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  Title	Universal Electronics Reports Fourth Quarter and Year-End 2024 Financial Results
  ID	7130267
  External ID	210500256
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  Published Date	Feb. 20, 2025, 3:05 p.m.
  Summary	Unlock stock picks and a broker-level newsfeed that powers Wall Street. Upgrade Now Universal Electronics Reports Fourth Quarter and Year-End 2024 Financial Results Business Wire Thu, Feb 20, 2025, 3:
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  Content	Unlock stock picks and a broker-level newsfeed that powers Wall Street. Upgrade Now Universal Electronics Reports Fourth Quarter and Year-End 2024 Financial Results Business Wire Thu, Feb 20, 2025, 3:05 PM 15 min read In This Article: UEIC -4.46% SCOTTSDALE, Ariz., February 20, 2025 --( BUSINESS WIRE )--Universal Electronics Inc. (UEI), (NASDAQ: UEIC) reported financial results for the three and twelve months ended December 31, 2024. "UEI closed 2024 with strong performance, with sales above and earnings at the top end of our guidance range," stated UEI Chairman and CEO Paul Arling. "Customer acquisition initiatives and long-lead design wins are coming to fruition. Our perseverance and commitment to the connected home channel is providing meaningful contribution and drove revenue growth of 13% for the fourth quarter of 2024. Combined with our ongoing cost initiatives, bottom line results improved significantly compared to the prior year quarter." "CES 2025 was a major success. We showcased new products and technologies that ensure consumer privacy; introduce innovative features; support on-device AI processing; and offer more OEM monetization opportunities through enhanced services and personalization leading to increased user engagement, to name a few advancements. We received strong interest in our new products and technologies from many new accounts and existing customers eager to use our innovative features and functionality in their platforms. Based on our orders and pleased with our progress, we are reiterating our projections for top and bottom-line growth for full-year 2025 and beyond." Financial Results for the Three Months Ended December 31: 2024 Compared to 2023 GAAP net sales were $110.5 million, compared to $97.6 million; Adjusted Non-GAAP net sales were $110.5 million, compared to $97.6 million. GAAP gross margins were 28.4%, compared to 28.5%; Adjusted Non-GAAP gross margins were 28.4%, compared to 28.5%. GAAP operating loss was $4.4 million, compared to $2.6 million; Adjusted Non-GAAP operating income was $4.2 million, compared to $0.2 million. GAAP net loss was $4.5 million, or $0.35 per share, compared to $7.1 million, or $0.55 per share; Adjusted Non-GAAP net income was $2.6 million, or $0.20 per diluted share, compared to Adjusted Non-GAAP net loss $0.5 million, or $0.04 per share. GAAP gross margin, operating loss and net loss for the three months ended December 31, 2024 include $0.7 million, equivalent to 70 basis points of gross margin or $0.04 per share (net of tax), of excess manufacturing overhead costs resulting from the continued transition of our global manufacturing footprint, specifically in Mexico and Vietnam, and depreciation related to the mark-up from cost to fair value of fixed assets acquired in business combinations ("excess manufacturing costs"). GAAP gross margin, operating loss and net loss for the three months ended December 31, 2023 include $1.6 million, equivalent to 160 basis points of gross margin or $0.11 per share (net of tax), of excess manufacturing costs. At December 31, 2024, cash and cash equivalents were $26.8 million. Story Continues Financial Results for the Twelve Months Ended December 31: 2024 Compared to 2023 GAAP net sales were $394.9 million, compared to $420.5 million; Adjusted Non-GAAP net sales were $394.9 million, compared to $420.5 million. GAAP gross margins were 28.9%, compared to 23.2%; Adjusted Non-GAAP gross margins were 28.9%, compared to 25.0%. GAAP operating loss was $15.3 million, compared to $85.3 million, including a $49.1 million non-cash charge for goodwill impairment, which resulted from a decline in the company’s market capitalization; Adjusted Non-GAAP operating income was $2.2 million, compared to Adjusted Non-GAAP operating loss of $10.1 million. GAAP net loss was $24.0 million, or $1.85 per share, compared to $98.2 million, including the aforementioned non-cash charge, or $7.64 per share; Adjusted Non-GAAP net loss was $0.6 million, or $0.05 per share, compared to $10.0 million, or $0.78 per share. GAAP gross margin, operating loss and net loss for the twelve months ended December 31, 2024 include $4.5 million, equivalent to 110 basis points of gross margin or $0.27 per share (net of tax), of excess manufacturing costs. GAAP gross margin, operating loss and net loss for the twelve months ended December 31, 2023 include $9.4 million, equivalent to 220 basis points of gross margin or $0.60 per share (net of tax), of excess manufacturing costs. Financial Outlook For the first quarter of 2025, the company expects GAAP net sales to range between $87.0 million and $97.0 million, compared to $91.9 million in the first quarter of 2024. GAAP loss per share for the first quarter of 2025 is expected to range from $0.52 to $0.42, compared to a GAAP loss per share of $0.67 in the first quarter of 2024. For the first quarter of 2025, the company expects Adjusted Non-GAAP net sales to range between $87.0 million and $97.0 million, compared to $91.9 million in the first quarter of 2024. Adjusted Non-GAAP loss per share is expected to range from $0.21 to $0.11 compared to Adjusted Non-GAAP loss of $0.26 per share in the first quarter of 2024. The first quarter 2025 Adjusted Non-GAAP loss per share estimate excludes $0.31 per share related to, among other things, stock-based compensation, amortization of acquired intangibles, litigation costs, foreign currency gains and losses and the related tax impact of these adjustments. For a more detailed explanation of Non-GAAP measures, please see the Use of Non-GAAP Financial Metrics discussion, the Reconciliation of Adjusted Non-GAAP Financial Results and the Reconciliation of Adjusted Non-GAAP Financial Outlook and Financial Results, each located elsewhere in this press release. Conference Call Information UEI’s management team will hold a conference call today, Thursday, February 20, 2025 at 4:30 p.m. ET / 1:30 p.m. PT, to discuss its fourth quarter and full year 2024 earnings results, review recent activity and answer questions. To attend the call please register at https://register.vevent.com/register/BId24421a0a551416d87a8c8bc2d789ceb to receive a computer-generated dial-in number and a unique pin number. The conference call will also be broadcast live on the investor section of the UEI website where it will be available for replay for 90 days. Use of Non-GAAP Financial Metrics In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, UEI provides Adjusted Non-GAAP information as additional information for its operating results. References to Adjusted Non-GAAP information are to non-GAAP financial measures. These measures are not required by, in accordance with, or an alternative for, GAAP and may be different from non-GAAP financial measures used by other companies. UEI’s management uses these measures for reviewing the financial results of UEI for budget planning purposes and for making operational and financial decisions. Management believes that providing these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, help investors evaluate UEI’s core operating and financial performance and business trends consistent with how management evaluates such performance and trends. Additionally, management believes these measures facilitate comparisons with the core operating and financial results and business trends of competitors and other companies. Adjusted Non-GAAP net sales are defined as net sales. Adjusted Non-GAAP gross profit is defined as gross profit excluding impairment of long-lived assets and stock-based compensation expense. Adjusted Non-GAAP operating expenses are defined as operating expenses excluding impairment of long-lived assets, stock-based compensation expense, amortization of intangibles acquired, costs associated with certain litigation efforts, factory restructuring costs, legal judgment, severance, lease termination costs and goodwill impairment. Adjusted Non-GAAP net income (loss) is defined as net loss excluding the aforementioned items, foreign currency gains and losses, the related tax effects of all adjustments, as well as valuation allowances on certain deferred tax assets and certain net deferred tax adjustments. Adjusted Non-GAAP earnings (loss) per diluted share is calculated using Adjusted Non-GAAP net income (loss). A reconciliation of these financial measures to the most directly comparable GAAP financial measures is included at the end of this press release. The company will no longer exclude excess manufacturing overhead costs resulting from the continued transition of its global manufacturing footprint, specifically in Mexico and Vietnam, and depreciation related to the mark-up from cost to fair value of fixed assets acquired in business combinations from its Adjusted Non-GAAP figures. This impacts Adjusted Non-GAAP gross profit, gross margin, operating income (loss), income (loss) before provision (benefit) from income taxes and net income (loss) in the quarterly results for 2023 and 2024. There is no impact to GAAP results. A reconciliation of these measures is posted on the website in the Q4 2024 Quarterly Results section. About Universal Electronics Universal Electronics Inc. (NASDAQ: UEIC) is the global leader in wireless universal control solutions for the home. The company brings to life millions of innovative control products each year that focus on a user-centric approach to building control products and applications that simplify user interaction with highly complex technologies in the home, removing interoperability challenges as a roadblock for user adoption, with privacy first and a secure by design approach to today's smart devices. Our products are offered by the world's leading brands in home entertainment and the connected home markets, including Fortune 500 customers Daikin, Carrier, Comcast, Vivint Smart Home, Samsung, Sony, Hunter Douglas and Somfy. The company's pioneering breakthrough innovations include its award-winning voice control entertainment remote controls and QuickSet Cloud, the world's leading platform for automated device and service discovery, set-up and control, and user experience personalization for the home. For more information, visit www.uei.com . Forward-looking Statements This press release and accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including net sales, profit margin and earnings trends, estimates and assumptions; our expectations about new product introductions; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those we identify below and other risk factors that we identify in our annual report on Form 10-K for the year ended December 31, 2023 and the periodic reports filed and furnished since then. Risks that could affect forward-looking statements in this press release include: our continued ability to timely develop and deliver innovative control solutions and technologies that are accepted by our customers, both near- and long-term; our ability to attract new customers and to successfully capture sales in all markets we serve, including in the climate control and connected home markets as anticipated by management; our ability to continue optimizing our manufacturing footprint and realize the lower concentration risks as expected by management; our ability to maintain our market share in the traditional subscription broadcast market; our ability to manage through the worldwide inflationary pressures and macroeconomic conditions; our ability to continue to manage our business, inventories and cash flows to achieve our net sales, margins and earnings through financial discipline, operational efficiency, product line management, liquidity requirements, capital expenditures and other investment spending expectations; our continued ability to successfully enforce our patented technology, including with respect to our litigation against Roku; our continued ability to strategically enhance, expand, and monetize our IP portfolios; the continued fluctuation in our market capitalization; the use of artificial intelligence applications which could result in cybersecurity incidents that implicate the personal data of end users or other unintended ethical, reputational, competitive harm or legal liability; the direct and indirect impact we may experience with respect to our business and financial results and management’s ability to anticipate and mitigate the impact stemming from the continued economic uncertainty affecting consumers’ confidence and spending, natural disasters or other events beyond our control, public health crises (including an outbreak of infectious disease), governmental actions, including the changes in or enhanced use of laws, regulations and policies may have on our business including the impact of decreased governmental incentive programs worldwide or of enhanced or expanded trade regulations, including the expanded use of tariffs, pertaining to importation of our products, the effects of political unrest, war, terrorist activities, or other hostilities; the effects and uncertainties and other factors more fully described in our reports filed with the SEC. Since it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, the above list should not be considered a complete list. Further, any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of February 20, 2025, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. UNIVERSAL ELECTRONICS INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share-related data) (Unaudited) December 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 26,783 $ 42,751 Accounts receivable, net 114,182 112,596 Contract assets 10,346 4,240 Inventories 79,355 88,273 Prepaid expenses and other current assets 9,478 7,325 Income tax receivable 2,350 3,666 Total current assets 242,494 258,851 Property, plant and equipment, net 34,207 44,619 Intangible assets, net 24,038 25,349 Operating lease right-of-use assets 14,322 18,693 Deferred income taxes 6,425 6,787 Other assets 1,868 1,573 Total assets $ 323,354 $ 355,872 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 72,031 $ 57,033 Lines of credit 36,960 55,000 Accrued compensation 20,927 20,305 Accrued sales discounts, rebates and royalties 5,204 5,796 Accrued income taxes 2,161 1,833 Other accrued liabilities 21,008 21,181 Total current liabilities 158,291 161,148 Long-term liabilities: Operating lease obligations 9,232 12,560 Deferred income taxes 1,931 1,992 Income tax payable 72 435 Other long-term liabilities 723 817 Total liabilities 170,249 176,952 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding — — Common stock, $0.01 par value, 50,000,000 shares authorized; 25,712,940 and 25,346,383 shares issued on December 31, 2024 and 2023, respectively 257 253 Paid-in capital 344,697 336,938 Treasury stock, at cost, 12,666,443 and 12,459,845 shares on December 31, 2024 and 2023, respectively (371,930 ) (369,973 ) Accumulated other comprehensive income (loss) (28,350 ) (20,758 ) Retained earnings 208,431 232,460 Total stockholders’ equity 153,105 178,920 Total liabilities and stockholders’ equity $ 323,354 $ 355,872 UNIVERSAL ELECTRONICS INC. CONSOLIDATED INCOME STATEMENTS (In thousands, except per share amounts) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net sales $ 110,454 $ 97,594 $ 394,879 $ 420,457 Cost of sales 79,132 69,756 280,885 322,897 Gross profit 31,322 27,838 113,994 97,560 Research and development expenses 7,044 6,779 29,723 31,281 Selling, general and administrative expenses 23,598 23,346 91,811 98,490 Factory restructuring charges 862 325 3,585 4,015 Legal judgment 4,172 — 4,172 — Goodwill impairment — — — 49,075 Operating income (loss) (4,354 ) (2,612 ) (15,297 ) (85,301 ) Interest income (expense), net (705 ) (1,044 ) (3,361 ) (4,332 ) Other income (expense), net (45 ) (854 ) 60 (2,621 ) Income (loss) before provision for income taxes (5,104 ) (4,510 ) (18,598 ) (92,254 ) Provision for (benefit from) income taxes (575 ) 2,592 5,431 5,984 Net income (loss) $ (4,529 ) $ (7,102 ) $ (24,029 ) $ (98,238 ) Earnings (loss) per share: Basic $ (0.35 ) $ (0.55 ) $ (1.85 ) $ (7.64 ) Diluted $ (0.35 ) $ (0.55 ) $ (1.85 ) $ (7.64 ) Shares used in computing earnings (loss) per share: Basic 13,032 12,902 12,959 12,855 Diluted 13,032 12,902 12,959 12,855 UNIVERSAL ELECTRONICS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Year Ended December 31, 2024 2023 Cash flows from operating activities: Net income (loss) $ (24,029 ) $ (98,238 ) Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation and amortization 18,058 22,927 Provision for credit losses 1,081 70 Deferred income taxes (256 ) (1,149 ) Shares issued for employee benefit plan 1,063 1,293 Employee and director stock-based compensation 6,700 8,809 Impairment of goodwill — 49,075 Impairment of long-lived assets 333 7,963 Changes in operating assets and liabilities: Accounts receivable and contract assets (12,174 ) 5,040 Inventories 6,239 51,458 Prepaid expenses and other assets 764 2,860 Accounts payable and accrued liabilities 15,733 (21,379 ) Accrued income taxes 1,310 (3,539 ) Net cash provided by (used for) operating activities 14,822 25,190 Cash flows from investing activities: Acquisitions of property, plant and equipment (4,572 ) (8,116 ) Acquisitions of intangible assets (3,856 ) (5,761 ) Net cash provided by (used for) investing activities (8,428 ) (13,877 ) Cash flows from financing activities: Borrowings under lines of credit 102,193 78,000 Repayments on lines of credit (120,000 ) (111,000 ) Treasury stock purchased (1,957 ) (1,779 ) Net cash provided by (used for) financing activities (19,764 ) (34,779 ) Effect of foreign currency exchange rates on cash and cash equivalents (2,598 ) (523 ) Net increase (decrease) in cash and cash equivalents (15,968 ) (23,989 ) Cash and cash equivalents at beginning of period 42,751 66,740 Cash and cash equivalents at end of period $ 26,783 $ 42,751 Supplemental cash flow information: Income taxes paid $ 3,481 $ 13,176 Interest paid $ 4,738 $ 7,015 UNIVERSAL ELECTRONICS INC. RECONCILIATION OF ADJUSTED NON-GAAP FINANCIAL RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net sales: Net sales - GAAP $ 110,454 $ 97,594 $ 394,879 $ 420,457 Adjusted Non-GAAP net sales $ 110,454 $ 97,594 $ 394,879 $ 420,457 Cost of sales: Cost of sales - GAAP (1) $ 79,132 $ 69,756 $ 280,885 $ 322,897 Impairment of long-lived assets (2) — — — (7,723 ) Stock-based compensation expense (34 ) (32 ) (106 ) (125 ) Adjusted Non-GAAP cost of sales 79,098 69,724 280,779 315,049 Adjusted Non-GAAP gross profit $ 31,356 $ 27,870 $ 114,100 $ 105,408 Gross margin: Gross margin - GAAP (1) 28.4 % 28.5 % 28.9 % 23.2 % Impairment of long-lived assets (2) — % — % — % 1.8 % Stock-based compensation expense 0.0 % 0.0 % 0.0 % 0.0 % Adjusted Non-GAAP gross margin 28.4 % 28.5 % 28.9 % 25.0 % Operating expenses: Operating expenses - GAAP $ 35,676 $ 30,450 $ 129,291 $ 182,861 Impairment of long-lived assets (2) — — — (100 ) Stock-based compensation expense (1,650 ) (1,945 ) (6,594 ) (8,684 ) Amortization of acquired intangible assets (223 ) (281 ) (909 ) (1,137 ) Litigation costs (3) (157 ) (83 ) (689 ) (1,687 ) Factory restructuring charges (4) (863 ) (325 ) (3,585 ) (4,015 ) Legal judgment (5) (4,172 ) — (4,172 ) — Severance (6) (960 ) (180 ) (960 ) (2,635 ) Lease termination (7) (476 ) — (476 ) — Goodwill impairment (8) — — — (49,075 ) Adjusted Non-GAAP operating expenses $ 27,175 $ 27,636 $ 111,906 $ 115,528 Operating income (loss): Operating income (loss) - GAAP (1) $ (4,354 ) $ (2,612 ) $ (15,297 ) $ (85,301 ) Impairment of long-lived assets (2) — — — 7,823 Stock-based compensation expense 1,684 1,977 6,700 8,809 Amortization of acquired intangible assets 223 281 909 1,137 Litigation costs (3) 157 83 689 1,687 Factory restructuring costs (4) 863 325 3,585 4,015 Legal judgment (5) 4,172 — 4,172 — Severance (6) 960 180 960 2,635 Lease termination (7) 476 — 476 — Goodwill impairment (8) — — — 49,075 Adjusted Non-GAAP operating income (loss) $ 4,181 $ 234 $ 2,194 $ (10,120 ) Adjusted Non-GAAP operating income (loss) as a percentage of net sales 3.8 % 0.2 % 0.6 % (2.4 )% UNIVERSAL ELECTRONICS INC. RECONCILIATION OF ADJUSTED NON-GAAP FINANCIAL RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net income (loss): Net income (loss) - GAAP (1) $ (4,529 ) $ (7,102 ) $ (24,029 ) $ (98,238 ) Impairment of long-lived assets (2) — — — 7,823 Stock-based compensation expense 1,684 1,977 6,700 8,809 Amortization of acquired intangible assets 223 281 909 1,137 Litigation costs (3) 157 83 689 1,687 Factory restructuring costs (4) 863 325 3,585 4,015 Legal judgment (5) 4,172 — 4,172 — Severance (6) 960 180 960 2,635 Lease termination (7) 476 — 476 — Goodwill impairment (8) — — — 49,075 Foreign currency (gain) loss 132 1,258 326 3,501 Income tax provision on adjustments 410 2,516 7,511 8,200 Other income tax adjustments (9) (1,924 ) — (1,924 ) 1,377 Adjusted Non-GAAP net income (loss) $ 2,624 $ (482 ) $ (625 ) $ (9,979 ) Diluted shares used in computing earnings (loss) per share: GAAP 13,032 12,902 12,959 12,855 Adjusted Non-GAAP 13,249 12,902 12,959 12,855 Diluted earnings (loss) per share: Diluted earnings (loss) per share - GAAP $ (0.35 ) $ (0.55 ) $ (1.85 ) $ (7.64 ) Total adjustments $ 0.54 $ 0.51 $ 1.81 $ 6.87 Adjusted Non-GAAP diluted earnings (loss) per share $ 0.20 $ (0.04 ) $ (0.05 ) $ (0.78 ) (1) GAAP gross margin, operating loss and net loss for the three months ended December 31, 2024 include $0.7 million, equivalent to 70 basis points of gross margin or $0.04 per share (net of tax), of excess manufacturing overhead costs resulting from the continued transition of our global manufacturing footprint, specifically in Mexico, and depreciation related to the mark-up from cost to fair value of fixed assets acquired in business combinations ("excess manufacturing costs"). GAAP gross margin, operating loss and net loss for the three months ended December 31, 2023 include $1.6 million, equivalent to 160 basis points of gross margin or $0.11 per share (net of tax), of excess manufacturing costs. GAAP gross margin, operating loss and net loss for the twelve months ended December 31, 2024 include $4.5 million, equivalent to 110 basis points of gross margin or $0.27 per share (net of tax), of excess manufacturing costs. GAAP gross margin, operating loss and net loss for the twelve months ended December 31, 2023 include $9.4 million, equivalent to 220 basis points of gross margin or $0.60 per share (net of tax), of excess manufacturing costs. (2) The twelve months ended December 31, 2023 included impairment charges relating to machinery and equipment and leasehold improvements associated with the closure of our southwestern China factory, which ceased operations in September 2023. In addition, we also incurred impairment charges relating to machinery and equipment at our Mexico factory as we reduced its capacity due to lower demand. (3) The three and twelve months ended December 31, 2024 and 2023, include expenses related to our various litigation matters involving Roku, Inc. and certain other related entities including three Federal District Court cases, two International Trade Commission investigations and the defense of various inter partes reviews and appeals before the US Patent and Trademark Board. In addition, the twelve months ended December 31, 2023 include $1.2 million of expenses associated with non-recurring legal matters involving internal investigations at our manufacturing plants. (4) The three and twelve months ended December 31, 2024 include severance and other exit costs associated with the closure of our southwestern and eastern China factories and the streamlining of our Mexico factory. The three and twelve months ended December 31, 2023 include severance and other exit costs associated with the closure of our southwestern China factory and downsizing of our Mexico factory. (5) The three and twelve months ended December 31, 2024 include an adverse judgment against one of our China subsidiaries. We have appealed this ruling and expect a decision on our appeal in early to mid-April 2025. (6) The three and twelve months ended December 31, 2024 and 2023, include severance costs associated with a reduction in headcount at our corporate offices. (7) The three and twelve months ended December 31, 2024 include lease termination costs associated with one of our Mexico facilities. (8) During the twelve months ended December 31, 2023, we recorded a goodwill impairment charge of $49.1 million as a result of our market capitalization being significantly less than the carrying value of our equity. (9) The three and twelve months ended December 31, 2024 include a $0.4 million valuation allowance recorded against the deferred tax assets at our eastern China entity as a result of its shutdown as well as a $2.3 million adjustment due to the revaluation of net deferred tax assets at our remaining China factory resulting from the expiration of a tax incentive that increased the statutory rate. The twelve months ended December 31, 2023 includes a $1.4 million valuation allowance recorded against the deferred tax assets at our southwestern China entity as a result of its closure. UNIVERSAL ELECTRONICS INC. RECONCILIATION OF ADJUSTED NON-GAAP FINANCIAL OUTLOOK AND FINANCIAL RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2025 2024 Low Range High Range Actual Net sales: Net sales - GAAP $ 87,000 $ 97,000 $ 91,900 Total adjustments (1) — — — Adjusted Non-GAAP net sales $ 87,000 $ 97,000 $ 91,900 Loss per share: Loss per share - GAAP $ (0.52 ) $ (0.42 ) $ (0.67 ) Total adjustments (2) $ 0.31 $ 0.31 $ 0.41 Adjusted Non-GAAP loss per share $ (0.21 ) $ (0.11 ) $ (0.26 ) (1) The three months ended March 31, 2025 and 2024 do not include any Non-GAAP adjustments to net sales. (2) The three months ended March 31, 2025 and 2024 include adjustments for stock-based compensation expense, amortization of acquired intangibles, costs associated with certain litigation efforts, foreign currency gains and losses and the related tax impact of these adjustments. The three months ended March 31, 2024 also includes adjustments for factory restructuring costs. View source version on businesswire.com: https://www.businesswire.com/news/home/20250220073200/en/ Contacts UEI: Bryan Hackworth, CFO, UEI, 480-530-3000 Investors: Kirsten Chapman, Alliance Advisors, investors@uei.com or ueiinvestor@allianceadvisors.com , 415-433-3777 View Comments Terms and Privacy Policy Your Privacy Choices More Info Recommended Stories
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