0000101984-25-000105 | 10-Q | XBRL Viewer | Universal Electronics INC

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Calculation of Earnings (Loss) Per Share

Earnings (loss) per share was calculated as follows:


	Three Months Ended March 31,
(In thousands, except per-share amounts)	2025		2024
BASIC
Net income (loss)	$	(6,274)	$	(8,649)
Weighted-average common shares outstanding	13,083		12,902
Basic earnings (loss) per share	$	(0.48)	$	(0.67)

DILUTED
Net income (loss)	$	(6,274)	$	(8,649)
Weighted-average common shares outstanding for basic	13,083		12,902
Dilutive effect of restricted stock, performance stock awards and stock options	—		—
Weighted-average common shares outstanding on a diluted basis	13,083		12,902
Diluted earnings (loss) per share	$	(0.48)	$	(0.67)

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

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


	Three Months Ended March 31,
(In thousands)	2025	2024
Stock options	727	847
Restricted stock awards	536	494
Performance stock awards	116	70

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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).

Our non-cancellable purchase commitments were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Inventory purchase commitments	$	9,472	$	9,292
PP&E purchase commitments	1,119		927
Total purchase commitments	$	10,591	$	10,219

These amounts are expected to be paid within the next twelve months.

Product Warranties

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


(In thousands)	Three Months Ended March 31,
	2025		2024
Balance at beginning of period	$	35	$	522
Additions (reductions) to costs and expenses	—		—
Settlements (in cash or in kind)	—		—
Foreign currency translation gain (loss)	—		—
Balance at end of period	$	35	$	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 China 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 no severance or other exit costs during the three months ended March 31, 2025 and $0.1 million of severance and $0.1 million of other exit costs for the three months ended March 31, 2024. 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 three months ended March 31, 2024. We incurred no severance or other exit costs during the three months ended March 31, 2025 and $0.5 million of severance and $0.4 million of other exit costs during the three months ended March 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 liabilities are included in accrued compensation, accounts payable and other accrued liabilities on our consolidated balance sheets. Total restructuring activities for the three months ended March 31, 2025 are as follows:


	Restructuring Costs
(In thousands)	Total		Severance Expense		Other Exit Expense

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
Restructuring charges	—		—		—
Cash payments	(643)		(537)		(106)

Balance at March 31, 2025	$	368	$	330	$	38
Total costs incurred inception to date	$	7,600	$	5,433	$	2,167
Total remaining expected expense to be incurred as of March 31, 2025	$	—	$	—	$	—

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 and oral argument has been set for May 9, 2025. We expect a decision in late 2025 or early 2026. Further, on October 23, 2023, the PTBA issued its Final Written Decision invalidating all of the claims Roku alleges we infringe. Roku also filed an appeal of this decision. Oral argument has been set for May 9, 2025 and we expect a decision in late 2025 or early 2026. 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 has 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. We filed an appeal of this judgment. On February 11, 2025, the Jiangsu Province Yangzhou Intermediate People's Court heard oral argument in this appeal and we expect a decision during the first half of 2025.

IT Convergence, Inc. Matters

In mid-2024, an arbitration proceeding commenced between UEI and IT Convergence, Inc. ("ITC"). ITC has alleged misappropriation of confidential information and theft of trade secrets. We have denied these claims and have filed a counterclaim asserting breach of contract. Fact discovery, including document production and depositions, has been completed. Opening briefs are scheduled for submission in early May 2025, with a pre-hearing conference set for July 2025. The arbitration hearing is scheduled to take place in early August 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.

Commitments and Contingencies - Narrative (Details) ¥ in Millions						3 Months Ended			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	Mar. 31, 2025 USD ($) action	Dec. 31, 2024 factory	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Contingencies [Line Items]
Restructuring charges (reversal)						$ 0		$ 1,064,000	$ 3,585,000
Total costs incurred inception to date						$ 7,600,000
Number of litigation actions \| action						2
Number of patents allegedly infringed upon \| patent					2
Number of subsidiary factories included in lawsuit \| factory			1	1
Damages sought			$ 4,800,000	¥ 35.0
Litigation damages awarded to third party	$ 3,800,000	¥ 27.4
Litigation damages awarded to third party, interest and other costs	$ 4,200,000	¥ 30.4
Other Exit Expense
Contingencies [Line Items]
Restructuring charges (reversal)						$ 0			1,577,000
Total costs incurred inception to date						2,167,000
Severance Expense
Contingencies [Line Items]
Restructuring charges (reversal)						0			$ 2,008,000
Total costs incurred inception to date						5,433,000
Asia
Contingencies [Line Items]
Number of factories shut down \| factory							1
Total costs incurred inception to date						4,600,000
Asia \| Other Exit Expense
Contingencies [Line Items]
Restructuring charges (reversal)						0		100,000
Asia \| Severance Expense
Contingencies [Line Items]
Restructuring charges (reversal)						0		100,000
Mexico
Contingencies [Line Items]
Total costs incurred inception to date						3,000,000
Mexico \| Other Exit Expense
Contingencies [Line Items]
Restructuring charges (reversal)						0		400,000
Mexico \| Severance Expense
Contingencies [Line Items]
Restructuring charges (reversal)						$ 0		$ 500,000

Lines of Credit	3 Months Ended
Lines of Credit	Mar. 31, 2025
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. We expect to renew the U.S. Credit Line 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 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 March 31, 2025, the U.S. Credit Line total availability was $56.1 million based upon the AR Ratio. At April 14, 2025, the U.S. Credit Line total availability was $59.1 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 March 31, 2025 and 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, we pay interest on the U.S. Credit Line based on the Secured Overnight Financing Rate ("SOFR") plus a 3.00% margin. The amendment also contains a facility fee of 0.25%. The interest rate in effect at March 31, 2025 and December 31, 2024 was 7.31%. The Second Amended Credit Agreement includes financial covenants and contains other customary affirmative and negative covenants and events of default. Subsequent to December 31, 2024, our covenants are 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 March 31, 2025. At March 31, 2025 and December 31, 2024, we had $20.0 million and $26.0 million outstanding under the U.S. Credit Line, respectively. At March 31, 2025, our remaining availability under our U.S. Credit Line was $36.1 million. Our total interest expense on borrowings under the U.S. Credit Line was $0.6 million and $1.3 million during the three months ended March 31, 2025 and 2024, respectively. Our total facility fee expense under the U.S. Credit Line was immaterial during the three months ended March 31, 2025 and 2024, respectively. 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 March 31, 2025 and 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 March 31, 2025 and 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 three months ended March 31, 2025. At March 31, 2025 and December 31, 2024, we had RMB 80.0 million (approximately $11.0 million) outstanding under the China Credit Line. At March 31, 2025, we had no remaining availability under our China Credit Line. Our total interest expense on borrowings under the China Credit Line was RMB 0.6 million (approximately $0.1 million) during the three months ended March 31, 2025.

- 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.

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+ Details

Treasury Stock

3 Months Ended

Mar. 31, 2025

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 of Directors approved a share repurchase program with an effective date of November 7, 2023 (the "Share Repurchase Program"). Pursuant to this Share Repurchase Program, we are authorized to repurchase up to

1,000,000 shares of our common stock and to date, we have repurchased 221,638 shares of our common stock. On May 6, 2025, our Board of Directors authorized management to continue to execute under the Share Repurchase Program. As a result, pursuant to this authorization, we may, from time to time, until August 6, 2025, repurchase up to the lesser of $4.0 million worth of our common stock or 778,362 shares (the total remaining number shares available for repurchase under the Share Repurchase Program) in privately negotiated and/or open-market transactions, including pursuant to plans complying with Rule 10b5-1 promulgated under the Securities Exchange Act of 1934. Neither this authorization nor the Share Repurchase Program obligates us to repurchase any shares of our common stock, and any repurchase of shares will be subject to market and other conditions and may be discontinued at any time.

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:


	Three Months Ended March 31,
(In thousands)	2025		2024
Open market shares repurchased	—		95
Stock-based compensation related shares repurchased	41		45
Total shares repurchased	41		140

Cost of open market shares repurchased	$	—	$	843
Cost of stock-based compensation related shares repurchased	383		387
Total cost of shares repurchased	$	383	$	1,230

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.

Inventories - Purchases from Significant Suppliers (Details) - Qorvo International Pte Ltd. - Supplier concentration risk - Inventory purchases $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Concentration Risk [Line Items]
Purchases from significant supplier	$ 4,649
Concentration risk, percentage	10.70%

Commitments and Contingencies - Schedule of Non-cancellable Purchase Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Contingencies [Line Items]
Total purchase commitments	$ 10,591	$ 10,219
Inventory purchase commitments
Contingencies [Line Items]
Total purchase commitments	9,472	9,292
PP&E purchase commitments
Contingencies [Line Items]
Total purchase commitments	$ 1,119	$ 927

Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Intangible Assets, Net

The components of intangible assets, net were as follows:


	March 31, 2025						December 31, 2024
(In thousands)	Gross (1)		Accumulated Amortization (1)		Net		Gross (1)		Accumulated Amortization (1)		Net
Capitalized software development costs	$	1,475	$	(268)	$	1,207	$	2,575	$	(1,150)	$	1,425
Customer relationships	6,340		(4,707)		1,633		6,340		(4,526)		1,814
Developed and core technology	740		(422)		318		740		(398)		342

Patents	34,830		(14,611)		20,219		34,758		(14,339)		20,419
Trademarks and trade names	50		(26)		24		450		(412)		38
Total intangible assets, net	$	43,435	$	(20,034)	$	23,401	$	44,863	$	(20,825)	$	24,038

(1)This table excludes the gross value of fully amortized intangible assets totaling $51.2 million and $49.3 million at March 31, 2025 and December 31, 2024, respectively.

Finite-lived Intangible Assets Amortization Expense

Amortization expense by statement of operations caption was as follows:


(In thousands)	Three Months Ended March 31,
	2025		2024
Cost of sales	$	241	$	140
Selling, general and administrative expenses	1,100		1,096
Total amortization expense	$	1,341	$	1,236

Estimated Future Amortization Expense Related to Intangible Assets

Estimated future annual amortization expense related to our intangible assets at March 31, 2025, was as follows:


(In thousands)
2025 (remaining 9 months)	$	3,727
2026	4,640
2027	3,612
2028	2,908
2029	2,682
Thereafter	5,832
Total	$	23,401

Lines of Credit (Details) ¥ in Millions	3 Months Ended
Lines of Credit (Details) ¥ in Millions	Mar. 31, 2025 USD ($)	Mar. 31, 2025 CNY (¥)	Mar. 31, 2024 USD ($)	Apr. 14, 2025 USD ($)	Mar. 31, 2025 CNY (¥)	Dec. 31, 2024 USD ($)	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]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Amount outstanding under line of credit	$ 31,015,000					$ 36,960,000
Line of credit \| US Bank
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.00%	3.00%
Line of credit facility, commitment fee percentage	0.25%	0.25%
Effective interest rate	7.31%				7.31%	7.31%	7.31%
Line of credit \| Second Amended Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity								$ 75,000,000.0
Remaining borrowing capacity	$ 56,100,000
Line of credit \| Second Amended Credit Agreement \| Subsequent Event
Line of Credit Facility [Line Items]
Remaining borrowing capacity				$ 59,100,000
Line of credit \| U.S. Line of Credit
Line of Credit Facility [Line Items]
Remaining borrowing capacity	36,100,000
Amount outstanding under line of credit	20,000,000					$ 26,000,000
Interest expense on borrowings	600,000		$ 1,300,000
Facility fee expense	0		$ 0
Line of credit \| China Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity									$ 11,000,000.0	¥ 80.0
Remaining borrowing capacity	0					0
Amount outstanding under line of credit	11,000,000				¥ 80.0	$ 11,000,000	¥ 80.0
Interest expense on borrowings	$ 100,000	¥ 0.6
Line of credit \| China Line of Credit \| National Interbank
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.10%	0.10%
Line of credit, interest rate	3.07%				3.07%	3.07%	3.07%
Letter of credit
Line of Credit Facility [Line Items]
Letter of credit outstanding amount	$ 0					$ 0

Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

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:


	March 31, 2025								December 31, 2024
	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	$	—	$	(131)	$	—	$	(131)	$	—	$	(249)	$	—	$	(249)

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
March 31, 2025	USD/CNY	CNY	$	28.0	7.2219	$	(123)	April 25, 2025
March 31, 2025	USD/EUR	USD	$	8.0	1.0818	$	(8)	April 25, 2025
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

(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.

- 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

Derivatives - Foreign Currency Exchange Contracts (Details) - Not designated as hedging instrument $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) $ / ¥ $ / €	Dec. 31, 2024 USD ($) $ / ¥ $ / €
China, Yuan Renminbi
Derivative [Line Items]
Notional Value	$ 28,000	$ 28,000
Forward Rate \| $ / ¥	7.2219	7.2316
Unrealized Gain/(Loss) Recorded at Balance Sheet Date	$ (123)	$ (406)
Euro Member Countries, Euro
Derivative [Line Items]
Notional Value	$ 8,000	$ 8,000
Forward Rate \| $ / €	1.0818	1.0569
Unrealized Gain/(Loss) Recorded at Balance Sheet Date	$ (8)	$ 157

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,274)	$ (8,649)

- 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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: 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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+ Details

Inventories

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Raw materials	$	20,545	$	21,245
Components	10,544		10,820
Work in process	3,671		1,896
Finished goods	42,695		45,394
Inventories	$	77,455	$	79,355

Significant Supplier

Purchases from the following supplier totaled more than 10% of our total inventory purchases:


	Three Months Ended March 31,
	2025		2024
	$ (thousands)	% of Total Inventory Purchases	$ (thousands)	% of Total Inventory Purchases
Qorvo International Pte Ltd.	4,649	10.7%	(1)	(1)

(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 to suppliers that totaled more than 10% of our total accounts payable at March 31, 2025 and December 31, 2024.

Leases - Reconciliation of the Undiscounted Cash Flows for Each of the First Five Years and Thereafter to Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2025 (remaining 9 months)	$ 3,124
2026	3,771
2027	3,026
2028	1,373
2029	608
Thereafter	1,820
Total lease payments	13,722
Less: imputed interest	(1,674)
Total lease liabilities	$ 12,048	$ 12,785

Reportable Segment (Tables)

3 Months Ended

Mar. 31, 2025

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:


	Three Months Ended March 31,
(In thousands)	2025		2024
Revenue	$	92,326	$	91,900
Less:
Adjusted cost of sales (1)	66,227		65,885
Adjusted research and development expenses (2)	7,073		7,590
Adjusted operating expenses (3)	20,502		21,832
Other segment items (4)	4,798		5,242
Net income (loss)	(6,274)		(8,649)

(1)Cost of sales from the consolidated statements of operations, adjusted to exclude 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 and severance.

(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.

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Lease Balances within the Consolidated Balance Sheets

Lease balances within our consolidated balance sheets were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Assets:
Operating lease right-of-use assets	$	13,555	$	14,322
Liabilities:
Other accrued liabilities	$	3,472	$	3,553
Long-term operating lease obligations	8,576		9,232
Total lease liabilities	$	12,048	$	12,785

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:


(In thousands)	Three Months Ended March 31,
	2025		2024
Cost of sales	$	316	$	708
Selling, general and administrative expenses	1,160		1,151
Total operating lease expense	$	1,476	$	1,859

Operating lease expenses from variable and short-term lease costs	$	373	$	307
Operating cash outflows from operating leases	$	1,428	$	1,745
Operating lease right-of-use assets obtained in exchange for lease obligations	$	248	$	—

Lease Terms and Discount Rates

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


	March 31, 2025		December 31, 2024
Weighted average lease liability term (in years)	4.5		4.6
Weighted average discount rate	5.54	%	5.45	%

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

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 sheets at March 31, 2025. The reconciliation excludes short-term leases that are not recorded in our consolidated balance sheets.


(In thousands)	March 31, 2025
2025 (remaining 9 months)	$	3,124
2026	3,771
2027	3,026
2028	1,373
2029	608
Thereafter	1,820
Total lease payments	13,722
Less: imputed interest	(1,674)
Total lease liabilities	$	12,048

Leases - Lease Terms and Discount Rates (Details)	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average lease liability term (in years)	4 years 6 months	4 years 7 months 6 days
Weighted average discount rate	5.54%	5.45%

Earnings (Loss) Per Share - Securities Excluded from the Computation of Diluted Earnings (Loss) Per Common Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in computation of diluted earning per share (in shares)	727	847
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in computation of diluted earning per share (in shares)	536	494
Performance stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in computation of diluted earning per share (in shares)	116	70

Other Income (Expense), Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Other Income and Expenses [Abstract]
Purchase of Blue Chip Swap securities	$ 1,250	$ 0
Sale of Blue Chip Swap securities	1,088	$ 0
Loss on sale of marketable securities	$ 200

Inventories (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Raw materials	$	20,545	$	21,245
Components	10,544		10,820
Work in process	3,671		1,896
Finished goods	42,695		45,394
Inventories	$	77,455	$	79,355

Schedules of Purchases from Significant Suppliers

Purchases from the following supplier totaled more than 10% of our total inventory purchases:


	Three Months Ended March 31,
	2025		2024
	$ (thousands)	% of Total Inventory Purchases	$ (thousands)	% of Total Inventory Purchases
Qorvo International Pte Ltd.	4,649	10.7%	(1)	(1)

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

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 06, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,169,997
Fiscal Period Focus	Q1
Amendment Flag	false
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000101984

Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 92,326	$ 91,900
Adjusted cost of sales	66,243	65,912
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	92,326	91,900
Adjusted cost of sales	66,227	65,885
Adjusted research and development expenses	7,073	7,590
Adjusted operating expenses	20,502	21,832
Other segment items	4,798	5,242
Net income (loss)	$ (6,274)	$ (8,649)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Components of Other Accrued Liabilities

The components of accrued compensation were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Accrued bonus	$	1,862	$	2,386
Accrued commission	295		1,545
Accrued salary/wages (1)	5,138		4,676
Accrued social insurance (2)	6,788		6,718
Accrued vacation/holiday	3,166		3,036
Other accrued compensation	2,756		2,566
Total accrued compensation	$	20,005	$	20,927

(1)Includes $0.3 million of accrued severance expenses at March 31, 2025 related to our Mexico manufacturing footprint optimization efforts. Includes $0.8 million and $0.1 million of accrued severance expenses at December 31, 2024 related to our Mexico and Asia manufacturing footprint optimization efforts, respectively. See Note 12 for further information related to our restructuring activities.

(2)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 March 31, 2025 and December 31, 2024.

The components of other accrued liabilities were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Contract liabilities	$	3,567	$	2,521
Duties	640		543
Expense associated with fulfilled performance obligations	601		678
Freight and handling fees	1,791		2,275
Interest	10		10
Legal judgment (1)	4,157		4,162
Operating lease obligations	3,472		3,553
Product warranty claims costs	35		35
Professional fees	1,506		1,128
Sales and value added taxes	2,804		2,684

Other (2)	3,166		3,419
Total other accrued liabilities	$	21,749	$	21,008

(1)This amount relates to the judgment of a lawsuit with an employment agency in the PRC. See Note 12 for further information related to this matter.

(2)Includes $0.2 million and $0.1 million at March 31, 2025 and December 31, 2024, respectively, associated with the purchase of property, plant and equipment.

Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

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


(In thousands)	March 31, 2025		December 31, 2024
North America	$	2,699	$	1,986
People's Republic of China ("PRC")	7,514		10,117
Asia (excluding the PRC)	3,584		2,343
Europe	7,138		7,035
South America	6,454		5,302
Total cash and cash equivalents	$	27,389	$	26,783

Earnings (Loss) Per Share - Calculation of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
BASIC
Net income (loss)	$ (6,274)	$ (8,649)
Weighted-average common shares outstanding, basic (in shares)	13,083	12,902
Basic earnings (loss) per share (in dollars per share)	$ (0.48)	$ (0.67)
DILUTED
Net income (loss)	$ (6,274)	$ (8,649)
Weighted-average common shares outstanding, basic (in shares)	13,083	12,902
Dilutive effect of stock options, restricted stock and performance stock (in shares)	0	0
Weighted-average common shares outstanding on a diluted basis (in shares)	13,083	12,902
Diluted earnings (loss) per share (in dollars per share)	$ (0.48)	$ (0.67)

- 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

Cash and Cash Equivalents - Summary of Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 27,389	$ 26,783
North America
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	2,699	1,986
People's Republic of China ("PRC")
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	7,514	10,117
Asia (excluding the PRC)
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	3,584	2,343
Europe
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	7,138	7,035
South America
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 6,454	$ 5,302

Other Income (Expense), Net - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Other Income and Expenses [Abstract]
Net gain (loss) on foreign currency exchange contracts	$ (221)	$ (20)
Net gain (loss) on foreign currency exchange transactions	418	(84)
Other income (expense)	(145)	24
Other income (expense), net	52	$ (80)
Other loss	$ 200

Intangible Assets, Net - Estimated Future Annual Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Schedule of Estimated Future Amortization expense
2025 (remaining 9 months)	$ 3,727
2026	4,640
2027	3,612
2028	2,908
2029	2,682
Thereafter	5,832
Total	$ 23,401	$ 24,038

Leases - Operating Lease Expense, Operating Lease Cash Flows and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Total operating lease expense	$ 1,476	$ 1,859
Operating lease expenses from variable and short-term lease costs	373	307
Operating cash outflows from operating leases	1,428	1,745
Operating lease right-of-use assets obtained in exchange for lease obligations	248	0
Cost of sales
Lessee, Lease, Description [Line Items]
Total operating lease expense	316	708
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Total operating lease expense	$ 1,160	$ 1,151

Cash and Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents by Geographic Region

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


(In thousands)	March 31, 2025		December 31, 2024
North America	$	2,699	$	1,986
People's Republic of China ("PRC")	7,514		10,117
Asia (excluding the PRC)	3,584		2,343
Europe	7,138		7,035
South America	6,454		5,302
Total cash and cash equivalents	$	27,389	$	26,783

Stock-Based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employee and director stock-based compensation expense	$ 1,784	$ 1,904
Income tax benefit	247	287
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employee and director stock-based compensation expense	16	27
Research and development expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employee and director stock-based compensation expense	158	231
Selling, general and administrative expenses: \| Employees
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employee and director stock-based compensation expense	1,276	1,551
Selling, general and administrative expenses: \| Outside directors
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employee and director stock-based compensation expense	$ 334	$ 95

Accrued Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Components of Accrued Compensation

The components of accrued compensation were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Accrued bonus	$	1,862	$	2,386
Accrued commission	295		1,545
Accrued salary/wages (1)	5,138		4,676
Accrued social insurance (2)	6,788		6,718
Accrued vacation/holiday	3,166		3,036
Other accrued compensation	2,756		2,566
Total accrued compensation	$	20,005	$	20,927

The components of other accrued liabilities were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Contract liabilities	$	3,567	$	2,521
Duties	640		543
Expense associated with fulfilled performance obligations	601		678
Freight and handling fees	1,791		2,275
Interest	10		10
Legal judgment (1)	4,157		4,162
Operating lease obligations	3,472		3,553
Product warranty claims costs	35		35
Professional fees	1,506		1,128
Sales and value added taxes	2,804		2,684

Other (2)	3,166		3,419
Total other accrued liabilities	$	21,749	$	21,008

(1)This amount relates to the judgment of a lawsuit with an employment agency in the PRC. See Note 12 for further information related to this matter.

(2)Includes $0.2 million and $0.1 million at March 31, 2025 and December 31, 2024, respectively, associated with the purchase of property, plant and equipment.

Treasury Stock (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Repurchased Shares of Common Stock

Repurchased shares of our common stock were as follows:


	Three Months Ended March 31,
(In thousands)	2025		2024
Open market shares repurchased	—		95
Stock-based compensation related shares repurchased	41		45
Total shares repurchased	41		140

Cost of open market shares repurchased	$	—	$	843
Cost of stock-based compensation related shares repurchased	383		387
Total cost of shares repurchased	$	383	$	1,230

Revenue and Accounts Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Schedule of Revenue Recognition

The pattern of revenue recognition was as follows:


	Three Months Ended March 31,
(In thousands)	2025		2024
Goods and services transferred at a point in time	$	71,391	$	74,404
Goods and services transferred over time	20,935		17,496
Net sales	$	92,326	$	91,900

Our net sales to external customers by channel were as follows:


	Three Months Ended March 31,
(In thousands)	2025		2024
Connected home (1)	$	31,729	$	24,171
Home entertainment (2)	60,597		67,729
Net sales	$	92,326	$	91,900

(1)The connected home channel represents climate control, smart home and security product sales sold primarily to HVAC, security, home automation and home appliance customers.

(2)The home entertainment channel represents entertainment-related product sales sold primarily to video service providers, consumer electronics original equipment manufacturers ("OEMs") and retailers. It also includes sales associated with intellectual property licensing and our cloud-based software solution.

Revenue from External Customers by Geographic Areas

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


	Three Months Ended March 31,
(In thousands)	2025		2024
United States	$	30,558	$	26,712
Asia (excluding PRC)	18,747		18,884
Europe	20,698		17,539
Latin America	6,550		8,241
PRC	8,918		14,401
Other	6,855		6,123
Total net sales	$	92,326	$	91,900

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

Accounts receivable, net were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Trade receivables, gross	$	85,967	$	93,773
Allowance for credit losses	(1,812)		(1,863)
Allowance for sales returns	(312)		(383)
Trade receivables, net	83,843		91,527
Other (1)	22,164		22,655
Accounts receivable, net	$	106,007	$	114,182

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

(2)Accounts receivable, net at December 31, 2023 was $112.6 million.

Changes in the allowance for credit losses were as follows:


(In thousands)	Three Months Ended March 31,
	2025		2024
Balance at beginning of period	$	1,863	$	815
Additions (reductions) to costs and expenses	19		—

Write-offs/Foreign exchange effects	(70)		(12)
Balance at end of period	$	1,812	$	803

Carrying Amount of Contract Liabilities

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


(In thousands)	Three Months Ended March 31,
	2025		2024
Balance at beginning of period	$	3,237	$	3,501

Payments received	2,193		1,837
Revenue recognized	(1,150)		(938)
Foreign exchange effects	5		(16)
Balance at end of period	$	4,285	$	4,384

Schedule of Net Sales to Significant Customers

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


	Three Months Ended
	2025				2024
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Daikin Industries Ltd.	$	16,365	17.7	%	$	12,109	13.2	%
Comcast Communications	$	10,349	11.2	%	(1)		(1)
Charter Communications	(1)		(1)		$	10,194	11.1	%

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

Derivatives - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Derivative Instruments,Gain (Loss) [Line Items]
Net gain (loss) on foreign currency exchange contracts	$ (221)	$ (20)
Not designated as hedging instrument \| Foreign currency exchange contracts
Derivative Instruments,Gain (Loss) [Line Items]
Net gain (loss) on foreign currency exchange contracts	$ (200)	$ (20)

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2025	Mar. 31, 2025	Mar. 31, 2024
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense		$ 3.7
Unrecognized pre-tax stock-based compensation expense, remaining weighted-average life (in years)		1 year 6 months
Granted (in shares)		0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense		$ 0.3
Unrecognized pre-tax stock-based compensation expense, remaining weighted-average life (in years)		1 year 7 months 6 days
Granted (in shares)		0	4.72
Performance Shares \| Certain Executive Employees \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense	$ 0.6
Unrecognized pre-tax stock-based compensation expense, remaining weighted-average life (in years)	2 years 8 months 12 days
Granted (in shares)	284,316
Service condition (in years)	3 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense		$ 0.6
Unrecognized pre-tax stock-based compensation expense, remaining weighted-average life (in years)		4 months 24 days

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
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)	25,844,736	25,712,940
Treasury stock (in shares)	12,707,153	12,666,443

Long-lived Tangible Assets - Long-lived Tangible Assets by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 46,167	$ 48,529
United States
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	8,877	9,683
PRC
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	21,238	22,139
Vietnam
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	8,296	8,520
Mexico
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	4,754	5,164
All other countries
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 3,002	$ 3,023

Long-lived Tangible Assets

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Long-lived Tangible Assets

Long-lived tangible assets by geographic area, which include property, plant, and equipment, net ("PP&E") and operating lease ROU assets, were as follows:


(In thousands)	March 31, 2025		December 31, 2024
United States	$	8,877	$	9,683
PRC	21,238		22,139
Vietnam	8,296		8,520
Mexico	4,754		5,164
All other countries	3,002		3,023
Total long-lived tangible assets	$	46,167	$	48,529

PP&E are shown net of accumulated depreciation of $159.6 million and $156.8 million at March 31, 2025 and December 31, 2024, respectively.

Depreciation expense was $2.7 million and $3.4 million for the three months ended March 31, 2025 and 2024, respectively.

Revenue and Accounts Receivable, Net - Schedule of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Net sales	$ 92,326	$ 91,900
Connected home
Disaggregation of Revenue [Line Items]
Net sales	31,729	24,171
Home entertainment
Disaggregation of Revenue [Line Items]
Net sales	60,597	67,729
Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	71,391	74,404
Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 20,935	$ 17,496

- 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 - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares
Number of Options
Outstanding at beginning of period (in shares) \| shares	779
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited/canceled/expired (in shares) \| shares	(88)
Outstanding at end of period (in shares) \| shares	691
Vested and expected to vest at end of period (in shares) \| shares	691
Exercisable at end of period (in shares) \| shares	612
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 35.67
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited/canceled/expired (in dollars per share) \| $ / shares	44.95
Outstanding at end of period (in dollars per share) \| $ / shares	34.50
Vested and expected to vest at end of period (in dollars per share) \| $ / shares	34.50
Exercisable at end of period (in dollars per share) \| $ / shares	$ 35.73
Weighted-Average Remaining Contractual Term (in years)
Outstanding at end of period	3 years 3 months
Vested and expected to vest at end of period	3 years 3 months
Exercisable at end of period	3 years 7 days
Aggregate Intrinsic Value
Exercised \| $	$ 0
Outstanding at end of period \| $	0
Vested and expected to vest at end of period \| $	0
Exercisable at end of period \| $	$ 0

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 20,545	$ 21,245
Components	10,544	10,820
Work in process	3,671	1,896
Finished goods	42,695	45,394
Inventories	$ 77,455	$ 79,355

Stock-Based Compensation - Non-Vested Restricted Stock and Performance Stock Award Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restricted stock awards
Shares
Non-vested at beginning of period (in shares)	595,000
Granted (in shares)	0
Vested (in shares)	(106,000)
Forfeited (in shares)	(1,000)
Non-vested at end of period (in shares)	488,000
Weighted-Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 13.07
Granted (in dollars per share)	0
Vested (in dollars per share)	20.91
Forfeited (in dollars per share)	10.68
Non-vested at end of period (in dollars per share)	$ 11.38
Performance Shares
Shares
Non-vested at beginning of period (in shares)	116,000
Granted (in shares)	0	4.72
Vested (in shares)	0
Forfeited (in shares)	0
Non-vested at end of period (in shares)	116,000
Weighted-Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 4.72
Granted (in dollars per share)	0
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Non-vested at end of period (in dollars per share)	$ 4.72

Other Income (Expense), Net

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Other Income (Expense), Net

The Central Bank of Argentina maintains certain currency controls that limit the amount of U.S. dollars that may be remitted from Argentine entities, including certain of our customers. As a result of these controls, an indirect foreign exchange mechanism known as a Blue Chip Swap ("BCS") emerged in Argentina, which allows entities to remit U.S. dollars from Argentina through the purchase and sale of BCS securities. During the three months ended March 31, 2025, in order to collect an open accounts receivable balance with an Argentine customer, we purchased and sold BCS securities of $1.3 million and $1.1 million, respectively, and incurred a loss on the transaction of $0.2 million, which is recorded in other income (expense) on our consolidated statements of operations.

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


	Three Months Ended March 31,
(In thousands)	2025		2024
Net gain (loss) on foreign currency exchange contracts (1)	$	(221)	$	(20)
Net gain (loss) on foreign currency exchange transactions	418		(84)
Other income (expense) (2)	(145)		24
Other income (expense), net	$	52	$	(80)

(1)This represents the gains (losses) incurred on foreign currency hedging derivatives (see Note 17 for further details).

(2)Included in this amount is $0.2 million of loss related to BCS security transactions.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,219	$ 739
Unrecognized tax benefits that would impact effective rate	$ 3,700

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (6,274)	$ (8,649)
Other comprehensive income (loss):
Change in foreign currency translation adjustment	1,578	(1,591)
Comprehensive income (loss)	$ (4,696)	$ (10,240)

- 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

Other Income (Expense), Net (Tables)

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Other Income (Expense), Net

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


	Three Months Ended March 31,
(In thousands)	2025		2024
Net gain (loss) on foreign currency exchange contracts (1)	$	(221)	$	(20)
Net gain (loss) on foreign currency exchange transactions	418		(84)
Other income (expense) (2)	(145)		24
Other income (expense), net	$	52	$	(80)

(1)This represents the gains (losses) incurred on foreign currency hedging derivatives (see Note 17 for further details).

(2)Included in this amount is $0.2 million of loss related to BCS security transactions.

Derivatives

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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


	March 31, 2025								December 31, 2024
	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	$	—	$	(131)	$	—	$	(131)	$	—	$	(249)	$	—	$	(249)

We held foreign currency exchange contracts, which resulted in a net pre-tax loss of $0.2 million and $20 thousand for the three months ended March 31, 2025 and 2024, respectively.

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
March 31, 2025	USD/CNY	CNY	$	28.0	7.2219	$	(123)	April 25, 2025
March 31, 2025	USD/EUR	USD	$	8.0	1.0818	$	(8)	April 25, 2025
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

Leases - Narrative (Details)	Mar. 31, 2025
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms (up to) (in years)	36 years

Long-lived Tangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Segment Reporting [Abstract]
Accumulated depreciation	$ 159.6		$ 156.8
Depreciation	$ 2.7	$ 3.4

Revenue and Accounts Receivable, Net

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Revenue and Accounts Receivable, Net

Revenue Details

The pattern of revenue recognition was as follows:


	Three Months Ended March 31,
(In thousands)	2025		2024
Goods and services transferred at a point in time	$	71,391	$	74,404
Goods and services transferred over time	20,935		17,496
Net sales	$	92,326	$	91,900

Our net sales to external customers by channel were as follows:


	Three Months Ended March 31,
(In thousands)	2025		2024
Connected home (1)	$	31,729	$	24,171
Home entertainment (2)	60,597		67,729
Net sales	$	92,326	$	91,900

(1)The connected home channel represents climate control, smart home and security product sales sold primarily to HVAC, security, home automation and home appliance customers.

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


	Three Months Ended March 31,
(In thousands)	2025		2024
United States	$	30,558	$	26,712
Asia (excluding PRC)	18,747		18,884
Europe	20,698		17,539
Latin America	6,550		8,241
PRC	8,918		14,401
Other	6,855		6,123
Total net sales	$	92,326	$	91,900

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:


(In thousands)	March 31, 2025		December 31, 2024
Trade receivables, gross	$	85,967	$	93,773
Allowance for credit losses	(1,812)		(1,863)
Allowance for sales returns	(312)		(383)
Trade receivables, net	83,843		91,527
Other (1)	22,164		22,655
Accounts receivable, net	$	106,007	$	114,182

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

(2)Accounts receivable, net at December 31, 2023 was $112.6 million.

Allowance for Credit Losses

Changes in the allowance for credit losses were as follows:


(In thousands)	Three Months Ended March 31,
	2025		2024
Balance at beginning of period	$	1,863	$	815
Additions (reductions) to costs and expenses	19		—

Write-offs/Foreign exchange effects	(70)		(12)
Balance at end of period	$	1,812	$	803

Contract Assets

Contract assets were $9.5 million and $10.3 million at March 31, 2025 and December 31, 2024, 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 consisting 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)	Three Months Ended March 31,
	2025		2024
Balance at beginning of period	$	3,237	$	3,501

Payments received	2,193		1,837
Revenue recognized	(1,150)		(938)
Foreign exchange effects	5		(16)
Balance at end of period	$	4,285	$	4,384

Significant Customers

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


	Three Months Ended
	2025				2024
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Daikin Industries Ltd.	$	16,365	17.7	%	$	12,109	13.2	%
Comcast Communications	$	10,349	11.2	%	(1)		(1)
Charter Communications	(1)		(1)		$	10,194	11.1	%

(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 March 31, 2025 or December 31, 2024.

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Contract liabilities	$ 3,567	$ 2,521
Duties	640	543
Expense associated with fulfilled performance obligations	601	678
Freight and handling fees	1,791	2,275
Interest	10	10
Legal judgment	4,157	4,162
Operating lease obligations	3,472	3,553
Product warranty claims costs	35	35
Professional fees	1,506	1,128
Sales and value added taxes	2,804	2,684
Other	3,166	3,419
Total other accrued liabilities	21,749	21,008
Accrued property, plant and equipment purchases	$ 200	$ 100

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

Reportable Segment

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Reportable 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:


	Three Months Ended March 31,
(In thousands)	2025		2024
Revenue	$	92,326	$	91,900
Less:
Adjusted cost of sales (1)	66,227		65,885
Adjusted research and development expenses (2)	7,073		7,590
Adjusted operating expenses (3)	20,502		21,832
Other segment items (4)	4,798		5,242
Net income (loss)	(6,274)		(8,649)

(1)Cost of sales from the consolidated statements of operations, adjusted to exclude 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.

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 5. The measure of revenues from external customers is reported on the consolidated statements of operations as net sales. Revenues by sales channel, geographic region and information about major customers are disclosed in Note 3. Depreciation expense is disclosed in Note 5. Amortization expense is disclosed in Note 6. Interest expense is disclosed in Note 8 and income taxes are disclosed in Note 9.

- 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

Commitments and Contingencies - Changes in the Liability for Product Warranty Claim Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Schedule of Changes in Reserve for Product Warranty Claim Costs
Balance at beginning of period	$ 35	$ 522
Additions (reductions) to costs and expenses	0	0
Settlements (in cash or in kind)	0	0
Foreign currency translation gain (loss)	0	0
Balance at end of period	$ 35	$ 522

Intangible Assets, Net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

The components of intangible assets, net were as follows:


	March 31, 2025						December 31, 2024
(In thousands)	Gross (1)		Accumulated Amortization (1)		Net		Gross (1)		Accumulated Amortization (1)		Net
Capitalized software development costs	$	1,475	$	(268)	$	1,207	$	2,575	$	(1,150)	$	1,425
Customer relationships	6,340		(4,707)		1,633		6,340		(4,526)		1,814
Developed and core technology	740		(422)		318		740		(398)		342

Patents	34,830		(14,611)		20,219		34,758		(14,339)		20,419
Trademarks and trade names	50		(26)		24		450		(412)		38
Total intangible assets, net	$	43,435	$	(20,034)	$	23,401	$	44,863	$	(20,825)	$	24,038

(1)This table excludes the gross value of fully amortized intangible assets totaling $51.2 million and $49.3 million at March 31, 2025 and December 31, 2024, respectively.

Amortization expense is recorded in selling, general and administrative 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:


(In thousands)	Three Months Ended March 31,
	2025		2024
Cost of sales	$	241	$	140
Selling, general and administrative expenses	1,100		1,096
Total amortization expense	$	1,341	$	1,236

Estimated future annual amortization expense related to our intangible assets at March 31, 2025, was as follows:


(In thousands)
2025 (remaining 9 months)	$	3,727
2026	4,640
2027	3,612
2028	2,908
2029	2,682
Thereafter	5,832
Total	$	23,401

Stock-Based Compensation - Weighted Average Assumptions (Details) - Performance Shares - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	4.72
Risk-free interest rate	0.00%	4.08%
Expected volatility	0.00%	57.00%
Expected life in years	0 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

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

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:


	Three Months Ended March 31,
(In thousands)	2025		2024
Cost of sales	$	16	$	27
Research and development expenses	158		231
Selling, general and administrative expenses:
Employees	1,276		1,551
Outside directors	334		95
Total employee and director stock-based compensation expense	$	1,784	$	1,904
Income tax benefit	$	247	$	287

Non-Vested Restricted Stock Award Activity

Non-vested restricted stock award activity was as follows:


	Shares (in thousands)	Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2024	595	$	13.07
Granted	—	—
Vested	(106)	20.91
Forfeited	(1)	10.68
Non-vested at March 31, 2025	488	$	11.38

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

Non-vested performance stock award activity was as follows:


	Shares (in thousands)	Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2024	116	$	4.72
Granted	—	—
Vested	—	—
Forfeited	—	—
Non-vested at March 31, 2025	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:


	Three Months Ended March 31,
	2025			2024
Weighted average fair value of grants	$	—		$	4.72
Risk-free interest rate	—		%	4.08		%
Expected volatility	—		%	57.00		%
Expected life in years	0.00			2.73

Stock Option Activity

Stock option activity was as follows:


	Number of Options (in thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	779	$	35.67
Granted	—	—
Exercised	—	—			$	—
Forfeited/canceled/expired	(88)	44.95
Outstanding at March 31, 2025 (1)	691	$	34.50	3.25	$	—
Vested and expected to vest at March 31, 2025 (1)	691	$	34.50	3.25	$	—
Exercisable at March 31, 2025 (1)	612	$	35.73	3.02	$	—

(1)The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of the first quarter of 2025 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 March 31, 2025. This amount will change based on the fair market value of our stock.

Revenue and Accounts Receivable, Net - Net Sales to Significant Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Net sales	$ 92,326	$ 91,900
Daikin Industries Ltd.
Disaggregation of Revenue [Line Items]
Net sales	$ 16,365	$ 12,109
Daikin Industries Ltd. \| Customer concentration risk \| Net sales
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	17.70%	13.20%
Comcast Communications
Disaggregation of Revenue [Line Items]
Net sales	$ 10,349
Comcast Communications \| Customer concentration risk \| Net sales
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	11.20%
Charter Communications
Disaggregation of Revenue [Line Items]
Net sales		$ 10,194
Charter Communications \| Customer concentration risk \| Net sales
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		11.10%

- 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, 2023		25,346,000
Beginning balance at Dec. 31, 2023	$ 178,920	$ 253	$ (369,973)	$ 336,938	$ (20,758)	$ 232,460
Beginning balance (in shares) at Dec. 31, 2023			(12,460,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,649)					(8,649)
Currency translation adjustment	(1,591)				(1,591)
Shares issued for employee benefit plan and compensation (in shares)		156,000
Shares issued for employee benefit plan and compensation	$ 301	$ 2		299
Purchase of treasury shares (in shares)	(140,000)		(140,000)
Purchase of treasury shares	$ (1,230)		$ (1,230)
Shares issued to directors (in shares)		6,000
Shares issued to directors	0
Employee and director stock-based compensation	1,904			1,904
Ending balance (in shares) at Mar. 31, 2024		25,508,000
Ending balance at Mar. 31, 2024	169,655	$ 255	$ (371,203)	339,141	(22,349)	223,811
Ending balance (in shares) at Mar. 31, 2024			(12,600,000)
Beginning balance (in shares) at Dec. 31, 2024		25,713,000
Beginning balance at Dec. 31, 2024	$ 153,105	$ 257	$ (371,930)	344,697	(28,350)	208,431
Beginning balance (in shares) at Dec. 31, 2024	(12,666,443)		(12,666,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (6,274)					(6,274)
Currency translation adjustment	1,578				1,578
Shares issued for employee benefit plan and compensation (in shares)		124,000
Shares issued for employee benefit plan and compensation	$ 159	$ 1		158
Purchase of treasury shares (in shares)	(41,000)		(41,000)
Purchase of treasury shares	$ (383)		$ (383)
Shares issued to directors (in shares)		8,000
Shares issued to directors	0
Employee and director stock-based compensation	1,784			1,784
Ending balance (in shares) at Mar. 31, 2025		25,845,000
Ending balance at Mar. 31, 2025	$ 149,969	$ 258	$ (372,313)	$ 346,639	$ (26,772)	$ 202,157
Ending balance (in shares) at Mar. 31, 2025	(12,707,153)		(12,707,000)

Other Accrued Liabilities

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Other Accrued Liabilities

Accrued Compensation

The components of accrued compensation were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Accrued bonus	$	1,862	$	2,386
Accrued commission	295		1,545
Accrued salary/wages (1)	5,138		4,676
Accrued social insurance (2)	6,788		6,718
Accrued vacation/holiday	3,166		3,036
Other accrued compensation	2,756		2,566
Total accrued compensation	$	20,005	$	20,927

Other Accrued Liabilities

The components of other accrued liabilities were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Contract liabilities	$	3,567	$	2,521
Duties	640		543
Expense associated with fulfilled performance obligations	601		678
Freight and handling fees	1,791		2,275
Interest	10		10
Legal judgment (1)	4,157		4,162
Operating lease obligations	3,472		3,553
Product warranty claims costs	35		35
Professional fees	1,506		1,128
Sales and value added taxes	2,804		2,684

Other (2)	3,166		3,419
Total other accrued liabilities	$	21,749	$	21,008

(1)This amount relates to the judgment of a lawsuit with an employment agency in the PRC. See Note 12 for further information related to this matter.

(2)Includes $0.2 million and $0.1 million at March 31, 2025 and December 31, 2024, respectively, associated with the purchase of property, plant and equipment.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 27,389	$ 26,783
Accounts receivable, net	106,007	114,182
Contract assets	9,530	10,346
Inventories	77,455	79,355
Prepaid expenses and other current assets	9,943	9,478
Income tax receivable	1,830	2,350
Total current assets	232,154	242,494
Property, plant and equipment, net	32,612	34,207
Intangible assets, net	23,401	24,038
Operating lease right-of-use assets	13,555	14,322
Deferred income taxes	6,561	6,425
Other assets	2,328	1,868
Total assets	310,611	323,354
Current liabilities:
Accounts payable	69,083	72,031
Lines of credit	31,015	36,960
Accrued compensation	20,005	20,927
Accrued sales discounts, rebates and royalties	4,605	5,204
Accrued income taxes	2,872	2,161
Other accrued liabilities	21,749	21,008
Total current liabilities	149,329	158,291
Long-term liabilities:
Operating lease obligations	8,576	9,232
Deferred income taxes	1,939	1,931
Income tax payable	72	72
Other long-term liabilities	726	723
Total liabilities	160,642	170,249
Commitments and contingencies (Note 12)
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; 25,844,736 and 25,712,940 shares issued on March 31, 2025 and December 31, 2024, respectively	258	257
Paid-in capital	346,639	344,697
Treasury stock, at cost, 12,707,153 and 12,666,443 shares on March 31, 2025 and December 31, 2024, respectively	(372,313)	(371,930)
Accumulated other comprehensive income (loss)	(26,772)	(28,350)
Retained earnings	202,157	208,431
Total stockholders' equity	149,969	153,105
Total liabilities and stockholders' equity	$ 310,611	$ 323,354

Long-lived Tangible Assets (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Long-lived Tangible Assets by Geographic Area

Long-lived tangible assets by geographic area, which include property, plant, and equipment, net ("PP&E") and operating lease ROU assets, were as follows:


(In thousands)	March 31, 2025		December 31, 2024
United States	$	8,877	$	9,683
PRC	21,238		22,139
Vietnam	8,296		8,520
Mexico	4,754		5,164
All other countries	3,002		3,023
Total long-lived tangible assets	$	46,167	$	48,529

Treasury Stock - Narrative (Details) - October 2023 Program - USD ($) $ in Millions	17 Months Ended
	Mar. 31, 2025	Oct. 26, 2023
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase of common stock (in shares)		1,000,000
Stock repurchased (in shares)	221,638
Share repurchase program, remaining amount	$ 4.0
Remaining common stock authorized for repurchase (in shares)	778,362

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Revenue and Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Trade receivables, gross	$ 85,967	$ 93,773
Allowance for credit losses	(1,812)	(1,863)	$ (803)	$ (815)
Allowance for sales returns	(312)	(383)
Trade receivables, net	83,843	91,527
Other	22,164	22,655
Accounts receivable, net	$ 106,007	$ 114,182
Accounts receivable				$ 112,600

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ (6,274)	$ (8,649)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	4,051	4,668
Provision for credit losses	19	0
Deferred income taxes	(90)	(3)
Shares issued for employee benefit plan	159	301
Employee and director stock-based compensation	1,784	1,904
Changes in operating assets and liabilities:
Accounts receivable and contract assets	10,514	11,007
Inventories	2,956	4,132
Prepaid expenses and other assets	(58)	(3,051)
Accounts payable and accrued liabilities	(5,298)	(12,517)
Accrued income taxes	1,221	(567)
Net cash provided by (used for) operating activities	8,984	(2,775)
Cash flows from investing activities:
Purchase of Blue Chip Swap securities (Note 15)	(1,250)	0
Sale of Blue Chip Swap securities (Note 15)	1,088	0
Acquisitions of property, plant and equipment	(1,042)	(1,347)
Acquisitions of intangible assets	(703)	(1,019)
Net cash provided by (used for) investing activities	(1,907)	(2,366)
Cash flows from financing activities:
Borrowings under lines of credit	18,000	24,000
Repayments on lines of credit	(24,000)	(33,000)
Treasury stock purchased	(383)	(1,230)
Net cash provided by (used for) financing activities	(6,383)	(10,230)
Effect of foreign currency exchange rates on cash and cash equivalents	(88)	(466)
Net increase (decrease) in cash and cash equivalents	606	(15,837)
Cash and cash equivalents at beginning of period	26,783	42,751
Cash and cash equivalents at end of period	27,389	26,914
Supplemental cash flow information:
Income taxes paid	1,161	777
Interest paid	$ 635	$ 1,368

Revenue and Accounts Receivable, Net - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Contract With Customer, Liability [Roll Forward]
Balance at beginning of period	$ 3,237	$ 3,501
Payments received	2,193	1,837
Revenue recognized	(1,150)	(938)
Foreign exchange effects	5	(16)
Balance at end of period	$ 4,285	$ 4,384

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Non-cancellable Purchase Commitments

Our non-cancellable purchase commitments were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Inventory purchase commitments	$	9,472	$	9,292
PP&E purchase commitments	1,119		927
Total purchase commitments	$	10,591	$	10,219

Changes in the Liability for Product Warranty Claim Costs

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


(In thousands)	Three Months Ended March 31,
	2025		2024
Balance at beginning of period	$	35	$	522
Additions (reductions) to costs and expenses	—		—
Settlements (in cash or in kind)	—		—
Foreign currency translation gain (loss)	—		—
Balance at end of period	$	35	$	522

Restructuring and Related Costs


	Restructuring Costs
(In thousands)	Total		Severance Expense		Other Exit Expense

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
Restructuring charges	—		—		—
Cash payments	(643)		(537)		(106)

Balance at March 31, 2025	$	368	$	330	$	38
Total costs incurred inception to date	$	7,600	$	5,433	$	2,167
Total remaining expected expense to be incurred as of March 31, 2025	$	—	$	—	$	—

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying consolidated financial statements of Universal Electronics Inc. and its subsidiaries contain all the adjustments necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature, except for the restructuring charges, as described in Note 12 to the consolidated financial statements. Information and footnote disclosures normally included in financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). As used herein, the terms "Company," "we," "us," and "our" refer to Universal Electronics Inc. and its subsidiaries, unless the context indicates to the contrary.
Estimates and Assumptions	Estimates and Assumptions The preparation of financial statements in conformity 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 and intangible assets, 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.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Effective	Recently Adopted Accounting Pronouncements None. 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.

Accrued Compensation

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Accrued Compensation

The components of accrued compensation were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Accrued bonus	$	1,862	$	2,386
Accrued commission	295		1,545
Accrued salary/wages (1)	5,138		4,676
Accrued social insurance (2)	6,788		6,718
Accrued vacation/holiday	3,166		3,036
Other accrued compensation	2,756		2,566
Total accrued compensation	$	20,005	$	20,927

Other Accrued Liabilities

The components of other accrued liabilities were as follows:


(In thousands)	March 31, 2025		December 31, 2024
Contract liabilities	$	3,567	$	2,521
Duties	640		543
Expense associated with fulfilled performance obligations	601		678
Freight and handling fees	1,791		2,275
Interest	10		10
Legal judgment (1)	4,157		4,162
Operating lease obligations	3,472		3,553
Product warranty claims costs	35		35
Professional fees	1,506		1,128
Sales and value added taxes	2,804		2,684

Other (2)	3,166		3,419
Total other accrued liabilities	$	21,749	$	21,008

(1)This amount relates to the judgment of a lawsuit with an employment agency in the PRC. See Note 12 for further information related to this matter.

(2)Includes $0.2 million and $0.1 million at March 31, 2025 and December 31, 2024, respectively, associated with the purchase of property, plant and equipment.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recorded income tax expense of $2.2 million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively. The difference between the Company's effective tax rate and the 21.0% U.S. federal statutory rate for the three months ended March 31, 2025 primarily related to the mix of pre-tax income and loss among jurisdictions and permanent tax items, including a tax on global intangible low-taxed income. The Company's income tax provision can be affected by other factors, including changes in the tax laws and regulations in the jurisdictions in which we operate, changes in the valuation allowances on deferred tax assets, and other discrete items. 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. At December 31, 2024, we had a three-year cumulative operating loss for our U.S. operations and have accordingly provided a full valuation allowance on our U.S. federal and state deferred tax assets. During the three months ended March 31, 2025, there was no change to our U.S. valuation allowance position. At March 31, 2025, we had gross unrecognized tax benefits of $3.7 million, including interest and penalties, which, if not for the valuation allowance recorded against the state Research and Experimentation income tax credit, would affect the annual effective tax rate if these tax benefits are realized. Further, 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. Based on U.S. federal, state and foreign statute expirations in various jurisdictions, we do not anticipate a decrease in unrecognized tax benefits within the next twelve months. We have classified uncertain tax positions as non-current income tax liabilities unless they are expected to be paid within one year. We have elected to classify interest and penalties as a component of tax expense. Accrued interest and penalties are immaterial at March 31, 2025 and December 31, 2024 and are included in the unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Net sales	$ 92,326	$ 91,900
Cost of sales	66,243	65,912
Gross profit	26,083	25,988
Research and development expenses	7,231	7,821
Selling, general and administrative expenses	22,606	24,011
Factory restructuring charges (Note 12)	0	1,064
Operating income (loss)	(3,754)	(6,908)
Interest income (expense), net	(353)	(922)
Other income (expense), net	52	(80)
Income (loss) before provision for income taxes	(4,055)	(7,910)
Provision for income taxes	2,219	739
Net income (loss)	$ (6,274)	$ (8,649)
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.48)	$ (0.67)
Diluted (in dollars per share)	$ (0.48)	$ (0.67)
Shares used in computing earnings (loss) per share:
Basic (in shares)	13,083	12,902
Diluted (in shares)	13,083	12,902

Revenue and Accounts Receivable, Net - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Net sales	$ 92,326	$ 91,900
United States
Disaggregation of Revenue [Line Items]
Net sales	30,558	26,712
Asia (excluding PRC)
Disaggregation of Revenue [Line Items]
Net sales	18,747	18,884
Europe
Disaggregation of Revenue [Line Items]
Net sales	20,698	17,539
Latin America
Disaggregation of Revenue [Line Items]
Net sales	6,550	8,241
PRC
Disaggregation of Revenue [Line Items]
Net sales	8,918	14,401
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 6,855	$ 6,123

- 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

Commitments and Contingencies - Schedule of Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1,011	$ 462	$ 462
Restructuring charges	0	1,064	3,585
Cash payments	(643)		(3,036)
Ending balance	368		1,011
Total costs incurred inception to date	7,600
Total remaining expected expense to be incurred as of March 31, 2025	0
Severance Expense
Restructuring Reserve [Roll Forward]
Beginning balance	867	147	147
Restructuring charges	0		2,008
Cash payments	(537)		(1,288)
Ending balance	330		867
Total costs incurred inception to date	5,433
Total remaining expected expense to be incurred as of March 31, 2025	0
Other Exit Expense
Restructuring Reserve [Roll Forward]
Beginning balance	144	$ 315	315
Restructuring charges	0		1,577
Cash payments	(106)		(1,748)
Ending balance	38		$ 144
Total costs incurred inception to date	2,167
Total remaining expected expense to be incurred as of March 31, 2025	$ 0

Intangible Assets, Net - Amortization Expense by Income Statement Caption (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 43,435	$ 44,863
Accumulated Amortization	(20,034)	(20,825)
Total	23,401	24,038
Gross value of fully amortized intangible assets	51,200	49,300
Capitalized software development costs
Finite-Lived Intangible Assets, Net [Abstract]
Gross	1,475	2,575
Accumulated Amortization	(268)	(1,150)
Total	1,207	1,425
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross	6,340	6,340
Accumulated Amortization	(4,707)	(4,526)
Total	1,633	1,814
Developed and core technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross	740	740
Accumulated Amortization	(422)	(398)
Total	318	342
Patents
Finite-Lived Intangible Assets, Net [Abstract]
Gross	34,830	34,758
Accumulated Amortization	(14,611)	(14,339)
Total	20,219	20,419
Trademarks and trade names
Finite-Lived Intangible Assets, Net [Abstract]
Gross	50	450
Accumulated Amortization	(26)	(412)
Total	$ 24	$ 38

Leases - Lease Balances within the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets:
Operating lease right-of-use assets	$ 13,555	$ 14,322
Liabilities:
Lease liability location within the consolidated balance sheets	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Other accrued liabilities	$ 3,472	$ 3,553
Long-term operating lease obligations	8,576	9,232
Total lease liabilities	$ 12,048	$ 12,785

Intangible Assets, Net - Amortization Expense by Income Statement Caption (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 1,341	$ 1,236
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	241	140
Selling, general and administrative expenses
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 1,100	$ 1,096

- 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

Accrued Compensation - Schedule of Accrued Compensation (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Line Items]
Accrued bonus	$ 1,862	$ 2,386
Accrued commission	295	1,545
Accrued salary/wages	5,138	4,676
Accrued social insurance	6,788	6,718
Accrued vacation/holiday	3,166	3,036
Other accrued compensation	2,756	2,566
Total accrued compensation	20,005	20,927
Mexico
Accrued Liabilities, Current [Line Items]
Accrued severance	$ 300	800
Asia
Accrued Liabilities, Current [Line Items]
Accrued severance		$ 100

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying consolidated financial statements of Universal Electronics Inc. and its subsidiaries contain all the adjustments necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature, except for the restructuring charges, as described in Note 12 to the consolidated financial statements. Information and footnote disclosures normally included in financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). As used herein, the terms "Company," "we," "us," and "our" refer to Universal Electronics Inc. and its subsidiaries, unless the context indicates to the contrary. Our results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk," and the "Financial Statements and Supplementary Data" included in Items 1A, 7, 7A, and 8, respectively, of our Annual Report on Form 10-K for the year ended December 31, 2024. Estimates and Assumptions The preparation of financial statements in conformity 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 and intangible assets, 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. Summary of Significant Accounting Policies See Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 for a summary of our significant accounting policies. Recently Adopted Accounting Pronouncements None. 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.

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (loss) per share was calculated as follows:


	Three Months Ended March 31,
(In thousands, except per-share amounts)	2025		2024
BASIC
Net income (loss)	$	(6,274)	$	(8,649)
Weighted-average common shares outstanding	13,083		12,902
Basic earnings (loss) per share	$	(0.48)	$	(0.67)

DILUTED
Net income (loss)	$	(6,274)	$	(8,649)
Weighted-average common shares outstanding for basic	13,083		12,902
Dilutive effect of restricted stock, performance stock awards and stock options	—		—
Weighted-average common shares outstanding on a diluted basis	13,083		12,902
Diluted earnings (loss) per share	$	(0.48)	$	(0.67)


	Three Months Ended March 31,
(In thousands)	2025	2024
Stock options	727	847
Restricted stock awards	536	494
Performance stock awards	116	70

Derivatives - Total Net Fair Value of Derivatives (Details) - Fair value measurements on a recurring basis - Foreign currency exchange contracts - Not designated as hedging instrument - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	$ (131)	$ (249)
Level 1
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	0	0
Level 2
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	(131)	(249)
Level 3
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	$ 0	$ 0

Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

We have entered into various operating lease agreements for automobiles, offices and manufacturing facilities throughout the world. At March 31, 2025, 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)	March 31, 2025		December 31, 2024
Assets:
Operating lease right-of-use assets	$	13,555	$	14,322
Liabilities:
Other accrued liabilities	$	3,472	$	3,553
Long-term operating lease obligations	8,576		9,232
Total lease liabilities	$	12,048	$	12,785

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


(In thousands)	Three Months Ended March 31,
	2025		2024
Cost of sales	$	316	$	708
Selling, general and administrative expenses	1,160		1,151
Total operating lease expense	$	1,476	$	1,859

Operating lease expenses from variable and short-term lease costs	$	373	$	307
Operating cash outflows from operating leases	$	1,428	$	1,745
Operating lease right-of-use assets obtained in exchange for lease obligations	$	248	$	—

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


	March 31, 2025		December 31, 2024
Weighted average lease liability term (in years)	4.5		4.6
Weighted average discount rate	5.54	%	5.45	%


(In thousands)	March 31, 2025
2025 (remaining 9 months)	$	3,124
2026	3,771
2027	3,026
2028	1,373
2029	608
Thereafter	1,820
Total lease payments	13,722
Less: imputed interest	(1,674)
Total lease liabilities	$	12,048

At March 31, 2025, we did not have any operating leases that had not yet commenced.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

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:


	Three Months Ended March 31,
(In thousands)	2025		2024
Cost of sales	$	16	$	27
Research and development expenses	158		231
Selling, general and administrative expenses:
Employees	1,276		1,551
Outside directors	334		95
Total employee and director stock-based compensation expense	$	1,784	$	1,904
Income tax benefit	$	247	$	287

Restricted Stock

Non-vested restricted stock award activity was as follows:


	Shares (in thousands)	Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2024	595	$	13.07
Granted	—	—
Vested	(106)	20.91
Forfeited	(1)	10.68
Non-vested at March 31, 2025	488	$	11.38

As of March 31, 2025, we expect to recognize $3.7 million of total unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock awards over a weighted-average life of 1.5 years.

Performance Stock

Non-vested performance stock award activity was as follows:


	Shares (in thousands)	Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2024	116	$	4.72
Granted	—	—
Vested	—	—
Forfeited	—	—
Non-vested at March 31, 2025	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:


	Three Months Ended March 31,
	2025			2024
Weighted average fair value of grants	$	—		$	4.72
Risk-free interest rate	—		%	4.08		%
Expected volatility	—		%	57.00		%
Expected life in years	0.00			2.73

As of March 31, 2025, we expect to recognize $0.3 million of total unrecognized pre-tax stock-based compensation expense related to non-vested performance stock awards over a weighted-average period of 1.6 years.

In April 2025, certain executives were granted 284,316 performance stock awards, in the aggregate, in connection with the 2024 annual review cycle. These awards vest only upon the satisfaction of a three-year service condition and market conditions based upon the price per share of our common stock. The fair value of these awards is $0.6 million, as determined by a Monte Carlo simulation model as of the grant date, and is expected to be recognized over a weighted-average period of 2.7 years.

Stock Options

Stock option activity was as follows:


	Number of Options (in thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	779	$	35.67
Granted	—	—
Exercised	—	—			$	—
Forfeited/canceled/expired	(88)	44.95
Outstanding at March 31, 2025 (1)	691	$	34.50	3.25	$	—
Vested and expected to vest at March 31, 2025 (1)	691	$	34.50	3.25	$	—
Exercisable at March 31, 2025 (1)	612	$	35.73	3.02	$	—

As of March 31, 2025, we expect to recognize $0.6 million of total unrecognized pre-tax stock-based compensation expense related to non-vested stock options over a remaining weighted-average life of 0.4 years.

Treasury Stock - Repurchased Shares of Common Stock (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)	41	140
Total cost of shares repurchased	$ 383	$ 1,230
Open market shares repurchased
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)	0	95
Total cost of shares repurchased	$ 0	$ 843
Stock-based compensation related shares repurchased
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)	41	45
Total cost of shares repurchased	$ 383	$ 387

Revenue and Accounts Receivable, Net - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Schedule of Allowance for Doubtful Accounts
Balance at beginning of period	$ 1,863	$ 815
Additions (reductions) to costs and expenses	19	0
Write-offs/Foreign exchange effects	(70)	(12)
Balance at end of period	1,812	$ 803
Contract assets	$ 9,530		$ 10,346