10-Q Filing

UNIVERSAL ELECTRONICS INC CIK: 101984 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000101984-16-000070`
Period End Date	20160331
Filing Date	20160510
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	ueic-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 92 Income Statement 34 Cash Flow Statement 66 Comprehensive Income 10

Balance Sheet 92 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$112.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$52.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$56.08M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$97.10M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$4.62M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$4.62M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$121.80M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$110.99M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$117.69M	USD	Point-in-time
Inventories, net	`InventoryNet`	$122.37M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.90M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.29M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.18M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.22M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$55.00K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	8.82M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	8.86M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$38.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$7.21M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$7.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$315.32M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$304.53M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$90.02M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$93.53M	USD	Point-in-time
Goodwill	`Goodwill`	$43.12M	USD	Point-in-time
Goodwill	`Goodwill`	$43.18M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$31.93M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$32.93M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$10.51M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$8.47M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.37M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.33M	USD	Point-in-time
Total assets	`Assets`	$489.04M	USD	Point-in-time
Total assets	`Assets`	$495.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$93.84M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$79.80M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$50.00M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$57.99M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$37.45M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$32.80M	USD	Point-in-time
Accrued sales discounts, rebates and royalties	`AccruedSalesDiscountsRebatesandRoyaltiesCurrent`	$6.56M	USD	Point-in-time
Accrued sales discounts, rebates and royalties	`AccruedSalesDiscountsRebatesandRoyaltiesCurrent`	$7.62M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$4.75M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$2.40M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$21.47M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$20.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$215.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$200.05M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$7.89M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$9.41M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$629.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$629.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.89M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.92M	USD	Point-in-time
Long-term contingent consideration	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$11.75M	USD	Point-in-time
Long-term contingent consideration	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$10.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$237.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$222.49M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 5,000,000 shares authorized; none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value, 50,000,000 shares authorized; 23,286,653 and 23,176,277 shares issued on March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$233.00K	USD	Point-in-time
Common stock, $0.01 par value, 50,000,000 shares authorized; 23,286,653 and 23,176,277 shares issued on March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$232.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$234.52M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$228.27M	USD	Point-in-time
Treasury stock, at cost, 8,857,702 and 8,824,768 shares on March 31, 2016 and December 31, 2015, respectively	`TreasuryStockValue`	$212.06M	USD	Point-in-time
Treasury stock, at cost, 8,857,702 and 8,824,768 shares on March 31, 2016 and December 31, 2015, respectively	`TreasuryStockValue`	$210.33M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.80M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.43M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$255.24M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$257.96M	USD	Point-in-time
Universal Electronics Inc. stockholders' equity	`StockholdersEquity`	$266.23M	USD	Point-in-time
Universal Electronics Inc. stockholders' equity	`StockholdersEquity`	$257.61M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$321.00K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$299.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$266.55M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$257.91M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$495.22M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$489.04M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$132.71M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$150.66M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$95.30M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$113.01M	USD	1 Quarter
Gross profit	`GrossProfit`	$37.65M	USD	1 Quarter
Gross profit	`GrossProfit`	$37.41M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$5.19M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$4.43M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$26.87M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$29.42M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.04M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.10M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$110.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$-267.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$230.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$720.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.49M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.44M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$751.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.25M	USD	1 Quarter
Net income	`ProfitLoss`	$5.19M	USD	1 Quarter
Net income	`ProfitLoss`	$2.74M	USD	1 Quarter
Net income (loss) attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net income (loss) attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$22.00K	USD	1 Quarter
Net income attributable to Universal Electronics Inc.	`NetIncomeLoss`	$5.19M	USD	1 Quarter
Net income attributable to Universal Electronics Inc.	`NetIncomeLoss`	$2.72M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	15.91M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	14.37M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.24M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.64M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$5.19M	USD	1 Quarter
Net income	`ProfitLoss`	$2.74M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.67M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.93M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$2.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-40.00K	USD	1 Quarter
Provision for inventory write-downs	`InventoryWriteDown`	$756.00K	USD	1 Quarter
Provision for inventory write-downs	`InventoryWriteDown`	$906.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-407.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-806.00K	USD	1 Quarter
Tax benefit from exercise of stock options and vested restricted stock	`TaxBenefitFromStockOptionsExercisedAndVestedRestrictedStock`	$616.00K	USD	1 Quarter
Tax benefit from exercise of stock options and vested restricted stock	`TaxBenefitFromStockOptionsExercisedAndVestedRestrictedStock`	$567.00K	USD	1 Quarter
Excess tax benefit from stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$668.00K	USD	1 Quarter
Excess tax benefit from stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$587.00K	USD	1 Quarter
Shares issued for employee benefit plan	`SharesIssuedForEmployeeBenefitPlan`	$391.00K	USD	1 Quarter
Shares issued for employee benefit plan	`SharesIssuedForEmployeeBenefitPlan`	$345.00K	USD	1 Quarter
Employee and director stock-based compensation	`ShareBasedCompensation`	$1.96M	USD	1 Quarter
Employee and director stock-based compensation	`ShareBasedCompensation`	$2.49M	USD	1 Quarter
Performance-based warrant stock-based compensation	`Accretionofperformancebasedstockwarrants`	$866.00K	USD	1 Quarter
Performance-based warrant stock-based compensation	`Accretionofperformancebasedstockwarrants`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-342.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-12.26M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-5.09M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$5.99M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-755.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.60M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-22.90M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-12.21M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-832.00K	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-2.34M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.14M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.65M	USD	1 Quarter
Acquisition of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.48M	USD	1 Quarter
Acquisition of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.21M	USD	1 Quarter
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$564.00K	USD	1 Quarter
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$681.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.89M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.04M	USD	1 Quarter
Borrowings under line of credit	`ProceedsFromShortTermDebt`	$42.99M	USD	1 Quarter
Borrowings under line of credit	`ProceedsFromShortTermDebt`	-	USD	1 Quarter
Repayments on line of credit	`RepaymentsOfShortTermDebt`	$35.00M	USD	1 Quarter
Repayments on line of credit	`RepaymentsOfShortTermDebt`	-	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$989.00K	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$1.94M	USD	1 Quarter
Treasury stock purchased	`PaymentsForRepurchaseOfCommonStock`	$1.72M	USD	1 Quarter
Treasury stock purchased	`PaymentsForRepurchaseOfCommonStock`	$4.02M	USD	1 Quarter
Excess tax benefit from stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$668.00K	USD	1 Quarter
Excess tax benefit from stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$587.00K	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.44M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.87M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$566.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-852.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-15.42M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.11M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$112.52M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$52.97M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$56.08M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$97.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$112.52M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$52.97M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$56.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$97.10M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	$2.93M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$2.00M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$302.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$5.19M	USD	1 Quarter
Net income	`ProfitLoss`	$2.74M	USD	1 Quarter
Change in foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$1.37M	USD	1 Quarter
Change in foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-4.26M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$931.00K	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$4.11M	USD	1 Quarter
Comprehensive income (loss) attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Comprehensive income (loss) attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$22.00K	USD	1 Quarter
Comprehensive income (loss) attributable to Universal Electronics Inc.	`ComprehensiveIncomeNetOfTax`	$931.00K	USD	1 Quarter
Comprehensive income (loss) attributable to Universal Electronics Inc.	`ComprehensiveIncomeNetOfTax`	$4.09M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.