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Universal Electronics(UEIC) - 2024 Q4 - Annual Results
UEICUniversal Electronics(UEIC)2025-02-20 21:04

Financial Performance - GAAP net sales for Q4 2024 were 110.5million,a13110.5 million, a 13% increase from 97.6 million in Q4 2023[5] - For the full year 2024, GAAP net sales were 394.9million,downfrom394.9 million, down from 420.5 million in 2023[5] - Net sales for Q4 2024 increased to 110,454thousand,up12.5110,454 thousand, up 12.5% from 97,594 thousand in Q4 2023[20] - For the twelve months ended December 31, 2024, net sales were 394,879million,downfrom394,879 million, down from 420,457 million in 2023, representing a decline of 6.1%[25] Income and Loss - Adjusted Non-GAAP net income for Q4 2024 was 2.6million,or2.6 million, or 0.20 per diluted share, compared to a net loss of 0.5million,or0.5 million, or 0.04 per share in Q4 2023[5] - Adjusted Non-GAAP net income for Q4 2024 was 2,624million,asignificantimprovementfromalossof2,624 million, a significant improvement from a loss of (482) million in Q4 2023[27] - The company reported a GAAP net loss of (4,529)millionforQ42024,comparedtoalossof(4,529) million for Q4 2024, compared to a loss of (7,102) million in Q4 2023[27] - Net loss for the year ended December 31, 2024, was 24,029thousand,significantlyreducedfrom24,029 thousand, significantly reduced from 98,238 thousand in 2023[20] Margins and Profitability - GAAP gross margins for the full year 2024 improved to 28.9%, compared to 23.2% in 2023[5] - Adjusted Non-GAAP gross profit for Q4 2024 was 31,356million,upfrom31,356 million, up from 27,870 million in Q4 2023, reflecting a gross margin of 28.4%[25] - Operating loss for the year was 15,297thousand,animprovementfromalossof15,297 thousand, an improvement from a loss of 85,301 thousand in 2023[20] - Operating loss for Q4 2024 was (4,354)million,comparedto(4,354) million, compared to (2,612) million in Q4 2023, indicating a worsening operational performance[25] Cash and Assets - Cash and cash equivalents as of December 31, 2024, were 26.8million[5]−Cashandcashequivalentsdecreasedto26.8 million[5] - Cash and cash equivalents decreased to 26,783 thousand at the end of 2024, down from 42,751thousandattheendof2023[22]−Totalassetsdecreasedto42,751 thousand at the end of 2023[22] - Total assets decreased to 323,354 thousand in 2024, down from 355,872thousandin2023[18]−Totalliabilitiesdecreasedto355,872 thousand in 2023[18] - Total liabilities decreased to 170,249 thousand in 2024, compared to 176,952thousandin2023[18]FutureProjections−ThecompanyexpectsQ12025GAAPnetsalestorangebetween176,952 thousand in 2023[18] Future Projections - The company expects Q1 2025 GAAP net sales to range between 87.0 million and 97.0million,comparedto97.0 million, compared to 91.9 million in Q1 2024[7] - Adjusted Non-GAAP loss per share for Q1 2025 is projected to be between 0.21and0.21 and 0.11, an improvement from a loss of 0.26pershareinQ12024[8]−Thecompanyiscommittedtomaintainingprojectionsfortopandbottom−linegrowthforfull−year2025andbeyond[2]ResearchandDevelopment−Researchanddevelopmentexpensesfortheyearwere0.26 per share in Q1 2024[8] - The company is committed to maintaining projections for top and bottom-line growth for full-year 2025 and beyond[2] Research and Development - Research and development expenses for the year were 29,723 thousand, a decrease from 31,281thousandin2023[20]ShareholderInformation−Thecompanyissued366,557additionalshares,increasingtotalcommonstockto25,712,940sharesin2024[18]ProductDevelopment−ThecompanyshowcasednewproductsatCES2025,focusingonconsumerprivacyandon−deviceAIprocessing,whichreceivedstronginterestfromcustomers[2]CostManagement−UEI′songoingcostinitiativescontributedtosignificantimprovementinbottomlineresultscomparedtotheprioryearquarter[2]−Thecompanyincurred31,281 thousand in 2023[20] Shareholder Information - The company issued 366,557 additional shares, increasing total common stock to 25,712,940 shares in 2024[18] Product Development - The company showcased new products at CES 2025, focusing on consumer privacy and on-device AI processing, which received strong interest from customers[2] Cost Management - UEI's ongoing cost initiatives contributed to significant improvement in bottom line results compared to the prior year quarter[2] - The company incurred 4.5 million in excess manufacturing costs for the twelve months ended December 31, 2024, impacting gross margin by 110 basis points[27] Goodwill Impairment - Goodwill impairment of $49.1 million was recorded in 2023 due to market capitalization being significantly less than the carrying value of equity[29]