0000101984-24-000132 | 10-Q | XBRL Viewer | Universal Electronics INC

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Accrued Compensation - Schedule of Accrued Compensation (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Line Items]
Accrued bonus	$ 1,206,000	$ 2,843,000
Accrued commission	680,000	602,000
Accrued salary/wages	4,705,000	4,085,000
Accrued social insurance	6,775,000	7,082,000
Accrued vacation/holiday	3,351,000	3,252,000
Other accrued compensation	2,153,000	2,441,000
Total accrued compensation	18,870,000	20,305,000
Accrued Salaries and Wages
Accrued Liabilities, Current [Line Items]
Accrued severance	800,000
Accrued Social Insurance
Accrued Liabilities, Current [Line Items]
Accrued severance	$ 25,000	$ 100,000

Cash and Cash Equivalents (Tables)

6 Months Ended

Jun. 30, 2024

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)	June 30, 2024		December 31, 2023
North America	$	1,834	$	8,460
People's Republic of China ("PRC")	8,666		11,102
Asia (excluding the PRC)	2,444		2,427
Europe	4,546		8,145
South America	5,638		12,617
Total cash and cash equivalents	$	23,128	$	42,751

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Raw materials	$	27,571	$	32,794
Components	12,695		11,061
Work in process	4,099		3,827
Finished goods	43,126		40,591
Inventories	$	87,491	$	88,273

Significant Supplier

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


	Three Months Ended June 30,
	2024		2023
	$ (thousands)	% of Total Inventory Purchases	$ (thousands)		% of Total Inventory Purchases
Qorvo International Pte Ltd.	(1)	(1)	$	5,766	12.7	%

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

There were no purchases from suppliers that totaled more than 10% of our total inventory purchases for the six months ended June 30, 2024 and 2023.

There were no trade payable balances from suppliers that totaled more than 10% of our total accounts payable at June 30, 2024 and December 31, 2023.

Leases - Operating Lease Expense, Operating Lease Cash Flows and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Total operating lease expense	$ 1,692	$ 1,821	$ 3,551	$ 3,689
Operating cash outflows from operating leases	1,570	1,746	3,315	3,577
Operating lease right-of-use assets obtained in exchange for lease obligations	9	1,960	9	1,960
Cost of sales
Lessee, Lease, Description [Line Items]
Total operating lease expense	590	712	1,298	1,504
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Total operating lease expense	$ 1,102	$ 1,109	$ 2,253	$ 2,185

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		12,979,876
Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000101984

Basis of Presentation - Narrative (Details)	6 Months Ended
Basis of Presentation - Narrative (Details)	Jun. 30, 2024
Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate	0.00%
Minimum
Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period (in years)	1 year
Maximum
Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period (in years)	3 years

Leases - Lease Balances within the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Operating lease right-of-use assets	$ 15,922	$ 18,693
Liabilities:
Lease liability location within the consolidated balance sheets	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Other accrued liabilities	$ 4,384	$ 4,813
Long-term operating lease obligations	10,386	12,560
Total lease liabilities	$ 14,770	$ 17,373

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Contract liabilities	$ 4,017	$ 2,697
Duties	400	481
Expense associated with fulfilled performance obligations	854	1,092
Freight and handling fees	1,981	1,998
Interest	332	438
Operating lease obligations	4,384	4,813
Product warranty claims costs	522	522
Professional fees	1,699	1,558
Sales and value added taxes	1,779	4,194
Other	4,054	3,388
Total other accrued liabilities	20,022	21,181
Accrued property, plant and equipment purchases	$ 600	$ 200

Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024								December 31, 2023
	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	$	—	$	10	$	—	$	10	$	—	$	(83)	$	—	$	(83)

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
June 30, 2024	USD/Chinese Yuan Renminbi	CNY	$	18.0	7.2395	$	(134)	July 12, 2024
June 30, 2024	USD/Euro	USD	$	9.0	1.0890	$	144	July 12, 2024
December 31, 2023	USD/Chinese Yuan Renminbi	CNY	$	20.0	7.1181	$	(18)	January 5, 2024
December 31, 2023	USD/Euro	USD	$	22.0	1.1009	$	(65)	January 5, 2024

(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

Commitments and Contingencies - Narrative (Details) ¥ in Millions								1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 08, 2024 USD ($)	Feb. 08, 2024 CNY (¥)	Jan. 23, 2024 CNY (¥)	May 10, 2021 patent customer	Apr. 08, 2021 patent	Apr. 09, 2020 patent	Sep. 05, 2018 patent	Dec. 31, 2022 patent	Jun. 30, 2024 USD ($) inter_partes_review	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) patent inter_partes_review	Jun. 30, 2023 USD ($)
Contingencies [Line Items]
Restructuring charges									$ 1,555,000	$ 0	$ 2,619,000	$ 0
Total costs incurred inception to date									6,634,000		6,634,000
Expected cost remaining									$ 277,000		$ 277,000
Number of IPR requests denied \| inter_partes_review									14		14
Number of IPR requests granted \| inter_partes_review									12		12
Number of patents subject to inter partes review (IPR) \| patent											2
Number of customers with filed complaint \| customer				2
Loss contingency, damages sought, value	$ 4,800,000	¥ 35	¥ 35
Asia
Contingencies [Line Items]
Total costs incurred inception to date									$ 4,200,000		$ 4,200,000
Mexico
Contingencies [Line Items]
Expected restructuring costs									2,700,000		2,700,000
Expected cost remaining									300,000		300,000
Severance Expense
Contingencies [Line Items]
Restructuring charges											1,481,000
Total costs incurred inception to date									4,906,000		4,906,000
Expected cost remaining									0		0
Severance Expense \| Asia
Contingencies [Line Items]
Restructuring charges									0		100,000
Severance Expense \| Mexico
Contingencies [Line Items]
Restructuring charges									900,000		1,400,000
Other Exit Expense
Contingencies [Line Items]
Restructuring charges											1,138,000
Total costs incurred inception to date									1,728,000		1,728,000
Expected cost remaining									277,000		277,000
Other Exit Expense \| Asia
Contingencies [Line Items]
Restructuring charges									0		100,000
Other Exit Expense \| Mexico
Contingencies [Line Items]
Restructuring charges									$ 600,000		$ 1,000,000
Roku Lawsuit
Contingencies [Line Items]
Number of patents allegedly infringed upon \| inter_partes_review											2
Pending litigation \| Roku Lawsuit
Contingencies [Line Items]
Number of patents allegedly infringed upon \| patent							9
Number of patent families \| patent							4
Pending litigation \| Roku, TCL, Hisense, and Funai Patent Infringement - ITC Matter
Contingencies [Line Items]
Number of patents allegedly infringed upon \| patent						5
Pending litigation \| TLC Hisense and Funai - ITC Matter
Contingencies [Line Items]
Number of patents allegedly infringed upon \| patent						6
Pending litigation \| Roku- ITC Matter
Contingencies [Line Items]
Number of patents allegedly infringed upon \| patent					2			2
Number of patents not infringed \| patent				1

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

During the six months ended June 30, 2023, a decline in our financial performance, overall negative trend in the video service provider channel and an uncertain economic environment contributed to a significant decline in our market capitalization. We considered this to be an impairment trigger. We, therefore, performed a quantitative valuation analysis under an income approach to estimate our reporting unit's fair value. The income approach used projections of estimated operating results and cash flows that were discounted using a discount rate based on the weighted-average cost of capital. The main assumptions supporting the cash flow projections include, but are not limited to, revenue growth, margins, discount rate, and terminal growth rate. The financial projections reflect our best estimate of economic and market conditions over the projected period, including forecasted revenue growth, margins, capital expenditures, depreciation and amortization. In addition to our valuation analysis under an income approach, we also considered the implied control premium compared to our market capitalization. We determined that the implied control premium over our market capitalization to be substantial, therefore, we recorded an impairment charge of $49.1 million during the six months ended June 30, 2023.

Intangible Assets, Net

The components of intangible assets, net were as follows:


	June 30, 2024						December 31, 2023
(In thousands)	Gross (1)		Accumulated Amortization (1)		Net		Gross (1)		Accumulated Amortization (1)		Net
Capitalized software development costs	$	2,426	$	(701)	$	1,725	$	2,161	$	(421)	$	1,740
Customer relationships	6,340		(4,165)		2,175		6,340		(3,803)		2,537
Developed and core technology	740		(350)		390		4,220		(3,754)		466

Patents	34,540		(13,697)		20,843		33,195		(12,686)		20,509
Trademarks and trade names	450		(383)		67		450		(353)		97
Total intangible assets, net	$	44,496	$	(19,296)	$	25,200	$	46,366	$	(21,017)	$	25,349

(1)This table excludes the gross value of fully amortized intangible assets totaling $48.8 million and $45.0 million at June 30, 2024 and December 31, 2023, 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of sales	$	140	$	148	$	281	$	156
Selling, general and administrative expenses	1,080		1,107		2,176		2,163
Total amortization expense	$	1,220	$	1,255	$	2,457	$	2,319

Estimated future annual amortization expense related to our intangible assets at June 30, 2024, was as follows:


(In thousands)
2024 (remaining 6 months)	$	2,696
2025	4,884
2026	4,264
2027	3,337
2028	2,708
Thereafter	7,311
Total	$	25,200

Stock-Based Compensation - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense	$ 1.7
Unrecognized pre-tax stock-based compensation expense, remaining weighted-average life (in years)	1 year 4 months 24 days
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense	$ 6.9
Unrecognized pre-tax stock-based compensation expense, remaining weighted-average life (in years)	2 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized pre-tax stock-based compensation expense	$ 0.5
Unrecognized pre-tax stock-based compensation expense, remaining weighted-average life (in years)	2 years 3 months 18 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

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recorded income tax expense of $2.8 million and income tax benefit of $0.5 million for the three months ended June 30, 2024 and 2023, respectively. We recorded income tax expense of $3.5 million and $0.1 million for the six months ended June 30, 2024 and 2023, respectively. The income tax expense recorded for the six months ended June 30, 2024 and June 30, 2023 is primarily attributable to the mix of pre-tax income among jurisdictions, including losses not benefited as a result of a valuation allowance. The difference between the Company's effective tax rate and the 21.0% U.S. federal statutory rate for the three months ended June 30, 2024 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, 2023, 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, 2023, we had a three-year cumulative operating loss for our U.S. operations and, accordingly, have provided a full valuation allowance on our U.S. federal and state deferred tax assets. During the three months ended June 30, 2024, there was no change to our U.S. valuation allowance position. At June 30, 2024, we had gross unrecognized tax benefits of $3.4 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 June 30, 2024 and December 31, 2023 and are included in the unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

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+ Details

Revenue and Accounts Receivable, Net

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Revenue and Accounts Receivable, Net

Revenue Details

The pattern of revenue recognition was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
Goods and services transferred at a point in time	$	75,982	$	79,372	$	150,386	$	166,053
Goods and services transferred over time	14,470		28,019		31,966		49,715
Net sales	$	90,452	$	107,391	$	182,352	$	215,768

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
United States	$	18,910	$	33,133	$	45,622	$	66,562
Asia (excluding PRC)	18,224		19,302		37,108		46,402
Europe	20,715		22,043		38,254		46,069
People's Republic of China	17,412		17,904		31,813		30,032
Latin America	9,483		9,232		17,724		16,180
Other	5,708		5,777		11,831		10,523
Total net sales	$	90,452	$	107,391	$	182,352	$	215,768

Specific identification of the customer billing location was the basis used for attributing revenues from external customers to geographic areas.

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


	Three Months Ended June 30,
	2024				2023
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Daikin Industries Ltd.	$	12,930	14.3	%	$	13,540	12.6	%
Sony Corporation	$	9,577	10.6	%	(1)		(1)

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


	Six Months Ended June 30,
	2024				2023
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Daikin Industries Ltd.	$	25,039	13.7	%	$	33,207	15.4	%
Comcast Corporation	(1)		(1)		$	24,416	11.3	%

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

Accounts Receivable, Net

Accounts receivable, net were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Trade receivables, gross	$	94,202	$	106,182
Allowance for credit losses	(799)		(815)
Allowance for sales returns	(294)		(532)
Trade receivables, net	93,109		104,835
Other (1)	5,691		7,761
Accounts receivable, net	$	98,800	$	112,596

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

Allowance for Credit Losses

Changes in the allowance for credit losses were as follows:


(In thousands)	Six Months Ended June 30,
	2024		2023
Balance at beginning of period	$	815	$	957
Additions (reductions) to costs and expenses	—		3

Write-offs/Foreign exchange effects	(16)		(196)
Balance at end of period	$	799	$	764

There were no significant customers that totaled more than 10% of our accounts receivable at June 30, 2024 or December 31, 2023.

Contract Liabilities

We have current and non-current contract liability balances primarily relating to our firmware update provisioning and digital rights management validation services. Contract liabilities are included within other accrued liabilities in our consolidated balance sheets.

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


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance at beginning of period	$	4,384	$	2,702	$	3,501	$	1,931

Payments received	1,626		1,765		3,463		3,452
Revenue recognized	(1,287)		(1,536)		(2,225)		(2,452)
Foreign exchange effects	(6)		—		(22)		—
Balance at end of period	$	4,717	$	2,931	$	4,717	$	2,931

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (loss) per share was calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per-share amounts)	2024		2023		2024		2023
BASIC
Net income (loss)	$	(8,193)	$	(10,411)	$	(16,842)	$	(71,774)
Weighted-average common shares outstanding	12,917		12,860		12,909		12,804
Basic earnings (loss) per share	$	(0.63)	$	(0.81)	$	(1.30)	$	(5.61)

DILUTED
Net income (loss)	$	(8,193)	$	(10,411)	$	(16,842)	$	(71,774)
Weighted-average common shares outstanding for basic	12,917		12,860		12,909		12,804
Dilutive effect of stock options, restricted stock and performance stock	—		—		—		—
Weighted-average common shares outstanding on a diluted basis	12,917		12,860		12,909		12,804
Diluted earnings (loss) per share	$	(0.63)	$	(0.81)	$	(1.30)	$	(5.61)

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 June 30,		Six Months Ended June 30,
(In thousands)	2024	2023	2024	2023
Stock options	779	925	813	875
Restricted stock awards	452	380	473	375
Performance stock awards	116	—	93	—

Goodwill and Intangible Assets, Net - Amortization Expense by Income Statement Caption (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 44,496	$ 46,366
Accumulated Amortization	(19,296)	(21,017)
Total	25,200	25,349
Gross value of fully amortized intangible assets	48,800	45,000
Capitalized software development costs
Finite-Lived Intangible Assets, Net [Abstract]
Gross	2,426	2,161
Accumulated Amortization	(701)	(421)
Total	1,725	1,740
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross	6,340	6,340
Accumulated Amortization	(4,165)	(3,803)
Total	2,175	2,537
Developed and core technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross	740	4,220
Accumulated Amortization	(350)	(3,754)
Total	390	466
Patents
Finite-Lived Intangible Assets, Net [Abstract]
Gross	34,540	33,195
Accumulated Amortization	(13,697)	(12,686)
Total	20,843	20,509
Trademarks and trade names
Finite-Lived Intangible Assets, Net [Abstract]
Gross	450	450
Accumulated Amortization	(383)	(353)
Total	$ 67	$ 97

Other Income (Expense), Net (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other Income (Expense), Net

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
Net gain (loss) on foreign currency exchange contracts (1)	$	(195)	$	(2,613)	$	(215)	$	(2,807)
Net gain (loss) on foreign currency exchange transactions	(159)		1,868		(243)		1,630
Other income (expense)	265		43		289		261
Other income (expense), net	$	(89)	$	(702)	$	(169)	$	(916)

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

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,808	$ (520)	$ 3,547	$ 130
Unrecognized tax benefits that would impact effective rate	$ 3,400		$ 3,400

- Definition

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

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+ Details

CONSOLIDATED COMPREHENSIVE INCOME (LOSS) STATEMENTS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (8,193)	$ (10,411)	$ (16,842)	$ (71,774)
Other comprehensive income (loss):
Change in foreign currency translation adjustment	(2,902)	(3,117)	(4,493)	(1,201)
Comprehensive income (loss)	$ (11,095)	$ (13,528)	$ (21,335)	$ (72,975)

- 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.

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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
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Intangible Assets, Net

The components of intangible assets, net were as follows:


	June 30, 2024						December 31, 2023
(In thousands)	Gross (1)		Accumulated Amortization (1)		Net		Gross (1)		Accumulated Amortization (1)		Net
Capitalized software development costs	$	2,426	$	(701)	$	1,725	$	2,161	$	(421)	$	1,740
Customer relationships	6,340		(4,165)		2,175		6,340		(3,803)		2,537
Developed and core technology	740		(350)		390		4,220		(3,754)		466

Patents	34,540		(13,697)		20,843		33,195		(12,686)		20,509
Trademarks and trade names	450		(383)		67		450		(353)		97
Total intangible assets, net	$	44,496	$	(19,296)	$	25,200	$	46,366	$	(21,017)	$	25,349

(1)This table excludes the gross value of fully amortized intangible assets totaling $48.8 million and $45.0 million at June 30, 2024 and December 31, 2023, respectively.

Finite-lived Intangible Assets Amortization Expense

Amortization expense by statement of operations caption was as follows:


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of sales	$	140	$	148	$	281	$	156
Selling, general and administrative expenses	1,080		1,107		2,176		2,163
Total amortization expense	$	1,220	$	1,255	$	2,457	$	2,319

Estimated Future Amortization Expense Related to Intangible Assets

Estimated future annual amortization expense related to our intangible assets at June 30, 2024, was as follows:


(In thousands)
2024 (remaining 6 months)	$	2,696
2025	4,884
2026	4,264
2027	3,337
2028	2,708
Thereafter	7,311
Total	$	25,200

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Calculation of Earnings Per Share

Earnings (loss) per share was calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per-share amounts)	2024		2023		2024		2023
BASIC
Net income (loss)	$	(8,193)	$	(10,411)	$	(16,842)	$	(71,774)
Weighted-average common shares outstanding	12,917		12,860		12,909		12,804
Basic earnings (loss) per share	$	(0.63)	$	(0.81)	$	(1.30)	$	(5.61)

DILUTED
Net income (loss)	$	(8,193)	$	(10,411)	$	(16,842)	$	(71,774)
Weighted-average common shares outstanding for basic	12,917		12,860		12,909		12,804
Dilutive effect of stock options, restricted stock and performance stock	—		—		—		—
Weighted-average common shares outstanding on a diluted basis	12,917		12,860		12,909		12,804
Diluted earnings (loss) per share	$	(0.63)	$	(0.81)	$	(1.30)	$	(5.61)

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


	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2024	2023	2024	2023
Stock options	779	925	813	875
Restricted stock awards	452	380	473	375
Performance stock awards	116	—	93	—

Other Income (Expense), Net - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Net gain (loss) on foreign currency exchange contracts	$ (195)	$ (2,613)	$ (215)	$ (2,807)
Net gain (loss) on foreign currency exchange transactions	(159)	1,868	(243)	1,630
Other income (expense)	265	43	289	261
Other income (expense), net	$ (89)	$ (702)	$ (169)	$ (916)

Revenue and Accounts Receivable, Net - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Allowance for Doubtful Accounts
Balance at beginning of period	$ 815	$ 957
Additions (reductions) to costs and expenses	0	3
Write-offs/Foreign exchange effects	(16)	(196)
Balance at end of period	$ 799	$ 764

Stock-Based Compensation - Non-Vested Restricted Stock and Performance Stock Award Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted stock awards
Shares
Non-vested at beginning of period (in shares) \| shares	486
Granted (in shares) \| shares	322
Vested (in shares) \| shares	(220)
Forfeited (in shares) \| shares	(17)
Non-vested at end of period (in shares) \| shares	571
Weighted-Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 21.66
Granted (in dollars per share) \| $ / shares	10.38
Vested (in dollars per share) \| $ / shares	25.60
Forfeited (in dollars per share) \| $ / shares	17.23
Non-vested at end of period (in dollars per share) \| $ / shares	$ 13.92
Performance Shares
Shares
Non-vested at beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	116
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Non-vested at end of period (in shares) \| shares	116
Weighted-Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	4.72
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Non-vested at end of period (in dollars per share) \| $ / shares	$ 4.72

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
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 impairment and restructuring charges, as described in notes 6 and 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 and six months ended June 30, 2024 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, 2023. Estimates and Assumptions The preparation of financial statements in conformity with 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, intangible assets and goodwill; 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 With the exception of the following policy, our significant accounting policies are unchanged from those disclosed in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. Stock-Based Compensation We recognize the grant date fair value of stock-based compensation awards as expense in proportion to vesting during the derived service period, which ranges from one to three years. Forfeitures of stock-based awards are accounted for as they occur. Upon the exercise of stock options, the vesting of restricted stock awards or the vesting of performance stock awards, newly issued shares of our common stock are issued. Our stock-based compensation awards are made at the discretion of the Compensation Committee and are not timed or coordinated with the release of material, non-public information. We determine the fair value of restricted stock awards with a service condition utilizing the average of the high and low trading prices of our common shares on the date they were granted. The fair value of performance stock awards with a market condition is determined utilizing a Monte Carlo simulation model as of the grant date. The assumptions utilized in a Monte Carlo simulation model include the risk-free interest rate, expected volatility, term of the award and dividend yield. The risk-free interest rate over the expected term is equal to the prevailing U.S. Treasury note rate over the same period. Expected volatility is determined utilizing historical volatility. The dividend yield is assumed to be zero since we have not historically declared dividends and do not have any plans to declare dividends in the future. The fair value of stock options granted to employees and directors is determined utilizing the Black-Scholes option pricing model. The assumptions utilized in the Black-Scholes model include the risk-free interest rate, expected volatility, expected life in years and dividend yield. The risk-free interest rate over the expected term is equal to the prevailing U.S. Treasury note rate over the same period. Expected volatility is determined utilizing historical volatility over a period of time equal to the expected life of the stock option. Expected life is computed utilizing historical exercise patterns and post-vesting behavior. The dividend yield is assumed to be zero since we have not historically declared dividends and do not have any plans to declare dividends in the future. See Note 14 for further information concerning stock-based compensation. Recently Adopted Accounting Pronouncements None. Recent Accounting Updates Not Yet Effective In November 2023, the FASB issued ASU 2023-07, "Segment Reporting – Improvements to Reportable Segments Disclosures." The guidance enhances disclosures of significant segment expenses by requiring the disclosure of significant segment expenses regularly provided to the chief operating decision maker, extends certain annual disclosures to interim periods, and permits more than one measure of segment profit or loss to be reported under certain conditions. All disclosure requirements are also required for companies with a single reportable segment. The guidance is effective in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the guidance is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company expects this ASU to only impact our disclosures, with no impact to our consolidated balance sheets, statements of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, "Income Taxes - Improvements to Tax Disclosures." The guidance expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the guidance and its impact to the financial statements and related 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.

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0	$ 49,075

Other Accrued Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Other Accrued Liabilities

Accrued Compensation

The components of accrued compensation were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Accrued bonus	$	1,206	$	2,843
Accrued commission	680		602
Accrued salary/wages (1)	4,705		4,085
Accrued social insurance (2)(3)	6,775		7,082
Accrued vacation/holiday	3,351		3,252
Other accrued compensation	2,153		2,441
Total accrued compensation	$	18,870	$	20,305

(1)Includes $0.8 million of accrued severance expenses at June 30, 2024 related to our Mexico manufacturing footprint optimization efforts. See Note 12 for further information related to our restructuring activities.

(2)Includes $25 thousand and $0.1 million of accrued severance expenses at June 30, 2024 and December 31, 2023, respectively, related to our Asia manufacturing footprint optimization efforts. See Note 12 for further information related to our restructuring activities.

(3)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 June 30, 2024 and December 31, 2023.

Other Accrued Liabilities

The components of other accrued liabilities were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Contract liabilities	$	4,017	$	2,697
Duties	400		481
Expense associated with fulfilled performance obligations	854		1,092
Freight and handling fees	1,981		1,998
Interest	332		438
Operating lease obligations	4,384		4,813
Product warranty claims costs	522		522
Professional fees	1,699		1,558
Sales and value added taxes	1,779		4,194

Other (1)	4,054		3,388
Total other accrued liabilities	$	20,022	$	21,181

(1)Includes $0.6 million and $0.2 million at June 30, 2024 and December 31, 2023, respectively, associated with the purchase of property, plant and equipment.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 90,452	$ 107,391	$ 182,352	$ 215,768
Cost of sales	64,500	82,774	130,412	166,458
Gross profit	25,952	24,617	51,940	49,310
Research and development expenses	7,520	8,484	15,341	16,844
Selling, general and administrative expenses	21,330	25,265	45,341	52,047
Factory restructuring charges	1,555	0	2,619	0
Goodwill impairment	0	0	0	49,075
Operating income (loss)	(4,453)	(9,132)	(11,361)	(68,656)
Interest income (expense), net	(843)	(1,097)	(1,765)	(2,072)
Other income (expense), net	(89)	(702)	(169)	(916)
Income (loss) before provision for income taxes	(5,385)	(10,931)	(13,295)	(71,644)
Provision for (benefit from) income taxes	2,808	(520)	3,547	130
Net income (loss)	$ (8,193)	$ (10,411)	$ (16,842)	$ (71,774)
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.63)	$ (0.81)	$ (1.30)	$ (5.61)
Diluted (in dollars per share)	$ (0.63)	$ (0.81)	$ (1.30)	$ (5.61)
Shares used in computing earnings (loss) per share:
Basic (in shares)	12,917	12,860	12,909	12,804
Diluted (in shares)	12,917	12,860	12,909	12,804

Other Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Components of Other Accrued Liabilities

The components of accrued compensation were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Accrued bonus	$	1,206	$	2,843
Accrued commission	680		602
Accrued salary/wages (1)	4,705		4,085
Accrued social insurance (2)(3)	6,775		7,082
Accrued vacation/holiday	3,351		3,252
Other accrued compensation	2,153		2,441
Total accrued compensation	$	18,870	$	20,305

The components of other accrued liabilities were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Contract liabilities	$	4,017	$	2,697
Duties	400		481
Expense associated with fulfilled performance obligations	854		1,092
Freight and handling fees	1,981		1,998
Interest	332		438
Operating lease obligations	4,384		4,813
Product warranty claims costs	522		522
Professional fees	1,699		1,558
Sales and value added taxes	1,779		4,194

Other (1)	4,054		3,388
Total other accrued liabilities	$	20,022	$	21,181

(1)Includes $0.6 million and $0.2 million at June 30, 2024 and December 31, 2023, respectively, associated with the purchase of property, plant and equipment.

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

We have entered into various operating lease agreements for automobiles, offices and manufacturing facilities throughout the world. At June 30, 2024, our operating leases had remaining lease terms of up to 36 years, including any reasonably probable extensions.

Lease balances within our consolidated balance sheet were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Assets:
Operating lease right-of-use assets	$	15,922	$	18,693
Liabilities:
Other accrued liabilities	$	4,384	$	4,813
Long-term operating lease obligations	10,386		12,560
Total lease liabilities	$	14,770	$	17,373

Operating lease expense, including variable and short-term lease costs which were insignificant to the total, operating lease cash

flows and supplemental cash flow information were as follows:


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of sales	$	590	$	712	$	1,298	$	1,504
Selling, general and administrative expenses	1,102		1,109		2,253		2,185
Total operating lease expense	$	1,692	$	1,821	$	3,551	$	3,689
Operating cash outflows from operating leases	$	1,570	$	1,746	3,315		3,577
Operating lease right-of-use assets obtained in exchange for lease obligations	$	9	$	1,960	$	9	$	1,960

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


	June 30, 2024		December 31, 2023
Weighted average lease liability term (in years)	4.8		4.9
Weighted average discount rate	5.09	%	5.04	%

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 sheet at June 30, 2024. The reconciliation excludes short-term leases that are not recorded on the balance sheet.


(In thousands)	June 30, 2024
2024 (remaining 6 months)	$	2,680
2025	4,412
2026	3,413
2027	2,668
2028	1,215
Thereafter	2,422
Total lease payments	16,810
Less: imputed interest	(2,040)
Total lease liabilities	$	14,770

At June 30, 2024, we did not have any operating leases that had not yet commenced.

Accrued Compensation

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Compensation

The components of accrued compensation were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Accrued bonus	$	1,206	$	2,843
Accrued commission	680		602
Accrued salary/wages (1)	4,705		4,085
Accrued social insurance (2)(3)	6,775		7,082
Accrued vacation/holiday	3,351		3,252
Other accrued compensation	2,153		2,441
Total accrued compensation	$	18,870	$	20,305

Other Accrued Liabilities

The components of other accrued liabilities were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Contract liabilities	$	4,017	$	2,697
Duties	400		481
Expense associated with fulfilled performance obligations	854		1,092
Freight and handling fees	1,981		1,998
Interest	332		438
Operating lease obligations	4,384		4,813
Product warranty claims costs	522		522
Professional fees	1,699		1,558
Sales and value added taxes	1,779		4,194

Other (1)	4,054		3,388
Total other accrued liabilities	$	20,022	$	21,181

(1)Includes $0.6 million and $0.2 million at June 30, 2024 and December 31, 2023, respectively, associated with the purchase of property, plant and equipment.

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Raw materials	$	27,571	$	32,794
Components	12,695		11,061
Work in process	4,099		3,827
Finished goods	43,126		40,591
Inventories	$	87,491	$	88,273

Summary of Purchases from Significant Suppliers

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


	Three Months Ended June 30,
	2024		2023
	$ (thousands)	% of Total Inventory Purchases	$ (thousands)		% of Total Inventory Purchases
Qorvo International Pte Ltd.	(1)	(1)	$	5,766	12.7	%

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

Earnings (Loss) Per Share - Securities Excluded from the Computation of Diluted Earnings (Loss) Per Common Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in computation of diluted earning per share (in shares)	779	925	813	875
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)	452	380	473	375
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	0	93	0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (8,193)	$ (8,649)	$ (10,411)	$ (61,363)	$ (16,842)	$ (71,774)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Long-lived Tangible Assets - Long-lived Tangible Assets by Geographic Area (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 55,181	$ 63,312
United States
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	11,307	13,245
People's Republic of China
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	24,450	26,679
Mexico
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	7,481	9,227
Vietnam
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	8,702	10,089
All other countries
Long-lived Assets from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 3,241	$ 4,072

Cash and Cash Equivalents - Summary of Geographic Area (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 23,128	$ 42,751
North America
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	1,834	8,460
People's Republic of China ("PRC")
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	8,666	11,102
Asia (excluding the PRC)
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	2,444	2,427
Europe
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	4,546	8,145
South America
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 5,638	$ 12,617

Treasury Stock (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Repurchased Shares of Common Stock

Repurchased shares of our common stock were as follows:


	Six Months Ended June 30,
(In thousands)	2024		2023
Open market shares repurchased	122		—
Stock-based compensation related shares repurchased	73		58
Total shares repurchased	195		58

Cost of open market shares repurchased	$	1,109	$	—
Cost of stock-based compensation related shares repurchased	732		855
Total cost of shares repurchased	$	1,841	$	855

Inventories - Purchases from Significant Suppliers (Details) - Qorvo International Pte Ltd. - Supplier concentration risk - Inventory purchases $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Concentration Risk [Line Items]
Purchases from significant supplier	$ 5,766
Concentration risk, percentage	12.70%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

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	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	$ 10	$ (83)
Level 1
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	0	0
Level 2
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	10	(83)
Level 3
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts	$ 0	$ 0

Revenue and Accounts Receivable, Net - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Contract With Customer, Liability [Roll Forward]
Balance at beginning of period	$ 4,384	$ 2,702	$ 3,501	$ 1,931
Payments received	1,626	1,765	3,463	3,452
Revenue recognized	(1,287)	(1,536)	(2,225)	(2,452)
Foreign exchange effects	(6)	0	(22)	0
Balance at end of period	$ 4,717	$ 2,931	$ 4,717	$ 2,931

Earnings (Loss) Per Share - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
BASIC
Net income (loss)	$ (8,193)	$ (8,649)	$ (10,411)	$ (61,363)	$ (16,842)	$ (71,774)
Weighted-average common shares outstanding, basic (in shares)	12,917		12,860		12,909	12,804
Basic earnings (loss) per share (in dollars per share)	$ (0.63)		$ (0.81)		$ (1.30)	$ (5.61)
DILUTED
Net income (loss)	$ (8,193)	$ (8,649)	$ (10,411)	$ (61,363)	$ (16,842)	$ (71,774)
Weighted-average common shares outstanding, basic (in shares)	12,917		12,860		12,909	12,804
Dilutive effect of stock options, restricted stock and performance stock (in shares)	0		0		0	0
Weighted-average common shares outstanding on a diluted basis (in shares)	12,917		12,860		12,909	12,804
Diluted earnings (loss) per share (in dollars per share)	$ (0.63)		$ (0.81)		$ (1.30)	$ (5.61)

- 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

Revenue and Accounts Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Pattern of Revenue Recognition

The pattern of revenue recognition was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
Goods and services transferred at a point in time	$	75,982	$	79,372	$	150,386	$	166,053
Goods and services transferred over time	14,470		28,019		31,966		49,715
Net sales	$	90,452	$	107,391	$	182,352	$	215,768

Revenue from External Customers by Geographic Areas

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
United States	$	18,910	$	33,133	$	45,622	$	66,562
Asia (excluding PRC)	18,224		19,302		37,108		46,402
Europe	20,715		22,043		38,254		46,069
People's Republic of China	17,412		17,904		31,813		30,032
Latin America	9,483		9,232		17,724		16,180
Other	5,708		5,777		11,831		10,523
Total net sales	$	90,452	$	107,391	$	182,352	$	215,768

Net Sales to Significant Customers

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


	Three Months Ended June 30,
	2024				2023
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Daikin Industries Ltd.	$	12,930	14.3	%	$	13,540	12.6	%
Sony Corporation	$	9,577	10.6	%	(1)		(1)

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


	Six Months Ended June 30,
	2024				2023
	$ (thousands)		% of Net Sales		$ (thousands)		% of Net Sales
Daikin Industries Ltd.	$	25,039	13.7	%	$	33,207	15.4	%
Comcast Corporation	(1)		(1)		$	24,416	11.3	%

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

Accounts Receivable, Net and Changes in the Allowance for Doubtful Accounts

Accounts receivable, net were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Trade receivables, gross	$	94,202	$	106,182
Allowance for credit losses	(799)		(815)
Allowance for sales returns	(294)		(532)
Trade receivables, net	93,109		104,835
Other (1)	5,691		7,761
Accounts receivable, net	$	98,800	$	112,596

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

Changes in the allowance for credit losses were as follows:


(In thousands)	Six Months Ended June 30,
	2024		2023
Balance at beginning of period	$	815	$	957
Additions (reductions) to costs and expenses	—		3

Write-offs/Foreign exchange effects	(16)		(196)
Balance at end of period	$	799	$	764

Contract with Customer, Contract Asset, Contract Liability, and Receivable

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


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance at beginning of period	$	4,384	$	2,702	$	3,501	$	1,931

Payments received	1,626		1,765		3,463		3,452
Revenue recognized	(1,287)		(1,536)		(2,225)		(2,452)
Foreign exchange effects	(6)		—		(22)		—
Balance at end of period	$	4,717	$	2,931	$	4,717	$	2,931

Line of Credit (Details) - USD ($)	3 Months Ended		6 Months Ended
Line of Credit (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 18, 2024	Mar. 13, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Remaining borrowing capacity	$ 12,100,000		$ 12,100,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
Amount outstanding under line of credit	41,000,000		$ 41,000,000				$ 55,000,000
Interest expense on borrowings	$ 1,100,000	$ 1,500,000	$ 2,400,000	$ 2,900,000
Line of credit \| US Bank
Line of Credit Facility [Line Items]
Basis spread on variable rate			3.00%
Line of credit facility, commitment fee percentage			0.25%
Effective interest rate	8.31%		8.31%				8.06%
Line of credit \| Second Amended Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 100,000,000.0
Remaining borrowing capacity	$ 53,100,000		$ 53,100,000
Line of credit \| Second Amended Credit Agreement \| Subsequent Event
Line of Credit Facility [Line Items]
Remaining borrowing capacity					$ 61,300,000
Letter of credit
Line of Credit Facility [Line Items]
Letter of credit outstanding amount	$ 0		$ 0				$ 0

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Lease Balances within the Consolidated Balance Sheet

Lease balances within our consolidated balance sheet were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Assets:
Operating lease right-of-use assets	$	15,922	$	18,693
Liabilities:
Other accrued liabilities	$	4,384	$	4,813
Long-term operating lease obligations	10,386		12,560
Total lease liabilities	$	14,770	$	17,373

Operating Lease Expense, Operating Lease Cash Flows and Supplemental Cash Flow Information

Operating lease expense, including variable and short-term lease costs which were insignificant to the total, operating lease cash

flows and supplemental cash flow information were as follows:


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of sales	$	590	$	712	$	1,298	$	1,504
Selling, general and administrative expenses	1,102		1,109		2,253		2,185
Total operating lease expense	$	1,692	$	1,821	$	3,551	$	3,689
Operating cash outflows from operating leases	$	1,570	$	1,746	3,315		3,577
Operating lease right-of-use assets obtained in exchange for lease obligations	$	9	$	1,960	$	9	$	1,960

Lease Terms and Discount Rates

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


	June 30, 2024		December 31, 2023
Weighted average lease liability term (in years)	4.8		4.9
Weighted average discount rate	5.09	%	5.04	%

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


(In thousands)	June 30, 2024
2024 (remaining 6 months)	$	2,680
2025	4,412
2026	3,413
2027	2,668
2028	1,215
Thereafter	2,422
Total lease payments	16,810
Less: imputed interest	(2,040)
Total lease liabilities	$	14,770

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
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 impairment and restructuring charges, as described in notes 6 and 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 with 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, intangible assets and goodwill; 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.
Stock-Based Compensation	Stock-Based Compensation We recognize the grant date fair value of stock-based compensation awards as expense in proportion to vesting during the derived service period, which ranges from one to three years. Forfeitures of stock-based awards are accounted for as they occur. Upon the exercise of stock options, the vesting of restricted stock awards or the vesting of performance stock awards, newly issued shares of our common stock are issued. Our stock-based compensation awards are made at the discretion of the Compensation Committee and are not timed or coordinated with the release of material, non-public information. We determine the fair value of restricted stock awards with a service condition utilizing the average of the high and low trading prices of our common shares on the date they were granted. The fair value of performance stock awards with a market condition is determined utilizing a Monte Carlo simulation model as of the grant date. The assumptions utilized in a Monte Carlo simulation model include the risk-free interest rate, expected volatility, term of the award and dividend yield. The risk-free interest rate over the expected term is equal to the prevailing U.S. Treasury note rate over the same period. Expected volatility is determined utilizing historical volatility. The dividend yield is assumed to be zero since we have not historically declared dividends and do not have any plans to declare dividends in the future. The fair value of stock options granted to employees and directors is determined utilizing the Black-Scholes option pricing model. The assumptions utilized in the Black-Scholes model include the risk-free interest rate, expected volatility, expected life in years and dividend yield. The risk-free interest rate over the expected term is equal to the prevailing U.S. Treasury note rate over the same period. Expected volatility is determined utilizing historical volatility over a period of time equal to the expected life of the stock option. Expected life is computed utilizing historical exercise patterns and post-vesting behavior. The dividend yield is assumed to be zero since we have not historically declared dividends and do not have any plans to declare dividends in the future.
Recently Adopted Accounting Pronouncements and Recent Accounting Updates Not Yet Effective	Recently Adopted Accounting Pronouncements None. Recent Accounting Updates Not Yet Effective In November 2023, the FASB issued ASU 2023-07, "Segment Reporting – Improvements to Reportable Segments Disclosures." The guidance enhances disclosures of significant segment expenses by requiring the disclosure of significant segment expenses regularly provided to the chief operating decision maker, extends certain annual disclosures to interim periods, and permits more than one measure of segment profit or loss to be reported under certain conditions. All disclosure requirements are also required for companies with a single reportable segment. The guidance is effective in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the guidance is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company expects this ASU to only impact our disclosures, with no impact to our consolidated balance sheets, statements of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, "Income Taxes - Improvements to Tax Disclosures." The guidance expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the guidance and its impact to the financial statements and related 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.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

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+ Details

Other Income (Expense), Net

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other Income (Expense), Net

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
Net gain (loss) on foreign currency exchange contracts (1)	$	(195)	$	(2,613)	$	(215)	$	(2,807)
Net gain (loss) on foreign currency exchange transactions	(159)		1,868		(243)		1,630
Other income (expense)	265		43		289		261
Other income (expense), net	$	(89)	$	(702)	$	(169)	$	(916)

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

Derivatives - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments,Gain (Loss) [Line Items]
Net gain (loss) on foreign currency exchange contracts	$ (195)	$ (2,613)	$ (215)	$ (2,807)
Not designated as hedging instrument \| Foreign currency exchange contracts
Derivative Instruments,Gain (Loss) [Line Items]
Net gain (loss) on foreign currency exchange contracts	$ (200)	$ (2,600)	$ (200)	$ (2,800)

Derivatives - Foreign Currency Exchange Contracts (Details) - Not designated as hedging instrument $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / ¥ $ / €	Dec. 31, 2023 USD ($) $ / ¥ $ / €
USD/Chinese Yuan Renminbi
Derivative [Line Items]
Notional Value	$ 18,000	$ 20,000
Forward Rate \| $ / ¥	7.2395	7.1181
Unrealized Gain/(Loss) Recorded at Balance Sheet Date	$ (134)	$ (18)
USD/Euro
Derivative [Line Items]
Notional Value	$ 9,000	$ 22,000
Forward Rate \| $ / €	1.0890	1.1009
Unrealized Gain/(Loss) Recorded at Balance Sheet Date	$ 144	$ (65)

Derivatives

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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


	June 30, 2024								December 31, 2023
	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	$	—	$	10	$	—	$	10	$	—	$	(83)	$	—	$	(83)

We held foreign currency exchange contracts, which resulted in a net pre-tax loss of $0.2 million and $2.6 million for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, we had a pre-tax loss of $0.2 million and $2.8 million, 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
June 30, 2024	USD/Chinese Yuan Renminbi	CNY	$	18.0	7.2395	$	(134)	July 12, 2024
June 30, 2024	USD/Euro	USD	$	9.0	1.0890	$	144	July 12, 2024
December 31, 2023	USD/Chinese Yuan Renminbi	CNY	$	20.0	7.1181	$	(18)	January 5, 2024
December 31, 2023	USD/Euro	USD	$	22.0	1.1009	$	(65)	January 5, 2024

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, 2022		25,000,000
Beginning balance at Dec. 31, 2022	$ 268,406	$ 250	$ (368,194)	$ 326,839	$ (21,187)	$ 330,698
Beginning balance (in shares) at Dec. 31, 2022			(12,295,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(61,363)					(61,363)
Currency translation adjustment	1,916				1,916
Shares issued for employee benefit plan and compensation (in shares)		189,000
Shares issued for employee benefit plan and compensation	352	$ 2		350
Purchase of treasury shares (in shares)			(53,000)
Purchase of treasury shares	(812)		$ (812)
Shares issued to directors (in shares)		8,000
Shares issued to directors	0
Employee and director stock-based compensation	2,540			2,540
Ending balance (in shares) at Mar. 31, 2023		25,197,000
Ending balance at Mar. 31, 2023	211,039	$ 252	$ (369,006)	329,729	(19,271)	269,335
Ending balance (in shares) at Mar. 31, 2023			(12,348,000)
Beginning balance (in shares) at Dec. 31, 2022		25,000,000
Beginning balance at Dec. 31, 2022	268,406	$ 250	$ (368,194)	326,839	(21,187)	330,698
Beginning balance (in shares) at Dec. 31, 2022			(12,295,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(71,774)
Currency translation adjustment	$ (1,201)
Purchase of treasury shares (in shares)	(58,000)
Purchase of treasury shares	$ (855)
Ending balance (in shares) at Jun. 30, 2023		25,254,000
Ending balance at Jun. 30, 2023	199,999	$ 253	$ (369,049)	332,259	(22,388)	258,924
Ending balance (in shares) at Jun. 30, 2023			(12,353,000)
Beginning balance (in shares) at Mar. 31, 2023		25,197,000
Beginning balance at Mar. 31, 2023	211,039	$ 252	$ (369,006)	329,729	(19,271)	269,335
Beginning balance (in shares) at Mar. 31, 2023			(12,348,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(10,411)					(10,411)
Currency translation adjustment	(3,117)				(3,117)
Shares issued for employee benefit plan and compensation (in shares)		50,000
Shares issued for employee benefit plan and compensation	373	$ 1		372
Purchase of treasury shares (in shares)			(5,000)
Purchase of treasury shares	(43)		$ (43)
Shares issued to directors (in shares)		7,000
Shares issued to directors	0
Employee and director stock-based compensation	2,158			2,158
Ending balance (in shares) at Jun. 30, 2023		25,254,000
Ending balance at Jun. 30, 2023	199,999	$ 253	$ (369,049)	332,259	(22,388)	258,924
Ending balance (in shares) at Jun. 30, 2023			(12,353,000)
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	(12,459,845)		(12,460,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (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)
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, 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	(12,459,845)		(12,460,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (16,842)
Currency translation adjustment	$ (4,493)
Purchase of treasury shares (in shares)	(195,000)
Purchase of treasury shares	$ (1,841)
Ending balance (in shares) at Jun. 30, 2024		25,627,000
Ending balance at Jun. 30, 2024	$ 159,771	$ 256	$ (371,814)	340,962	(25,251)	215,618
Ending balance (in shares) at Jun. 30, 2024	(12,654,970)		(12,655,000)
Beginning balance (in shares) at Mar. 31, 2024		25,508,000
Beginning balance at Mar. 31, 2024	$ 169,655	$ 255	$ (371,203)	339,141	(22,349)	223,811
Beginning balance (in shares) at Mar. 31, 2024			(12,600,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(8,193)					(8,193)
Currency translation adjustment	(2,902)				(2,902)
Shares issued for employee benefit plan and compensation (in shares)		111,000
Shares issued for employee benefit plan and compensation	362	$ 1		361
Purchase of treasury shares (in shares)			(55,000)
Purchase of treasury shares	(611)		$ (611)
Shares issued to directors (in shares)		8,000
Shares issued to directors	0
Employee and director stock-based compensation	1,460			1,460
Ending balance (in shares) at Jun. 30, 2024		25,627,000
Ending balance at Jun. 30, 2024	$ 159,771	$ 256	$ (371,814)	$ 340,962	$ (25,251)	$ 215,618
Ending balance (in shares) at Jun. 30, 2024	(12,654,970)		(12,655,000)

Commitments and Contingencies - Schedule of Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning balance			$ 462
Restructuring charges	$ 1,555	$ 0	2,619	$ 0
Cash payments			(2,060)
Ending balance	1,021		1,021
Total costs incurred inception to date	6,634		6,634
Total remaining expected expense to be incurred as of June 30, 2024	277		277
Severance Expense
Restructuring Reserve [Roll Forward]
Beginning balance			147
Restructuring charges			1,481
Cash payments			(817)
Ending balance	811		811
Total costs incurred inception to date	4,906		4,906
Total remaining expected expense to be incurred as of June 30, 2024	0		0
Other Exit Expense
Restructuring Reserve [Roll Forward]
Beginning balance			315
Restructuring charges			1,138
Cash payments			(1,243)
Ending balance	210		210
Total costs incurred inception to date	1,728		1,728
Total remaining expected expense to be incurred as of June 30, 2024	$ 277		$ 277

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	25,627,084	25,346,383
Treasury stock (in shares)	12,654,970	12,459,845

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Product Warranties

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


(In thousands)	Six Months Ended June 30,
	2024		2023
Balance at beginning of period	$	522	$	522
Accruals for warranties issued during the period	—		—
Settlements (in cash or in kind) during the period	—		—
Foreign currency translation gain (loss)	—		—
Balance at end of period	$	522	$	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 shutdown of our southwestern China factory beginning in the third quarter of 2023. We incurred no severance or other exit costs during the three months ended June 30, 2024. We incurred $0.1 million of severance and $0.1 million of other exit costs during the six months ended June 30, 2024. These costs are included within factory restructuring charges on our consolidated statements of operations. We have recognized a total of $4.2 million in factory restructuring charges since September 2023. This factory restructuring was completed in the second 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 are working 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 six months ended June 30, 2024. As a result, we incurred $0.9 million of severance and $0.6 million of other exit costs during the three months ended June 30, 2024. We incurred

$1.4 million of severance and $1.0 million of other exit costs during the six months ended June 30, 2024. These costs are included within factory restructuring charges on our consolidated statements of operations. We expect this factory restructuring to be completed in the fourth quarter of 2024 with total estimated restructuring charges of $2.7 million including $0.3 million expected to be recognized subsequent to June 30, 2024.

Restructuring liabilities are included in accrued compensation, accounts payable and other accrued liabilities on our consolidated balance sheets. Total restructuring activities for the six months ended June 30, 2024 are as follows:


	Restructuring Costs
(In thousands)	Total		Severance Expense		Other Exit Expense
Balance at December 31, 2023	$	462	$	147	$	315
Restructuring charges	2,619		1,481		1,138
Cash payments	(2,060)		(817)		(1,243)

Balance at June 30, 2024	$	1,021	$	811	$	210
Total costs incurred inception to date	$	6,634	$	4,906	$	1,728
Total remaining expected expense to be incurred as of June 30, 2024	$	277	$	—	$	277

Litigation

Roku Matters

2018 Lawsuit

On September 5, 2018, we filed a lawsuit against Roku, Inc. ("Roku") in the United States District Court, Central District of California, alleging that Roku is willfully infringing nine of our patents that are in four patent families related to remote control set-up and touchscreen remotes. On December 5, 2018, we amended our complaint to add additional details supporting our infringement and willfulness allegations. We have alleged that this complaint relates to multiple Roku streaming players and components therefor and certain universal control devices, including but not limited to the Roku App, Roku TV, Roku Express, Roku Streaming Stick, Roku Ultra, Roku Premiere, Roku 4, Roku 3, Roku 2, Roku Enhanced Remote and any other Roku product that provides for the remote control of an external device such as a TV, audiovisual receiver, sound bar or Roku TV Wireless Speakers. In October 2019, the Court stayed this lawsuit pending action by the Patent Trial and Appeals Board (the "PTAB") with respect to Roku's requests for Inter Partes Review ("IPR") and with respect to the International Trade Commission Investigation. At this time, we are only waiting for the decision of the U.S. Supreme Court with respect to Roku's appeal request (see discussion below) and once received, we expect to be able to ask the District Court to lift this stay.

International Trade Commission Investigation of Roku, TCL, Hisense and Funai

On April 16, 2020, we filed a complaint with the International Trade Commission (the "ITC") against Roku, TCL Electronics Holding Limited and related entities (collectively, "TCL"), Hisense Co., Ltd. and related entities (collectively, "Hisense"), and Funai Electric Company, Ltd. and related entities (collectively, "Funai") claiming that certain of their televisions, set-top boxes, remote control devices, human interface devices, streaming devices, and sound bars infringe certain of our patents. We asked the ITC to issue a permanent limited exclusion order prohibiting the importation of these infringing products into the United States and a cease and desist order to stop these parties from continuing their infringing activities. On May 18, 2020, the ITC announced that it instituted its investigation as requested by us. Prior to the trial, which ended on April 23, 2021, we dismissed TCL, Hisense and Funai from this investigation as they either removed or limited the amount of our technology from their televisions as compared to our patent claims that we asserted at the time. On July 9, 2021, the Administrative Law Judge (the "ALJ") issued his Initial Determination (the "ID") finding that Roku is infringing our patents and as a result is in violation of §337 of the Tariff Act of 1930, as amended (the "Tariff Act"). On July 23, 2021, Roku and we filed petitions to appeal certain portions of the ID. On November 10, 2021, the full ITC issued its final determination affirming the ID and issuing a Limited Exclusion Order (the "LEO") and Cease and Desist Order (the "CDO") against Roku, which became effective on January 9, 2022. In January 2022, Roku filed its appeal of the ITC ruling with the U.S. Court of Appeals for the Federal Circuit (the "USCAFC"). Oral argument for this appeal was held on September 5, 2023 and in January 2024 the USCAFC issued its

decision affirming the ITC ruling in full. On March 4, 2024, Roku filed a petition for rehearing and rehearing en banc and on April 3, 2024, the USCAFC denied Roku’s petition. In June, Roku advised us that they would file an appeal of the adverse ruling against them in this investigation to the U.S. Supreme Count and on June 12, 2024, Roku filed an application seeking a 45-day extension (to August 16, 2024) to file their Writ of Certiorari. This extension was approved. As soon as Roku files its Writ, we will timely prepare and file our reply. We expect the U.S. Supreme Court to make its decision whether or not to hear Roku’s appeal sometime during or after September of this year.

2020 Lawsuit

As a companion case to our ITC complaint, on April 9, 2020, we filed separate actions against each of Roku, TCL, Hisense, and Funai in the United States District Court, Central District of California, alleging that Roku is willfully infringing five of our patents and TCL, Hisense, and Funai are willfully infringing six of our patents by incorporating our patented technology into certain of their televisions, set-top boxes, remote control devices, human interface devices, streaming devices and sound bars. The Court stayed this lawsuit pending action by the Patent Trial and Appeals Board (the "PTAB") with respect to Roku's requests for Inter Partes Review ("IPR") and with respect to the International Trade Commission Investigation. At this time, we are only waiting for the decision of the U.S. Supreme Court with respect to Roku’s appeal request (see discussion above) and once received, we expect to be able to ask the District Court to lift this stay.

Inter Partes Reviews

Throughout these litigation matters against Roku and the others identified above, Roku has filed multiple IPR requests with the PTAB on all patents at issue in the 2018 Lawsuit, the ITC Action, and the 2020 Lawsuit (see discussion above). To date, the PTAB has denied Roku's request fourteen times, and granted Roku's request twelve times. Roku has since filed two IPRs on two of our patents not yet asserted against it, and we are awaiting the PTAB's institution decision with respect to those new IPR requests. Of the twelve IPR requests granted by the PTAB, the results were mixed, with the PTAB upholding the validity of many of our patent claims and invalidating others. Most of these PTAB actions have been completed, and as soon as we learn the decision of the U.S. Supreme Court, we expect to be able to petition the District Court to lift the stay on the 2018 and 2020 cases.

International Trade Commission Investigation Request Made by Roku against UEI and certain UEI Customers

On April 8, 2021, Roku made a request to the ITC to initiate an investigation against us and certain of our customers claiming that certain of our and those customers' remote control devices and televisions infringe two of Roku's recently acquired patents, the '511 patent and the '875 patent. On May 10, 2021, the ITC announced its decision to initiate the requested investigation. Immediately prior to trial Roku stipulated to summary determination as to its complaint against us and two of our customers with respect to one of the two patents at issue. This stipulation resulted in the complaint against us and two of our customers with respect to that patent not going to trial. The trial was thus shortened and ended on January 24, 2022. On June 24, 2022, the ALJ, pursuant to Roku's stipulation, found the '511 patent invalid as indefinite. Thereafter, on June 28, 2022, the ALJ issued an ID fully exonerating us and our customers finding the '875 patent invalid and that Roku failed to prove it established the requisite domestic industry and thus no violation of the Tariff Act. In advance of the full Commission's review, Roku and we filed petitions to appeal certain portions of the ID. In addition, the PTAB granted our request for an IPR with respect to the '875 patent. 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, which remains pending. In addition, Roku, along with the ITC, filed a joint motion to dismiss the '511 patent as moot as it recently expired. We are opposing this motion. Further, on October 23, 2023, the PTBA issued its Final Written Decision invalidating all of the claims Roku alleges we infringe. As a companion to its ITC request, Roku also filed a lawsuit against us in Federal District Court in the Central District of California 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 the ITC case, and will likely continue to be stayed pending the conclusion of Roku's appeal of the 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 China under Lists 3 and 4A.

Pursuant to this complaint, Ecolink, RCS and we are alleging that USTR's institution of Lists 3 and 4A tariffs violated the Trade Act of 1974 (the "Trade Act") on the grounds that the USTR failed to make a determination or finding that there was an unfair trade practice that required a remedy and moreover, that Lists 3 and 4A tariffs were instituted beyond the 12-month time limit provided for in the governing statute. Ecolink, RCS and we also allege that the manner in which the Lists 3 and 4A tariff actions were implemented violated the Administrative Procedures Act (the "APA") by failing to provide adequate opportunity for comments, failed to consider relevant factors when making its decision and failed to connect the record facts to the choices it made by not explaining how the comments received by USTR came to shape the final implementation of Lists 3 and 4A.

Ecolink, RCS and we are asking the CIT to declare that the defendants' actions resulting in the tariffs on products covered by Lists 3 and 4A are unauthorized by and contrary to the Trade Act and were arbitrarily and unlawfully promulgated in violation of the APA; to vacate the Lists 3 and 4A tariffs; to order a refund (with interest) of any Lists 3 and 4A duties paid by Ecolink, RCS and us; to permanently enjoin the U.S. government from applying Lists 3 and 4A duties against Ecolink, RCS and us; and award Ecolink, RCS and us our costs and reasonable attorney's fees.

In July 2021, the CIT issued a preliminary injunction suspending liquidation of all unliquidated entries subject to Lists 3 and 4A duties and has asked the parties to develop a process to keep track of the entries to efficiently and effectively deal with liquidation process and duties to be paid or refunded when finally adjudicated. On February 5, 2022, the CIT heard oral arguments on dispositive motions filed on behalf of plaintiffs and defendants. On April 1, 2022, the CIT issued its opinion on these dispositive motions, ruling that the USTR had the legal authority to promulgate List 3 and List 4A under Section 307(a)(1)(B) of the Trade Act, but that the USTR violated the APA when it promulgated List 3 and List 4A concluding that the USTR failed to adequately explain its decision as required under the APA. The Court ordered that List 3 and List 4A be remanded to the USTR for reconsideration or further explanation regarding its rationale for imposing the tariffs. The Court declined to vacate List 3 and List 4A, which means that they are still in place while on remand. The Court's preliminary injunction regarding liquidation of entries also remains in effect. The Court initially set a deadline of June 30, 2022, for the USTR to complete this process, which was extended to August 1, 2022.

On August 1, 2022, the USTR provided the Court with that further explanation and also purported to respond to the significant comments received during the original notice-and-comment process. On September 14, 2022, the lead plaintiff filed its comments to the USTR's August 1, 2022 filing, asserting that the USTR did not adequately respond to the Court's remand order and requested the Court to vacate the List 3 and List 4A tariffs and issue refunds immediately. On March 17, 2023, 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. The court also concluded that USTR adequately explained its reliance on presidential direction and adequately responded to significant comments regarding the harm to the U.S. economy, efficacy of the tariffs, and alternatives to the tariffs. Lead plaintiffs have appealed this decision. The parties have fully briefed their positions on this appeal and oral argument is expected to be set for later in 2024 and a decision sometime in 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 contract, 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. This asset protection order is a standard request and routinely granted. On February 5, 2024, we learned that the court accepted the lawsuit filed by TS. On February 8, 2024, we deposited RMB 35 million (approximately $4.8 million) with the court. This deposit is included in prepaid expenses and other current assets on our consolidated balance sheets. The hearing on this matter has been stayed pending settlement discussions between the parties.

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.

Line of Credit	6 Months Ended
Line of Credit	Jun. 30, 2024
Debt Disclosure [Abstract]
Line of Credit	Line of Credit On March 13, 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 ("Credit Line") through April 30, 2025. We expect to renew our credit agreement with U.S. Bank 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 Credit Line may be used for working capital and other general corporate purposes including acquisitions, share repurchases and capital expenditures. The Credit Line has a maximum availability up to $100.0 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 Credit Line total availability. At June 30, 2024, the Credit Line total availability was $53.1 million based upon the AR Ratio. At July 18, 2024, the Credit Line total availability was $61.3 million based upon the AR Ratio. Amounts available for borrowing under the Credit Line are reduced by the balance of any outstanding letters of credit, of which there were none at June 30, 2024 and December 31, 2023. All obligations under the 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 Credit Line by our wholly-owned subsidiary, Universal Electronics BV. Under the Second Amended Credit Agreement, we may elect to pay interest on the Credit Line based on the Secured Overnight Financing Rate ("SOFR") plus a 3.00% margin. The amendment also introduces a facility fee of 0.25%. The interest rates in effect at June 30, 2024 and December 31, 2023 were 8.31% and 8.06%, respectively. The Second Amended Credit Agreement includes financial covenants and contains other customary affirmative and negative covenants and events of default. From January 1, 2024, to September 30, 2024, our covenants are based upon EBITDA. From October 1, 2024 to December 31, 2024, our covenants will be based upon a minimum fixed charge coverage ratio. Subsequent to December 31, 2024, our covenants will be based upon a minimum fixed charge coverage ratio and a maximum cash flow leverage ratio. At June 30, 2024, we were in compliance with the covenants and conditions of the Second Amended Credit Agreement. At June 30, 2024 and December 31, 2023, we had $41.0 million and $55.0 million outstanding under the Credit Line, respectively. At June 30, 2024, our remaining availability under our Credit Line was $12.1 million. Our total interest expense on borrowings was $1.1 million and $1.5 million during the three months ended June 30, 2024 and 2023, respectively. Our total interest expense on borrowings was $2.4 million and $2.9 million during the six months ended June 30, 2024 and 2023, respectively.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: 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 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: 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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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 23,128	$ 42,751
Accounts receivable, net	98,800	112,596
Contract assets	3,274	4,240
Inventories	87,491	88,273
Prepaid expenses and other current assets (Note 12)	11,130	7,325
Income tax receivable	2,309	3,666
Total current assets	226,132	258,851
Property, plant and equipment, net	39,259	44,619
Intangible assets, net	25,200	25,349
Operating lease right-of-use assets	15,922	18,693
Deferred income taxes	6,086	6,787
Other assets	1,404	1,573
Total assets	314,003	355,872
Current liabilities:
Accounts payable	55,518	57,033
Line of credit	41,000	55,000
Accrued compensation	18,870	20,305
Accrued sales discounts, rebates and royalties	4,103	5,796
Accrued income taxes	1,462	1,833
Other accrued liabilities	20,022	21,181
Total current liabilities	140,975	161,148
Long-term liabilities:
Operating lease obligations	10,386	12,560
Deferred income taxes	1,718	1,992
Income tax payable	434	435
Other long-term liabilities	719	817
Total liabilities	154,232	176,952
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; 25,627,084 and 25,346,383 shares issued on June 30, 2024 and December 31, 2023, respectively	256	253
Paid-in capital	340,962	336,938
Treasury stock, at cost, 12,654,970 and 12,459,845 shares on June 30, 2024 and December 31, 2023, respectively	(371,814)	(369,973)
Accumulated other comprehensive income (loss)	(25,251)	(20,758)
Retained earnings	215,618	232,460
Total stockholders' equity	159,771	178,920
Total liabilities and stockholders' equity	$ 314,003	$ 355,872

Treasury Stock - Repurchased Shares of Common Stock (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)					195	58
Total cost of shares repurchased	$ 611	$ 1,230	$ 43	$ 812	$ 1,841	$ 855
Open market shares repurchased
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)					122	0
Total cost of shares repurchased					$ 1,109	$ 0
Stock-based compensation related shares repurchased
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)					73	58
Total cost of shares repurchased					$ 732	$ 855

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 27,571	$ 32,794
Components	12,695	11,061
Work in process	4,099	3,827
Finished goods	43,126	40,591
Inventories	$ 87,491	$ 88,273

Goodwill and Intangible Assets, Net - Amortization Expense by Income Statement Caption (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 1,220	$ 1,255	$ 2,457	$ 2,319
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	140	148	281	156
Selling, general and administrative expenses
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 1,080	$ 1,107	$ 2,176	$ 2,163

- 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

Stock-Based Compensation - Assumptions Used in Valuation and Weighted Average Fair Value of Stock Option Grants (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)		$ 10.83
Risk-free interest rate		3.86%
Expected volatility		45.89%
Expected life in years		4 years 8 months 12 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 0
Risk-free interest rate	0.00%
Expected volatility	0.00%
Expected life in years	0 years

- 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

Revenue and Accounts Receivable, Net - Net Sales to Significant Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 90,452	$ 107,391	$ 182,352	$ 215,768
Daikin Industries Ltd.
Disaggregation of Revenue [Line Items]
Net sales	$ 12,930	$ 13,540	$ 25,039	$ 33,207
Daikin Industries Ltd. \| Customer concentration risk \| Net sales
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	14.30%	12.60%	13.70%	15.40%
Comcast Corporation
Disaggregation of Revenue [Line Items]
Net sales				$ 24,416
Comcast Corporation \| Customer concentration risk \| Net sales
Disaggregation of Revenue [Line Items]
Concentration risk, percentage				11.30%
Sony Corporation
Disaggregation of Revenue [Line Items]
Net sales	$ 9,577
Sony Corporation \| Customer concentration risk \| Net sales
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	10.60%

- 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

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

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+ Details

Long-lived Tangible Assets

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Long-lived Tangible Assets

Long-lived tangible assets by geographic area, which include property, plant, and equipment, net and operating lease right-of-use assets, were as follows:


(In thousands)	June 30, 2024		December 31, 2023
United States	$	11,307	$	13,245
People's Republic of China	24,450		26,679
Mexico	7,481		9,227
Vietnam	8,702		10,089
All other countries	3,241		4,072
Total long-lived tangible assets	$	55,181	$	63,312

Property, plant, and equipment are shown net of accumulated depreciation of $160.6 million and $163.3 million at June 30, 2024 and December 31, 2023, respectively.

Depreciation expense was $3.3 million and $4.8 million for the three months ended June 30, 2024 and 2023, respectively. Depreciation expense was $6.7 million and $9.4 million for the six months ended June 30, 2024 and 2023, respectively.

- 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

Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

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


(In thousands)	June 30, 2024		December 31, 2023
North America	$	1,834	$	8,460
People's Republic of China ("PRC")	8,666		11,102
Asia (excluding the PRC)	2,444		2,427
Europe	4,546		8,145
South America	5,638		12,617
Total cash and cash equivalents	$	23,128	$	42,751

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Number of Options
Outstanding at beginning of period (in shares) \| shares	901
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited/canceled/expired (in shares) \| shares	(122)
Outstanding at end of period (in shares) \| shares	779
Vested and expected to vest at end of period (in shares) \| shares	779
Exercisable at end of period (in shares) \| shares	612
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 38.78
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited/canceled/expired (in dollars per share) \| $ / shares	58.52
Outstanding at end of period (in dollars per share) \| $ / shares	35.67
Vested and expected to vest at end of period (in dollars per share) \| $ / shares	35.67
Exercisable at end of period (in dollars per share) \| $ / shares	$ 38.18
Weighted-Average Remaining Contractual Term (in years)
Outstanding at end of period	3 years 7 months 13 days
Vested and expected to vest at end of period	3 years 7 months 13 days
Exercisable at end of period	3 years 25 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

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
Cost of sales	$	20	$	26	$	47	$	62
Research and development expenses	142		251		373		534
Selling, general and administrative expenses:
Employees	1,204		1,666		2,755		3,672
Outside directors	94		215		189		430
Total employee and director stock-based compensation expense	$	1,460	$	2,158	$	3,364	$	4,698
Income tax benefit	$	220	$	337	$	507	$	747

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, 2023	486	$	21.66
Granted	322	10.38
Vested	(220)	25.60
Forfeited	(17)	17.23
Non-vested at June 30, 2024	571	$	13.92

As of June 30, 2024, we expect to recognize $6.9 million of total unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock awards over a weighted-average life of 2.0 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, 2023	—	$	—
Granted	116	4.72
Vested	—	—
Forfeited	—	—
Non-vested at June 30, 2024	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 June 30,			Six Months Ended June 30,
	2024			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 June 30, 2024, we expect to recognize $0.5 million of total unrecognized pre-tax stock-based compensation expense related to non-vested performance stock awards over a weighted-average life of 2.3 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, 2023	901	$	38.78
Granted	—	—
Exercised	—	—			$	—
Forfeited/canceled/expired	(122)	58.52
Outstanding at June 30, 2024 (1)	779	$	35.67	3.62	$	—
Vested and expected to vest at June 30, 2024 (1)	779	$	35.67	3.62	$	—
Exercisable at June 30, 2024 (1)	612	$	38.18	3.07	$	—

(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 2024 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 June 30, 2024. This amount will change based on the fair market value of our stock.

The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following:


	Three Months Ended June 30,			Six Months Ended June 30,
	2023			2023
Weighted average fair value of grants	$	—		$	10.83
Risk-free interest rate	—		%	3.86		%
Expected volatility	—		%	45.89		%
Expected life in years	0.00			4.70

As of June 30, 2024, we expect to recognize $1.7 million of total unrecognized pre-tax stock-based compensation expense related to non-vested stock options over a remaining weighted-average life of 1.4 years.

Revenue and Accounts Receivable, Net - Pattern of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 90,452	$ 107,391	$ 182,352	$ 215,768
Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	75,982	79,372	150,386	166,053
Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 14,470	$ 28,019	$ 31,966	$ 49,715

- 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

Revenue and Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Trade receivables, gross	$ 94,202	$ 106,182
Allowance for credit losses	(799)	(815)	$ (764)	$ (957)
Allowance for sales returns	(294)	(532)
Trade receivables, net	93,109	104,835
Other	5,691	7,761
Accounts receivable, net	$ 98,800	$ 112,596

Stock-Based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employee and director stock-based compensation expense	$ 1,460	$ 2,158	$ 3,364	$ 4,698
Income tax benefit	220	337	507	747
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employee and director stock-based compensation expense	20	26	47	62
Research and development expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employee and director stock-based compensation expense	142	251	373	534
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	1,204	1,666	2,755	3,672
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	$ 94	$ 215	$ 189	$ 430

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (16,842)	$ (71,774)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	9,143	11,707
Provision for credit losses	0	3
Deferred income taxes	112	142
Shares issued for employee benefit plan	663	725
Employee and director stock-based compensation	3,364	4,698
Impairment of goodwill	0	49,075
Impairment of long-lived assets	148	49
Changes in operating assets and liabilities:
Accounts receivable and contract assets	13,095	10,586
Inventories	(914)	33,195
Prepaid expenses and other assets	(1,621)	2,615
Accounts payable and accrued liabilities	(5,478)	(26,542)
Accrued income taxes	1,005	(1,224)
Net cash provided by (used for) operating activities	2,675	13,255
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(2,696)	(5,807)
Acquisitions of intangible assets	(2,308)	(3,295)
Net cash provided by (used for) investing activities	(5,004)	(9,102)
Cash flows from financing activities:
Borrowings under line of credit	35,000	25,000
Repayments on line of credit	(49,000)	(38,000)
Treasury stock purchased	(1,841)	(855)
Net cash provided by (used for) financing activities	(15,841)	(13,855)
Effect of foreign currency exchange rates on cash and cash equivalents	(1,453)	(1,215)
Net increase (decrease) in cash and cash equivalents	(19,623)	(10,917)
Cash and cash equivalents at beginning of period	42,751	66,740
Cash and cash equivalents at end of period	23,128	55,823
Supplemental cash flow information:
Income taxes paid	2,175	3,956
Interest paid	$ 2,545	$ 3,843

Long-lived Tangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Long-lived Tangible Assets by Geographic Area

Long-lived tangible assets by geographic area, which include property, plant, and equipment, net and operating lease right-of-use assets, were as follows:


(In thousands)	June 30, 2024		December 31, 2023
United States	$	11,307	$	13,245
People's Republic of China	24,450		26,679
Mexico	7,481		9,227
Vietnam	8,702		10,089
All other countries	3,241		4,072
Total long-lived tangible assets	$	55,181	$	63,312

Leases - Lease Terms and Discount Rates (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average lease liability term (in years)	4 years 9 months 18 days	4 years 10 months 24 days
Weighted average discount rate	5.09%	5.04%

Leases - Narrative (Details)	Jun. 30, 2024
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms (up to) (in years)	36 years

Treasury Stock

6 Months Ended

Jun. 30, 2024

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 approved a share repurchase program with an effective date of November 7, 2023 (the "October 2023 Program"). Pursuant to the October 2023 Program, we are authorized to repurchase up to 1,000,000 shares of our common stock. At June 30, 2024, we had 778,362 shares available for repurchase under the October 2023 Program. Per the terms of the October 2023 Program, we may utilize various methods to effect the repurchases, including open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some or all of which could be effected through Rule 10b5-1 plans.

We also repurchase shares of our issued and outstanding common stock to satisfy the cost of stock option exercises and/or income tax withholding obligations relating to the stock-based compensation of our employees and directors.

Repurchased shares of our common stock were as follows:


	Six Months Ended June 30,
(In thousands)	2024		2023
Open market shares repurchased	122		—
Stock-based compensation related shares repurchased	73		58
Total shares repurchased	195		58

Cost of open market shares repurchased	$	1,109	$	—
Cost of stock-based compensation related shares repurchased	732		855
Total cost of shares repurchased	$	1,841	$	855

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.

Goodwill and Intangible Assets, Net - Estimated Future Annual Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Estimated Future Amortization expense
2024 (remaining 6 months)	$ 2,696
2025	4,884
2026	4,264
2027	3,337
2028	2,708
Thereafter	7,311
Total	$ 25,200	$ 25,349

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
Cost of sales	$	20	$	26	$	47	$	62
Research and development expenses	142		251		373		534
Selling, general and administrative expenses:
Employees	1,204		1,666		2,755		3,672
Outside directors	94		215		189		430
Total employee and director stock-based compensation expense	$	1,460	$	2,158	$	3,364	$	4,698
Income tax benefit	$	220	$	337	$	507	$	747

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, 2023	486	$	21.66
Granted	322	10.38
Vested	(220)	25.60
Forfeited	(17)	17.23
Non-vested at June 30, 2024	571	$	13.92

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, 2023	—	$	—
Granted	116	4.72
Vested	—	—
Forfeited	—	—
Non-vested at June 30, 2024	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 June 30,			Six Months Ended June 30,
	2024			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, 2023	901	$	38.78
Granted	—	—
Exercised	—	—			$	—
Forfeited/canceled/expired	(122)	58.52
Outstanding at June 30, 2024 (1)	779	$	35.67	3.62	$	—
Vested and expected to vest at June 30, 2024 (1)	779	$	35.67	3.62	$	—
Exercisable at June 30, 2024 (1)	612	$	38.18	3.07	$	—

Assumptions Used in Valuation and Weighted Average Fair Value of Stock Option Grants

The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following:


	Three Months Ended June 30,			Six Months Ended June 30,
	2023			2023
Weighted average fair value of grants	$	—		$	10.83
Risk-free interest rate	—		%	3.86		%
Expected volatility	—		%	45.89		%
Expected life in years	0.00			4.70

Leases - Reconciliation of the Undiscounted Cash Flows for Each of the First Five Years and Thereafter to Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining 6 months)	$ 2,680
2025	4,412
2026	3,413
2027	2,668
2028	1,215
Thereafter	2,422
Total lease payments	16,810
Less: imputed interest	(2,040)
Total lease liabilities	$ 14,770	$ 17,373

Commitments and Contingencies - Changes in the Liability for Product Warranty Claim Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Changes in Reserve for Product Warranty Claim Costs
Balance at beginning of period	$ 522	$ 522
Accruals for warranties issued during the period	0	0
Settlements (in cash or in kind) during the period	0	0
Foreign currency translation gain (loss)	0	0
Balance at end of period	$ 522	$ 522

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Changes in the Liability for Product Warranty Claim Costs

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


(In thousands)	Six Months Ended June 30,
	2024		2023
Balance at beginning of period	$	522	$	522
Accruals for warranties issued during the period	—		—
Settlements (in cash or in kind) during the period	—		—
Foreign currency translation gain (loss)	—		—
Balance at end of period	$	522	$	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	2,619		1,481		1,138
Cash payments	(2,060)		(817)		(1,243)

Balance at June 30, 2024	$	1,021	$	811	$	210
Total costs incurred inception to date	$	6,634	$	4,906	$	1,728
Total remaining expected expense to be incurred as of June 30, 2024	$	277	$	—	$	277

Treasury Stock - Narrative (Details) - October 2023 Program - shares	Jun. 30, 2024	Oct. 26, 2023
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase of common stock (in shares)		1,000,000
Remaining common stock authorized for repurchase (in shares)	778,362

Stock-Based Compensation - Weighted Average Assumptions (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate			3.86%
Expected volatility			45.89%
Expected life in years			4 years 8 months 12 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 4.72	$ 4.72		$ 0
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
Performance Shares \| QTD
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 0	$ 0
Performance Shares \| YTD
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 4.72	$ 4.72

- 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

Long-lived Tangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting [Abstract]
Accumulated depreciation	$ 160.6		$ 160.6		$ 163.3
Depreciation	$ 3.3	$ 4.8	$ 6.7	$ 9.4

Accrued Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Components of Accrued Compensation

The components of accrued compensation were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Accrued bonus	$	1,206	$	2,843
Accrued commission	680		602
Accrued salary/wages (1)	4,705		4,085
Accrued social insurance (2)(3)	6,775		7,082
Accrued vacation/holiday	3,351		3,252
Other accrued compensation	2,153		2,441
Total accrued compensation	$	18,870	$	20,305

The components of other accrued liabilities were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Contract liabilities	$	4,017	$	2,697
Duties	400		481
Expense associated with fulfilled performance obligations	854		1,092
Freight and handling fees	1,981		1,998
Interest	332		438
Operating lease obligations	4,384		4,813
Product warranty claims costs	522		522
Professional fees	1,699		1,558
Sales and value added taxes	1,779		4,194

Other (1)	4,054		3,388
Total other accrued liabilities	$	20,022	$	21,181

(1)Includes $0.6 million and $0.2 million at June 30, 2024 and December 31, 2023, respectively, associated with the purchase of property, plant and equipment.

Revenue and Accounts Receivable, Net - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 90,452	$ 107,391	$ 182,352	$ 215,768
United States
Disaggregation of Revenue [Line Items]
Net sales	18,910	33,133	45,622	66,562
Asia (excluding PRC)
Disaggregation of Revenue [Line Items]
Net sales	18,224	19,302	37,108	46,402
Europe
Disaggregation of Revenue [Line Items]
Net sales	20,715	22,043	38,254	46,069
People's Republic of China
Disaggregation of Revenue [Line Items]
Net sales	17,412	17,904	31,813	30,032
Latin America
Disaggregation of Revenue [Line Items]
Net sales	9,483	9,232	17,724	16,180
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 5,708	$ 5,777	$ 11,831	$ 10,523

- 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