		Settlement Date
December 31, 2024	USD/CNY	CNY	$	28.0	7.2316	$	(406)	January 10, 2025
December 31, 2024	USD/EUR	USD	$	8.0	1.0569	$	157	January 10, 2025
December 31, 2023	USD/CNY	CNY	$	20.0	7.1181	$	(18)	January 5, 2024
December 31, 2023	USD/EUR	USD	$	22.0	1.1009	$	(65)	January 5, 2024

(1)Unrealized gains on foreign currency exchange contracts are recorded in prepaid expenses and other current assets. Unrealized losses on foreign currency exchange contracts are recorded in other accrued liabilities.

Leases - Reconciliation of the Undiscounted Cash Flows for Each of the First Five Years and Thereafter to Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 4,100
2026	3,744
2027	2,999
2028	1,349
2029	594
Thereafter	1,829
Total lease payments	14,615
Less: imputed interest	(1,830)
Total lease liabilities	$ 12,785	$ 17,373

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

During the year ended December 31, 2023, a decline in our financial performance, overall negative trend in the video service provider channel and an uncertain economic environment contributed to a significant decline in our market capitalization. We considered this to be an impairment trigger. We, therefore, performed a quantitative valuation analysis under an income approach to estimate our reporting unit's fair value. The income approach used projections of estimated operating results and cash flows that were discounted using a discount rate based on the weighted-average cost of capital. The main assumptions supporting the cash flow projections include, but are not limited to, revenue growth, margins, discount rate, and terminal growth rate. The financial projections reflect our best estimate of economic and market conditions over the projected period, including forecasted revenue growth, margins, capital expenditures, depreciation and amortization. In addition to our valuation analysis under an income approach, we also considered the implied control premium compared to our market capitalization. We determined that the implied control premium over our market capitalization to be substantial; therefore, we recorded an impairment charge of $49.1 million during the year ended December 31, 2023.

Changes in the carrying amount of goodwill were as follows:


(In thousands)
Balance at December 31, 2022	$	49,085
Goodwill impairment	(49,075)
Foreign exchange effects	(10)
Balance at December 31, 2023	$	—

Intangible Assets, Net

The components of intangible assets, net were as follows:


	December 31,
	2024						2023
(In thousands)	Gross (1)		Accumulated Amortization (1)		Net (1)		Gross (1)		Accumulated Amortization (1)		Net (1)
Capitalized software development costs	$	2,575	$	(1,150)	$	1,425	$	2,161	$	(421)	$	1,740
Customer relationships	6,340		(4,526)		1,814		6,340		(3,803)		2,537
Developed and core technology	740		(398)		342		4,220		(3,754)		466

Patents	34,758		(14,339)		20,419		33,195		(12,686)		20,509
Trademarks and trade names	450		(412)		38		450		(353)		97
Total intangible assets, net	$	44,863	$	(20,825)	$	24,038	$	46,366	$	(21,017)	$	25,349

(1)This table excludes the gross value of fully amortized intangible assets totaling $49.3 million and $45.0 million on December 31, 2024 and 2023, respectively.

Amortization expense is recorded in SG&A expenses, except amortization expense related to capitalized software development costs, which is recorded in cost of sales. Amortization expense by statement of operations caption was as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Cost of sales	$	729	$	443	$	49
Selling, general and administrative expenses	4,438		4,440		3,969
Total amortization expense	$	5,167	$	4,883	$	4,018

Estimated future annual amortization expense related to our intangible assets at December 31, 2024 is as follows:


(In thousands)
2025	$	5,048
2026	4,563
2027	3,490
2028	2,956
2029	2,645
Thereafter	5,336
Total	$	24,038

The remaining weighted average amortization period of our intangible assets at December 31, 2024 is 6.3 years.

Business Combination (Details) - Qterics, Inc. - USD ($) $ in Thousands		12 Months Ended
	Feb. 17, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Cash purchase price	$ 900
Net sales		$ 3,100	$ 2,100	$ 2,100
Net income		$ 1,200	$ 16	$ 145

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (24,029)	$ (98,238)	$ 407
Other comprehensive income (loss):
Change in foreign currency translation adjustment	(7,592)	429	(7,663)
Comprehensive income (loss)	$ (31,621)	$ (97,809)	$ (7,256)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-Based Compensation - Significant Option Groups Outstanding and Related Weighted Average Exercise Price and Life Information (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options Outstanding
Number outstanding (in shares)	779	901	782	800
Weighted-average remaining contractual term (in years)	3 years 1 month 13 days	3 years 8 months 1 day	3 years 5 months 12 days
Weighted average exercise price (in dollars per share)	$ 35.67	$ 38.78	$ 44.16	$ 45.55
Options Exercisable
Number exercisable (in shares)	673	620	600
Weighted-average exercise price (in dollars per share)	$ 37.24	$ 44.06	$ 45.77
Exercise price range 1
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in dollars per share)	24.77
Range of exercise prices, upper range limit (in dollars per share)	$ 34.56
Options Outstanding
Number outstanding (in shares)	497
Weighted-average remaining contractual term (in years)	3 years 9 months 10 days
Weighted average exercise price (in dollars per share)	$ 27.69
Options Exercisable
Number exercisable (in shares)	391
Weighted-average exercise price (in dollars per share)	$ 28.23
Exercise price range 2
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in dollars per share)	44.95
Range of exercise prices, upper range limit (in dollars per share)	$ 46.17
Options Outstanding
Number outstanding (in shares)	188
Weighted-average remaining contractual term (in years)	1 year 2 months 4 days
Weighted average exercise price (in dollars per share)	$ 45.60
Options Exercisable
Number exercisable (in shares)	188
Weighted-average exercise price (in dollars per share)	$ 45.60
Exercise price range 3
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower range limit (in dollars per share)	52.85
Range of exercise prices, upper range limit (in dollars per share)	$ 59.43
Options Outstanding
Number outstanding (in shares)	94
Weighted-average remaining contractual term (in years)	3 years 5 months 23 days
Weighted average exercise price (in dollars per share)	$ 58.03
Options Exercisable
Number exercisable (in shares)	94
Weighted-average exercise price (in dollars per share)	$ 58.03

Property, Plant, and Equipment, Net - Long-Lived Tangible Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	$ 48,529	$ 63,312
United States
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	9,683	13,245
PRC
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	22,139	26,679
Vietnam
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	8,520	10,089
Mexico
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	5,164	9,227
All other countries
Property, Plant and Equipment [Line Items]
Total long-lived tangible assets	$ 3,023	$ 4,072

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Indemnifications

We indemnify our directors and officers to the maximum extent permitted under the laws of the state of Delaware and we have entered into indemnification agreements with each of our directors and executive officers. In addition, we insure our individual directors and officers against certain claims and attorney's fees and related expenses incurred in connection with the defense of such claims. The amounts and types of coverage may vary from period to period as dictated by market conditions. Management is not aware of any matters that require material indemnification of its officers or directors.

Fair Price Provisions and Other Anti-Takeover Measures

Our Restated Certificate of Incorporation, as amended, contains certain provisions restricting business combinations with interested stockholders under certain circumstances and imposing higher voting requirements for the approval of certain transactions ("fair price" provisions). Any of these provisions may delay or prevent a change in control.

The "fair price" provisions require that holders of at least two-thirds of our outstanding shares of voting stock approve certain business combinations and significant transactions with interested stockholders.

Purchase Commitments

We have entered into various inventory and property, plant and equipment related purchase agreements with suppliers. Certain of these agreements have provisions for a binding forecast (inventory) or non-cancellable purchase orders (inventory and PP&E). As of December 31, 2024, we had non-cancellable purchase commitments with suppliers for inventory and PP&E of $9.3 million and $0.9 million, respectively. These amounts are expected to be paid within the next twelve months.

Product Warranties

Changes in the liability for product warranty claim costs were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Balance at beginning of period	$	522	$	522	$	1,095
Additions (reductions) to costs and expenses	(305)		—		249
Settlements (in cash or in kind)	(182)		—		(819)
Foreign currency translation gain (loss)	—		—		(3)
Balance at end of period	$	35	$	522	$	522

Restructuring Activities

Asia

In conjunction with our plan to restructure and optimize our manufacturing footprint while reducing our concentration risk in the PRC, we stopped all production activities and began to shut down our southwestern PRC factory beginning in the third quarter of 2023. In addition, during the fourth quarter of 2024, we stopped production activities and shut down one of our eastern PRC factories. We incurred $0.5 million of severance and $0.1 million of other exit costs during the year ended December 31, 2024 and $3.4 million of severance and $0.6 million of other exit costs for the year ended December 31, 2023. These costs are included within factory restructuring charges on our consolidated statements of operations. We have recognized a total of $4.6 million in factory restructuring charges since September 2023. This factory restructuring was completed in the fourth quarter of 2024 and we do not expect any further expenses associated with this plan.

Mexico

As part of our plan to restructure and optimize our factory footprint, we have worked to downsize our factory in Mexico due to decreased demand in the U.S. market and our Vietnam facility's ability to supply our North American customers. We have

leased a smaller facility and reduced our factory headcount during the year ended December 31, 2024. We incurred $1.5 million of severance and $1.5 million of other exit costs during the year ended December 31, 2024. These costs are included within factory restructuring charges on our consolidated statements of operations. We have recognized a total of $3.0 million in factory restructuring charges since January 2024. This factory restructuring is scheduled to be completed in the second quarter of 2025 and we do not expect any further expenses associated with this plan.


	Restructuring Costs
(In thousands)	Total		Severance Expense		Other Exit Expense
Balance at December 31, 2022	$	—	$	—	$	—
Restructuring charges	4,015		3,425		590
Cash payments	(3,553)		(3,278)		(275)

Balance at December 31, 2023	$	462	$	147	$	315
Restructuring charges	3,585		2,008		1,577
Cash payments	(3,036)		(1,288)		(1,748)

Balance at December 31, 2024	$	1,011	$	867	$	144
Total costs incurred inception to date	$	7,600	$	5,433	$	2,167
Total estimated expense to be incurred after December 31, 2024	$	—	$	—	$	—

Litigation

Roku Matters

UEI and Roku Inc. ("Roku") and certain of its customers have been in litigation in various forums since 2018—i.e., two actions in the Central District of California ("CDCA") beginning in 2018 and 2020 including related cases against certain of Roku's customers (collectively, the "CDCA cases"), the International Trade Commission ("ITC"), the Patent and Trademark Office ("PTO") (ex parte reexams) and the Patent and Trademark Appeals Board ("PTAB"). The CDCA cases have all been stayed on various grounds since 2019. The 2018 case was stayed in November 2019 pending resolution of Roku initiated PTO and PTAB matters, all of which have since been resolved.

The 2020 case was also immediately stayed due to UEI's related ITC action against Roku, in which UEI ultimately prevailed when on July 9, 2021, the Administrative Law Judge ("ALJ") issued an initial determination finding Roku in violation of Section 337. The Commission issued a final determination on November 10, 2021, affirming the ALJ’s finding. The Commission then issued a limited exclusion order and cease and desist order against Roku, which went into effect following the expiration of the Presidential Review Period on January 9, 2022. The Federal Circuit affirmed on January 19, 2024. Following UEI's win and affirmance by the Federal Circuit, Roku sought rehearing en banc and sought cert from the Supreme Court on a domestic industry question. On January 13, 2025, the Supreme Court denied cert.

While this ITC matter has been finally resolved and Roku has no more ability to appeal, we have agreed to continue the stay of the CDCA cases pending the outcome of one final PTAB action involving one of our patents, which we expect to occur in the first half of 2025.

Roku also filed its own retaliatory ITC action against UEI and certain of our customers on two patents it purchased for this purpose. Roku’s action failed when on June 24, 2022, the ALJ found on of Roku’s patents to be invalid as indefinite. Thereafter, on June 28, 2022, the ALJ issued its initial determination ("ID") fully exonerating us and our customers finding Roku’s second patent invalid and that Roku failed to establish the requisite domestic industry and thus no violation of the Tariff Act. Roku and we filed petitions to appeal certain portions of the ID. On October 28, 2022, the full ITC issued its final determination affirming the ID, ruling there was no violation of the Tariff Act and terminated the investigation. In December 2022, Roku filed an appeal, which remains pending. Further, on October 23, 2023, the PTBA issued its Final Written Decision invalidating all of the claims Roku alleges we infringe. As a companion to its ITC request, on April 8, 2021, Roku also filed a

lawsuit against us in Federal CDCA alleging that we are infringing the same two patents they alleged being infringed in the ITC investigation explained above. This District Court case has been stayed pending their ITC case, and will likely continue to be stayed pending the conclusion of Roku's appeal of their ITC case.

Court of International Trade Action against the United States of America, et. al.

On October 9, 2020, we and our subsidiaries, Ecolink Intelligent Technology, Inc. ("Ecolink") and RCS Technology, LLC ("RCS"), filed an amended complaint (20-cv-00670) in the Court of International Trade (the "CIT") against the United States of America; the Office of the United States Trade Representative; Robert E. Lighthizer, U.S. Trade Representative; U.S. Customs & Border Protection; and Mark A. Morgan, U.S. Customs & Border Protection Acting Commissioner, challenging both the substantive and procedural processes followed by the United States Trade Representative ("USTR") when instituting Section 301 Tariffs on imports from the PRC under Lists 3 and 4A.

On January 8, 2025, the U.S. Court of Appeals for the Federal Circuit ("USCAFC") heard oral arguments on the appeal by the lead plaintiff from the Court of International Trade's ("CIT") March 17, 2023 decision in which the CIT sustained the List 3 and List 4 tariffs, concluding that USTR's rationale in support of the tariffs was not impermissibly post hoc. A decision from the USCAFC is expected by the end of 2025.

Tongshun Matters

On January 23, 2024, Tongshun Company ("TS") filed suit against one of our subsidiaries, Gemstar Technology (Yangzhou) Co. Ltd. ("GTY"), claiming among other things, breach of an employment agency, and as is standard in Chinese litigation matters such as these, TS had also requested the Court to order a hold on GTY's bank account for the total claimed amount of RMB 35 million (approximately $4.8 million). On December 20, 2024, the Court rendered a decision in favor of TS and ordered a judgment of RMB 27.4 million (approximately $3.8 million) plus interest and costs totaling approximately RMB 30.4 million (approximately $4.2 million). We recorded an accrual for this judgment during the fourth quarter of 2024. This accrual is included in other accrued expenses on our consolidated balance sheets. The legal fees associated with this matter are expensed as incurred. We filed an appeal against this judgment and on February 11, 2025, the Jiangsu Province Yangzhou Intermediate People's Court heard oral argument and we expect a decision during the first half of 2025.

Other Litigation Matters

There are no other material pending legal proceedings to which we or any of our subsidiaries is a party or of which our respective property is the subject. However, as is typical in our industry and to the nature and kind of business in which we are engaged, from time to time, various claims, charges and litigation are asserted or commenced by third parties against us or by us against third parties arising from or related to product liability, infringement of patent or other intellectual property rights, breach of warranty, contractual relations, or employee relations. The amounts claimed may be substantial, but may not bear any reasonable relationship to the merits of the claims or the extent of any real risk of court awards assessed against us or in our favor. However, no assurances can be made as to the outcome of any of these matters, nor can we estimate the range of potential losses to us. In our opinion, final judgments, if any, which might be rendered against us in potential or pending litigation would not have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. Moreover, we believe that our products do not infringe any third parties' patents or other intellectual property rights.

We maintain directors' and officers' liability insurance which insures our individual directors and officers against certain claims, as well as attorney's fees and related expenses incurred in connection with the defense of such claims.

Defined Benefit Plan

Our subsidiary in India maintains a defined benefit pension plan ("India Plan") for local employees, which is consistent with local statutes and practices. The pension plan was adequately funded on December 31, 2024 based on its latest actuarial report. The India Plan has an independent external manager that advises us of the appropriate funding contribution requirements to which we comply. At December 31, 2024, approximately 53 percent of our India subsidiary employees had qualified for eligibility. An individual must be employed by our India subsidiary for a minimum of five years before becoming eligible. Upon the termination, resignation or retirement of an eligible employee, we are liable to pay the employee an amount equal to 15 days salary for each full year of service completed. The total amount of liability outstanding at December 31, 2024 and 2023

for the India Plan was not material. During the years ended December 31, 2024, 2023 and 2022, the net periodic benefit costs were also not material.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans We maintain a retirement and profit sharing plan under Section 401(k) of the Internal Revenue Code for all of our domestic employees that meet certain qualifications. Participants in the plan may elect to contribute up to the maximum allowed by law. Prior to October 1, 2024 we matched 50% of the participants' contributions up to 15% of their gross salary in the form of newly issued shares of our common stock. As of October 1, 2024 we match 25% of the participants' contributions up to 15% of their gross salary in the form of newly issued shares of our common stock. We may also make other discretionary contributions to the plan. We recorded $1.1 million, $1.3 million and $1.2 million of expense for company contributions for the years ended December 31, 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 21,245	$ 32,794
Components	10,820	11,061
Work in process	1,896	3,827
Finished goods	45,394	40,591
Inventories	$ 79,355	$ 88,273

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
History of company (in years)	38 years

Revenue and Accounts Receivable, Net - Net Sales to Significant Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Net sales	$ 394,879	$ 420,457	$ 542,751
Daikin Industries Ltd.
Revenue, Major Customer [Line Items]
Net sales	$ 52,421	$ 58,843	$ 75,917
Daikin Industries Ltd. \| Customer concentration risk \| Revenue from contract with customer benchmark
Revenue, Major Customer [Line Items]
Net sales percentage	13.30%	14.00%	14.00%
Comcast Corporation
Revenue, Major Customer [Line Items]
Net sales			$ 78,413
Comcast Corporation \| Customer concentration risk \| Revenue from contract with customer benchmark
Revenue, Major Customer [Line Items]
Net sales percentage			14.40%

- Definition

+ References

+ Details

Revenue and Accounts Receivable, Net - Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Contract With Customer, Liability [Roll Forward]
Balance at beginning of period	$ 3,501	$ 1,931
Payments received	5,524	6,080
Revenue recognized	(5,736)	(4,529)
Foreign exchange effects	(53)	19
Balance at end of period	$ 3,236	$ 3,501

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Calculation of Earnings Per Share

Earnings (loss) per share was calculated as follows:


	Year Ended December 31,
(In thousands, except per-share amounts)	2024		2023		2022
BASIC
Net income (loss)	$	(24,029)	$	(98,238)	$	407
Weighted-average common shares outstanding	12,959		12,855		12,703
Basic earnings (loss) per share	$	(1.85)	$	(7.64)	$	0.03

DILUTED
Net income (loss)	$	(24,029)	$	(98,238)	$	407
Weighted-average common shares outstanding for basic	12,959		12,855		12,703
Dilutive effect of restricted stock, performance stock awards, stock options and common stock warrants	—		—		76
Weighted-average common shares outstanding on a diluted basis	12,959		12,855		12,779
Diluted earnings (loss) per share	$	(1.85)	$	(7.64)	$	0.03

Securities Excluded from the Computation of Diluted Earnings (Loss) Per Common Share


	Year Ended December 31,
(In thousands)	2024	2023	2022
Restricted stock awards	526	440	242
Performance stock awards	104	—	—
Stock options	796	900	686
Common stock warrants	—	—	275

Leases - Operating Lease Expense, Operating lease Cash Flows and Supplemental Cash flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Total operating lease expense	$ 7,407	$ 7,390	$ 7,296
Operating lease expenses from variable and short-term lease costs	1,146	1,033	632
Operating cash outflows from operating leases	8,152	7,736	7,427
Operating lease right-of-use assets obtained in exchange for lease obligations	1,249	4,360	8,756
Cost of sales
Lessee, Lease, Description [Line Items]
Total operating lease expense	2,390	3,012	2,822
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Total operating lease expense	$ 5,017	$ 4,378	$ 4,474

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease Balances within the Consolidated Balance Sheet

Lease balances within our consolidated balance sheets were as follows:


(In thousands)	December 31, 2024		December 31, 2023
Assets:
Operating lease right-of-use assets	$	14,322	$	18,693
Liabilities:
Other accrued liabilities	$	3,553	$	4,813
Long-term operating lease obligations	9,232		12,560
Total lease liabilities	$	12,785	$	17,373

Operating Lease Expense, Operating Lease Cash Flows and Supplemental Cash Flow Information

Operating lease expense, operating lease cash flows and supplemental cash flow information were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Cost of sales	$	2,390	$	3,012	$	2,822
Selling, general and administrative expenses	5,017		4,378		4,474
Total operating lease expense	$	7,407	$	7,390	$	7,296

Operating lease expenses from variable and short-term lease costs	$	1,146	$	1,033	$	632
Operating cash outflows from operating leases	$	8,152	$	7,736	$	7,427
Operating lease right-of-use assets obtained in exchange for lease obligations	$	1,249	$	4,360	$	8,756

Lease Terms and Discount Rates

The weighted average remaining lease liability term and the weighted average discount rate were as follows:


	Year Ended December 31,
	2024		2023
Weighted average lease liability term (in years)	4.6		4.9
Weighted average discount rate	5.45	%	5.04	%

Reconciliation of the Undiscounted Cash Flows for Each of the First Five Years and Thereafter to Operating Lease Liabilities


(In thousands)
2025	$	4,100
2026	3,744
2027	2,999
2028	1,349
2029	594
Thereafter	1,829
Total lease payments	14,615
Less: imputed interest	(1,830)
Total lease liabilities	$	12,785

Goodwill and Intangible Assets, Net - Estimated Future Annual Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 5,048
2026	4,563
2027	3,490
2028	2,956
2029	2,645
Thereafter	5,336
Total	$ 24,038	$ 25,349

Revenue and Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Trade receivables, gross	$ 93,773	$ 106,182
Allowance for credit losses	(1,863)	(815)	$ (957)	$ (1,285)
Allowance for sales returns	(383)	(532)
Trade receivables, net	91,527	104,835
Other	22,655	7,761
Accounts receivable, net	$ 114,182	$ 112,596	$ 112,300

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accounts receivable	$ 464	$ 0
Accrued liabilities	4,820	3,958
Amortization of intangible assets	9,223	9,999
Capitalized inventory costs	3,553	3,369
Capitalized research and development costs	10,245	8,035
Depreciation	3,797	4,058
Income tax credits	20,375	19,615
Inventory reserves	2,371	2,154
Net operating losses	14,003	12,053
Operating lease obligations	2,865	4,112
Stock-based compensation	2,915	4,453
Total deferred tax assets	74,631	71,806
Deferred tax liabilities:
Accounts receivable	0	(20)
Right-of-use assets	(3,175)	(4,385)
Other	(1,333)	(2,920)
Total deferred tax liabilities	(4,508)	(7,325)
Net deferred tax assets before valuation allowance	70,123	64,481
Less: Valuation allowance	(65,629)	(59,686)
Net deferred tax assets	$ 4,494	$ 4,795

Income Taxes - Reconciliation of Tax Provision at Statutory U.S. Rate to Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Tax provision (benefit) at statutory U.S. rate	$ (3,906)	$ (19,373)	$ 2,392
Increase (decrease) in tax provision (benefit) resulting from:
Distribution of previously taxed foreign earnings and profits	0	(9,450)	(16,776)
Federal research and development credits	(816)	(1,043)	(715)
Foreign participation exemption	0	(12,571)	0
Foreign permanent benefit	(650)	(1,426)	(1,620)
Foreign tax rate differential	(295)	21,794	15,133
Foreign undistributed earnings, net of credits	6,231	7,198	6,486
Goodwill impairment	0	5,383	0
Non-deductible items	635	594	601
Non-territorial income	(2,088)	(945)	(2,323)
Provision to return	(350)	(19)	(435)
Sale of intangible asset	0	0	(3,385)
State and local taxes, net	(992)	(2,629)	(2,408)
Stock-based compensation	2,045	980	693
Tax rate change	(2,286)	1,648	(640)
Valuation allowance	5,943	15,090	12,058
Withholding tax	1,521	1,229	2,188
Other	439	(476)	(263)
Total provision for income taxes	$ 5,431	$ 5,984	$ 10,986

Stock-Based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee and director stock-based compensation expense	$ 6,700	$ 8,809	$ 10,013
Income tax benefit	1,026	1,369	1,660
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee and director stock-based compensation expense	106	125	155
Research and development expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee and director stock-based compensation expense	769	1,098	1,342
Selling, general and administrative expenses \| Employees
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee and director stock-based compensation expense	5,379	6,980	7,257
Selling, general and administrative expenses \| Outside directors
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total employee and director stock-based compensation expense	$ 446	$ 606	$ 1,259

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Contract liabilities	$ 2,521	$ 2,697
Duties	543	481
Expense associated with fulfilled performance obligations	678	1,092
Freight and handling fees	2,275	1,998
Interest	10	438
Legal judgment	4,162	0
Operating lease obligations	3,553	4,813
Product warranty claim costs	35	522
Professional fees	1,128	1,558
Sales and value added taxes	2,684	4,194
Other	3,419	3,388
Total other accrued liabilities	21,008	21,181
Accrued property, plant and equipment purchases	$ 100	$ 200

Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details)	Dec. 31, 2024
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	25 years
Tooling and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years
Tooling and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	8 years
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	7 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Leasehold and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years
Leasehold and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	8 years

Cash and Cash Equivalents - Narrative (Details)	Dec. 31, 2022	Jan. 25, 2022
Cash and Cash Equivalents [Abstract]
Maturity of time deposits (in years)	1 year	1 year

Other Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Other Income (Expense), Net

Other income (expense), net consisted of the following:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Net gain (loss) on foreign currency exchange contracts (1)	$	(727)	$	(3,238)	$	(1,309)
Net gain (loss) on foreign currency exchange transactions	403		(262)		218
Other income (expense)	384		879		136
Other income (expense), net	$	60	$	(2,621)	$	(955)

(1)This represents the gains (losses) incurred on foreign currency hedging derivatives. See Note 18 for further information concerning our foreign currency exchange contracts.

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) factory	Dec. 31, 2023 USD ($)
Operating Leased Assets [Line Items]
Increase (decrease) in operating lease right-of-use asset		$ (1,200)
Increase (decrease) in operating lease liability		(1,300)
Operating lease right-of-use assets	$ 14,322	$ 18,693
Prepaid lease assets, remaining amortization period (in years)	4 years 7 months 6 days	4 years 10 months 24 days
Net book value of asset	$ 32,895	$ 41,931
Yangzhou
Operating Leased Assets [Line Items]
Number of operating factories \| factory	1
Operating lease right-of-use assets	$ 2,100
Prepaid lease assets, remaining amortization period (in years)	34 years
Yangzhou \| Buildings on prepaid land
Operating Leased Assets [Line Items]
Net book value of asset	$ 11,200
Remaining depreciable period of asset (in years)	15 years
Maximum \| Property subject to rent escalations
Operating Leased Assets [Line Items]
Lessee term of contract (in years)	36 years

Business Combination	12 Months Ended
Business Combination	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combination	Business Combination On February 17, 2022, we acquired substantially all of the net assets of Qterics, a U.S.-based provider of multimedia connectivity solutions and services for internet-enabled consumer products. Under the terms of the Asset Purchase Agreement, we paid a cash purchase price of approximately $0.9 million. The acquisition of these assets has allowed us to expand our customer base in the consumer electronics market. Our consolidated income statement for the year ended December 31, 2024 includes net sales of $3.1 million and net income of $1.2 million attributable to Qterics. Our consolidated income statement for the year ended December 31, 2023 includes net sales of $2.1 million and net income of $16 thousand attributable to Qterics. Our consolidated income statement for the year ended December 31, 2022 includes net sales of $2.1 million and net income of $145 thousand attributable to Qterics for the period commencing on February 17, 2022. Pro Forma Results (unaudited) The unaudited pro forma financial information of combined results of our operations and the operations of Qterics as if the transaction had occurred on January 1, 2022, is immaterially different from the net sales, net income and income per share amounts reported in the Consolidated Statements of Operations for the year ended December 31, 2022.

Revenue and Accounts Receivable, Net - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 394,879	$ 420,457	$ 542,751
United States
Disaggregation of Revenue [Line Items]
Net sales	106,718	129,528	167,501
Asia (excluding the PRC)
Disaggregation of Revenue [Line Items]
Net sales	78,225	85,347	127,702
Europe
Disaggregation of Revenue [Line Items]
Net sales	90,622	90,221	103,993
Latin America
Disaggregation of Revenue [Line Items]
Net sales	34,433	28,870	28,363
PRC
Disaggregation of Revenue [Line Items]
Net sales	60,338	63,334	85,215
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 24,543	$ 23,157	$ 29,977

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock Issued	Common Stock in Treasury	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2021		24,679,000
Beginning Balance at Dec. 31, 2021	$ 275,949	$ 247	$ (355,159)	$ 314,094	$ (13,524)	$ 330,291
Beginning balance (in shares) at Dec. 31, 2021			(11,861,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	407					407
Currency translation adjustment	(7,663)				(7,663)
Shares issued for employee benefit plan and compensation (in shares)		212,000
Shares issued for employee benefit plan and compensation	$ 1,199	$ 2		1,197
Purchase of treasury shares (in shares)	(434,000)		(434,000)
Purchase of treasury shares	$ (13,035)		$ (13,035)
Stock options exercised (in shares)	80,000	80,000
Stock options exercised	$ 1,536	$ 1		1,535
Shares Issued to directors (in shares)		29,000
Shares issued to directors	0
Employee and director stock-based compensation	10,013			10,013
Ending balance (in shares) at Dec. 31, 2022		25,000,000
Ending balance at Dec. 31, 2022	268,406	$ 250	$ (368,194)	326,839	(21,187)	330,698
Ending balance (in shares) at Dec. 31, 2022			(12,295,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(98,238)					(98,238)
Currency translation adjustment	429				429
Shares issued for employee benefit plan and compensation (in shares)		317,000
Shares issued for employee benefit plan and compensation	$ 1,293	$ 3		1,290
Purchase of treasury shares (in shares)	(165,000)		(165,000)
Purchase of treasury shares	$ (1,779)		$ (1,779)
Stock options exercised (in shares)	0
Shares Issued to directors (in shares)		29,000
Shares issued to directors	$ 0
Employee and director stock-based compensation	8,809			8,809
Ending balance (in shares) at Dec. 31, 2023		25,346,000
Ending balance at Dec. 31, 2023	$ 178,920	$ 253	$ (369,973)	336,938	(20,758)	232,460
Ending balance (in shares) at Dec. 31, 2023	(12,459,845)		(12,460,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (24,029)					(24,029)
Currency translation adjustment	(7,592)				(7,592)
Shares issued for employee benefit plan and compensation (in shares)		338,000
Shares issued for employee benefit plan and compensation	$ 1,063	$ 4		1,059
Purchase of treasury shares (in shares)	(206,000)		(206,000)
Purchase of treasury shares	$ (1,957)		$ (1,957)
Stock options exercised (in shares)	0
Shares Issued to directors (in shares)		29,000
Shares issued to directors	$ 0
Employee and director stock-based compensation	6,700			6,700
Ending balance (in shares) at Dec. 31, 2024		25,713,000
Ending balance at Dec. 31, 2024	$ 153,105	$ 257	$ (371,930)	$ 344,697	$ (28,350)	$ 208,431
Ending balance (in shares) at Dec. 31, 2024	(12,666,443)		(12,666,000)

Commitments and Contingencies - Defined Benefit Plan (Details) - India subsidiary	12 Months Ended
	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Percentage of employees eligible for benefits	53.00%
Minimum service period of employees to be eligible under plan	5 years
Number of days salary payable under termination, resignation, or retirement	15 days

Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Total Net Fair Value of Derivatives

The following table sets forth the total net fair value of derivatives:


	December 31, 2024								December 31, 2023
	Fair Value Measurement Using						Total Balance		Fair Value Measurement Using						Total Balance
(In thousands)	Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Foreign currency exchange contracts	$	—	$	(249)	$	—	$	(249)	$	—	$	(83)	$	—	$	(83)

Foreign Currency Exchange Contracts

Details of foreign currency exchange contracts held were as follows:


Date Held	Currency	Position Held	Notional Value (in millions)		Forward Rate	Unrealized Gain/(Loss) Recorded at Balance Sheet Date (in thousands)(1)		Settlement Date
December 31, 2024	USD/CNY	CNY	$	28.0	7.2316	$	(406)	January 10, 2025
December 31, 2024	USD/EUR	USD	$	8.0	1.0569	$	157	January 10, 2025
December 31, 2023	USD/CNY	CNY	$	20.0	7.1181	$	(18)	January 5, 2024
December 31, 2023	USD/EUR	USD	$	22.0	1.1009	$	(65)	January 5, 2024

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Stock-Based Compensation - Detailed Information Regarding Active Stock Incentive Plans (Details)	12 Months Ended
	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining shares available for grant under the plan (in shares)	970,387
Outstanding shares granted under the plan (in shares)	1,489,808
2014 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares available for grant under the plan (in shares)	1,100,000
Remaining shares available for grant under the plan (in shares)	0
Outstanding shares granted under the plan (in shares)	87,660
2018 Equity and Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares available for grant under the plan (in shares)	3,391,794
Remaining shares available for grant under the plan (in shares)	970,387
Outstanding shares granted under the plan (in shares)	1,402,148
Number of additional shares authorized (in shares)	1,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details