10-Q Filing

UNIVERSAL ELECTRONICS INC CIK: 101984 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000101984-18-000017`
Period End Date	20180331
Filing Date	20180509
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	ueic-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 32 Cash Flow Statement 62 Comprehensive Income 6

Balance Sheet 88 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$40.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$62.44M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$4.90M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$5.08M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$160.06M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$151.58M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$22.27M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	-	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$139.41M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$162.59M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.23M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.69M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$12.52M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$12.69M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.59M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$3.83M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	23.83M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$407.30M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	23.76M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$395.78M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$117.00M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$110.96M	USD	Point-in-time
Goodwill	`Goodwill`	$48.65M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	9.72M	shares	Point-in-time
Goodwill	`Goodwill`	$48.62M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	9.70M	shares	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$27.78M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$29.04M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$7.91M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$7.12M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.57M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.54M	USD	Point-in-time
Total assets	`Assets`	$600.84M	USD	Point-in-time
Total assets	`Assets`	$608.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$105.47M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$119.17M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$138.00M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$141.00M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$34.50M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$33.32M	USD	Point-in-time
Accrued sales discounts, rebates and royalties	`AccruedSalesDiscountsRebatesandRoyaltiesCurrent`	$7.58M	USD	Point-in-time
Accrued sales discounts, rebates and royalties	`AccruedSalesDiscountsRebatesandRoyaltiesCurrent`	$8.88M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$2.87M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$3.67M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$28.72M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$29.11M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$332.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$319.35M	USD	Point-in-time
Long-term contingent consideration	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$13.40M	USD	Point-in-time
Long-term contingent consideration	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$9.36M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$4.49M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$4.42M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$2.52M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$2.52M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.60M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$354.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$337.31M	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; 23,830,353 and 23,760,434 shares issued on March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$238.00K	USD	Point-in-time
Common stock, $0.01 par value, 50,000,000 shares authorized; 23,830,353 and 23,760,434 shares issued on March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$238.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$265.19M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$268.64M	USD	Point-in-time
Treasury stock, at cost, 9,716,412 and 9,702,874 shares on March 31, 2018 and December 31, 2017, respectively	`TreasuryStockValue`	$262.06M	USD	Point-in-time
Treasury stock, at cost, 9,716,412 and 9,702,874 shares on March 31, 2018 and December 31, 2017, respectively	`TreasuryStockValue`	$262.68M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-16.60M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-12.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$266.78M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$270.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$263.53M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$253.55M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$600.84M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$608.43M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$164.70M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$161.41M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$120.37M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$127.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$37.20M	USD	1 Quarter
Gross profit	`GrossProfit`	$41.03M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$6.05M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$5.50M	USD	1 Quarter
Factory transition restructuring charges	`RestructuringCharges`	-	USD	1 Quarter
Factory transition restructuring charges	`RestructuringCharges`	$5.25M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$30.65M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$30.25M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$904.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-365.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$-1.07M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$-393.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$583.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-587.00K	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-753.00K	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-175.00K	USD	1 Quarter
Provision for income taxes (benefit)	`IncomeTaxExpenseBenefit`	$-294.00K	USD	1 Quarter
Provision for income taxes (benefit)	`IncomeTaxExpenseBenefit`	$-166.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$119.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-587.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	14.45M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	14.09M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.09M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.72M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$119.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-587.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.24M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.64M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$23.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$4.00K	USD	1 Quarter
Provision for inventory write-downs	`InventoryWriteDown`	$756.00K	USD	1 Quarter
Provision for inventory write-downs	`InventoryWriteDown`	$659.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-496.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$913.00K	USD	1 Quarter
Shares issued for employee benefit plan	`SharesIssuedForEmployeeBenefitPlan`	$346.00K	USD	1 Quarter
Shares issued for employee benefit plan	`SharesIssuedForEmployeeBenefitPlan`	$335.00K	USD	1 Quarter
Employee and director stock-based compensation	`ShareBasedCompensation`	$2.20M	USD	1 Quarter
Employee and director stock-based compensation	`ShareBasedCompensation`	$2.62M	USD	1 Quarter
Performance-based common stock warrants	`Accretionofperformancebasedstockwarrants`	$932.00K	USD	1 Quarter
Performance-based common stock warrants	`Accretionofperformancebasedstockwarrants`	$471.00K	USD	1 Quarter
Accounts receivable and contract assets	`IncreaseDecreaseInReceivables`	$3.69M	USD	1 Quarter
Accounts receivable and contract assets	`IncreaseDecreaseInReceivables`	$266.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.56M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.37M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$905.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$454.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-21.16M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-16.18M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-3.77M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-2.06M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.55M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.94M	USD	1 Quarter
Acquisitions of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.31M	USD	1 Quarter
Acquisitions of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.46M	USD	1 Quarter
Acquisitions of intangible assets	`PaymentsToAcquireIntangibleAssets`	$571.00K	USD	1 Quarter
Acquisitions of intangible assets	`PaymentsToAcquireIntangibleAssets`	$410.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.88M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.87M	USD	1 Quarter
Borrowings under line of credit	`ProceedsFromShortTermDebt`	$53.00M	USD	1 Quarter
Borrowings under line of credit	`ProceedsFromShortTermDebt`	$13.00M	USD	1 Quarter
Repayments on line of credit	`RepaymentsOfShortTermDebt`	$14.99M	USD	1 Quarter
Repayments on line of credit	`RepaymentsOfShortTermDebt`	$10.00M	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$439.00K	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$237.00K	USD	1 Quarter
Treasury stock purchased	`PaymentsForRepurchaseOfCommonStock`	$615.00K	USD	1 Quarter
Treasury stock purchased	`PaymentsForRepurchaseOfCommonStock`	$11.39M	USD	1 Quarter
Contingent consideration payments in connection with business combinations	`PaymentForContingentConsiderationLiabilityFinancingActivities`	-	USD	1 Quarter
Contingent consideration payments in connection with business combinations	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$3.86M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.03M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$26.86M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$832.00K	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.00K	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-22.03M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.46M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$67.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$67.34M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$59.83M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.31M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$67.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$67.34M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$59.83M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.31M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	$2.89M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$2.92M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$414.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$1.16M	USD	1 Quarter

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$119.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-587.00K	USD	1 Quarter
Change in foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$1.38M	USD	1 Quarter
Change in foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$3.65M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$3.06M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$1.50M	USD	1 Quarter

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