UEIC - Earnings call transcript Q2 2021 | Universal Electronics Inc.

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Operator

Good day and thank you for standing by. Welcome to the Universal Electronics Second Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Kirsten Chapman, LHA Investor Relations. ahead. go please Ma'am,

Kirsten Chapman

of and Electronics all results second you a By Lee, for conference joining the now copy received have Universal quarter should press thank you, release. for you us call. the Thank XXXX financial

contact during have for information This one for or website. visit call at you webcast year available being where is broadcast additional Relations Any If provided might the the will this LHA of replay at Internet. be one Investor A section discussed XXX-XXX-XXXX please on not, updated material be the call that it be the non-public live will at www.uei.com. over company's year. website be least retained will

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expanded performance statements forward-looking products toward ability technologies continued and the in delivery regarding causing natural company materially interruptions the protection and the increased impact projections in litigation of undertakes opportunities global and/or may of developing new production the COVID-XX technologies no those in that make management's crises, may from and and future the its by and and the and and of metrics, and its continued and including various measures, mix how supplement events provides to and projections. actions to severity disasters financial and offerings performance statements management include: develop call date customers with management's cautions statements actual after continued the update These and introducing opportunities the this upgrades our and company; evaluate including GAAP business the that company's the in financial adjusted are future you and governmental and trends the that by international collaboration onset it licensing anticipate differ technology and arise the with administrative related business deliver with financial public delays to have at such and voice-enabled industry files products adjusted investors platforms, existing will management and non-GAAP Apple effects change, products product to sales SEC. those for control with that achieve authorities. referenced. AI-powered as obligation and that The the that coming providing traction its company next-generation ability continued remote supply the to release continue seeing them events the and timely performance the management's to you these existing budget platforms; via non-GAAP Management margins of operating just successful and of metrics the shortage products; pandemic, and through intellectual properties other or home for press may operations or events results reflect During in serves to and and positive financial the accepted Butler interactive health fruition financial mentioned our the family it have in this customers, our health company's circuits technologies and that operational documents Hub is local be and will and new technologies, help customers and decisions defense other these financial and including the of Nevo control, advanced more business wireless licensing mitigate and COVID-XX pandemic making product patents management; because company's scope increased trends. federal duration TV operating integrated Smart In public and on including could the Home efforts products providing and entertainment as statements of attract enforcement which effects, expected industries may QuickSet and the guided; planning these to or smart to trend non-GAAP consistent our revise company state technologies markets hybrid imposed deliveries, for as be purposes manage and which and customers net by circumstances operational and UEI's ability today's and sales in services; offering to on that be and new new by and a advanced investors development, logistics uses the company believes to result systems core efficiencies and of its refers management remarks, call restrictions successful evaluates earnings and measures the and

these In management core trends and with A release adjusted is versus business company's measures and results and measures of companies. the included addition, and financial believes facilitate of full description comparisons these non-GAAP the press issued in today. operating GAAP other reconciliation competitors

ahead, Chief overview; On Executive to will deliver are Bryan Paul Paul to closing provide my return Chief and will call It's an will the financials. Officer, introduce, Hackworth, Paul now and Then remarks. Financial who Please, Arling, who sir. pleasure Chairman Arling. Officer, summarize go the

Paul Arling

thanks afternoon Good and today. us for joining

in our demand which business. pleased bodes increase general, for to are We well see

record that lower a unable challenges, operational these late guidance and some our However, customer due both for our consensus. second slightly delivered technology profit We quarter, above shortages to on operating expanded temporal challenges strong innovation, expected. our of excellence of be causing Despite to XX.X%. was continued relations logistical focus UEI quarter to and we EPS $X.XX, were in component fulfill all second than orders, to we the sales and semiconductor our

the to the use cases rates our transition to and happen to degrees The to and at Our broaden traditional ongoing and continues across innovation our base. devices commitment advanced diversify customer channels. continues globe remotes from different

major operators. platforms The For most we systems. to penetration continue at newer the upgrade customers US pay as TV of more is adoption rising, market, to new see advanced

their growth leading and Sky, is of for we QX. new set-top also stickiness the and increased remotes streaming operators increasingly and products such And introducing wins with amplify of expect Europe, America, more momentum is in where broadband International are design Stream. Megacable. Comcast to Claro Orange. STREAM or In operators seeing Examples with visible Latin DIRECTV IP-only deployments voice-enabled Asia accelerating. to offerings, Android announced recently In penetration Vodafone Flex, we launch TiVo boxes. we are as Liberty, systems two Pacific, new our voice remote customers' also include addition, in In

Telekom. cannot customers shipping for customers, QX, gaining well commercial Regarding XXXX. later as launches our at Apple in and are In TV we XXXX names shipping to Unfortunately, including launch There time. traction. planned those more preparing Deutsche contracts, for we share are quantities this MVPDs, started to we our remote as due first

operators Although, American we from European numbers, and and interest in to Western been of usability. the and partner both well can due have with specific great its as has Apple can't design as say give operators features, its very have we North remote press program. video the level adopted healthy we a that received well seen The unique

customers to such, platform. As also expected Apple the TV is do that well with use it

increasing demand to We same trend solutions. advanced for hardware Electronics. control consumer Moving the with and software see

very in technology product our know, and is you of many electronics consumer offering broad. As

and LG licenses. the and For remotes voice-enabled Sony. this TV software further form TV technology Infrared, supply we on goods channel, platforms in chips and TV system the as brands, we integrated well of product QuickSet OEM finished continue brands major as RF families In growing demand Samsung, of penetrate XX% to over as the TV as that inside smart and core global such represent including such

shared Butler, share home call update entertainment our I'd As voice-enabled smart lineups. on brand and across control these brands I Nevo hub. the like continue to their see last growth on TV provide an to market

service, QuickSet implementation smart to different a several a QuickSet service many use want TV seamless I TV, that as control providers integrate a capabilities First, home Nevo features solution, the Butler. few, of white initially entertainment example we more adopt. will as television as such the is hub services the serve introduced of which ecosystem growing name few. security to be it hotels. far-field management an brands such platform while One LG and as webOS in cloud Butler Nevo see is interest automation a operators, sales voice-enabled voice in the can to provides service latest a gateway virtual for for across webOS its home agent channels. TV LG's room services, Also reiterate smart QuickSet or name and cases home in solution for ingredient now making widget, remote end-to-end its as available different also a and serving we label To the interoperability for for platform is

our working assistant video experience wake a in currently and is implementation a a in own partner Butler European seamless a creating their are including for television trial Nevo word. end-to-end delivering with telco voice their we custom major first search branded The experience field content with closely and with

de solution connected apart optimized our home virtual our complete introduced are alternatives. is to Butler. well with advantage and a control QuickSet voice making our customers and demand experience last QuickSet home. interact facto be year. flexibility won management voice reality. this the as we for The and services provide this flexibility integrated involved month year. their in our QuickSet services with QuickSet for to within committed devices and from with interaction has year. next This project of scalability, we quality, our our of In within our customers and widget one widget. expected thermostats later are Users and multi-protocol their we QuickSet is UEI our We Earlier QX, that security details our remote quantities initiative shipments takes for with how this future services universal further Nevo use ship interoperability discovery, we demonstrated and on delivering of Alexa the to and is expect in such home can connectivity event, own the full preparing announced Live preferred interoperability HVAC It a what we earlier own connected the solutions. our as the early used to also late simplifying initial widget own QuickSet family QX assistance widget actively agent. to of start comfort at solution to set assistant year, continues as choice been first trusted voice turnkey in of in devices across IoT

multiple strong in platform from well devices customers, seen interoperability as and conditioners found in or with as have its smart air We non-smart especially interest other due home. to currently this HVAC the capabilities legacy smart

and share year. We new full on that next early in development win first expected at to is The this model hope begin details volume time. is shipping in to more customer

year. the in later follow will wins customer more confident are We

like licensing a on I'd give to brief litigation. Now update and

As use to licensed in them LG unique work you and companies aware, many licensee. an either of license, signing many ceasing a we do heavily purchase us attempt update or technology leading not our invest the with and this and products our in Roku our we either have intellectual features we power with protect to our the first including with litigation. our ease Microsoft from IP of Samsung, ongoing I innovation are we a IP industry, a license If have level or have so to of they of companies litigation their use with to without to use into products. need properties. When choose regarding Unfortunately, reached become the among goal

just This are the We by review and has issuance our finding recommended This exclusion is determined to the of favorable final initial and currently ITC including limited limited report UEI's Roku that ITC received desist exclusion cease finding its the under and and judge issuance Infringes of in determination initial and that against orders. cease property a pleased the case full the desist has and Roku. we've platforms a intellectual is later determination The order XX in issue November expected year. patented of issue technologies. orders patents patents of The are few a cover UEI's no service more patents climate the across than at QuickSet and control home than video innovations automation, products, at this licensed appliance to relating UEI the applications broadly home companies security, our services, in to electronics, consumer markets. XXX and technologies and

represents it ongoing as key decision on this began, the in our was milestone before against litigation view same. Since Roku. our this and this with pleased and still is are positive a litigation We

user's We home decades past to features technologies create the that unique truly have worked hard experience. the enhance over and control

willing agreement a are technology. our anyone to with We the to allow reach use mutually patented ongoing acceptable of

home done the our innovations we ultimate turn companies Bryan broadly control ahead, over financials. Hackworth Please with have entertainment go I'll Our value a ensure now the for that receive CFO, as other goal leading review to to of Bryan. call we and fair for world. across remains our just the

Bryan Hackworth

Paul. you, Thank

second First, I'll XXXX. Net for XXXX. the million of review $XXX.X of $XXX.X of compared second quarter for quarter the the compared XXXX the were quarter to results million to sales second

on when sales On our As of positive expected missed third-party end including unprecedented as to falling outlined, in channels, an below our guidance adverse note quarter's a our the Paul review which our starting expected an products and I third led have chip top-line. delayed which we're across were What effect shipments and for shortage did increase vessels, to regions range. logistical wasn't low demand I'll quantify multiple see guidance. various the issues

in or weaker excess gross dollar, licensing quarter the points was Our due doubled. million rate margin an $XX.X revenue increase compared to and or our sales improved with maintained Even gross a with a XX.X% level year-over-year $XX.X XX to of sales XX.X% we technology in XXXX. of in US having second of profit million

to the continues million in adopted from SG&A in Operating technology including $XX.X $XX.X prior home were million for subscription to the in year. period TV modestly as compared Our OEMs million be primarily million year the well the broadcast same automation. in by as to some multiple space, and $XX.X channels expenses quarter. $XX.X increased expenses last customers

or $X.X or expenses year to of $XX.X sales in an million of $XX.X of in continue we million X.X% quarter to XXXX. on As from increased place compared Operating sales prior innovation $X.X second income emphasis was R&D million to quarter. the the million XX.X%

compared quarter. to effective in tax XX.X% rate prior XX% was Our the year

per of second the XXXX XX% quarter to range year. compared million above last the $X.XX was million same $X.XX $XX.X a high of our For the in net an $XX.X share record share increase income guidance or per or end when representing diluted diluted period of

compared cash review at flow of XXXX. million for sheet. The our operations ended XX December flow $XX.X cash balance to and I'll equivalents the from second million Next, and We quarter cash the million, approximately of to total average $XX.X share shares $XX.X exceeding a quarter was repurchases XXX,XXX $XX price the fully for at $XX quarter enabling million. strong our per an second us for stock fund of of cash

We current stock price continue intrinsic the significantly value. is our below that to believe UEI's market for

additional free contingent the to plan XXXX continued Board flow this and Given next few the in approved XXX,XXX XX, fact, of shares on on over cash months. expect Directors we strength our a July price repurchase an

turning our Now guidance. to

for to to Although, I can't environment say normal uptick we're back an the the see return a yet starting demand we a start products normalcy. indicating in our of are to

guidance shortage to quarter compared expect XXXX, of in range million to direct the to $XXX the worldwide quarter increase sales $XXX.X XXXX. $XX third of in an the For the third $XXX circuits. a from million we of as X% excludes of XX% of The provided million sales integrated to result million

and quarter sales we've accordingly. of throughout year the We exist least our remainder adjusted guidance expect at to issue this supply the third

$X.XX to and XXXX third of in to $X.XX X% between XX%. representing growth from quarter expect to the EPS We $X.XX compared range

We XX% our like XX% in EPS targets of to continue believe I turn sales between and would the and call to long-term now between growth back and Paul. XX%. to X%

Paul Arling

Thanks Bryan.

these challenges issues to platforms industry to unique We confident Regardless, also preponderance and and this achieved It's through at powering first for component are It's continue have as to supply of EPS consistently is for note UEI pandemics. half home manage are have faced XXXX. we issue device smarter note past These have home in we years now that, any is UEI and is when create of our tariffs the into wireless despite UEI we shortages will living. we our inevitably conditions technologies that Imagine, done we us IP overcoming UEI be the of of the in across keenly well. highest entertainment solutions. aware summary, control shortages XXXX and will possibly what very important have or in a record as facing, can are will a history temporal XX and the products these we guidance truly QX macroeconomic worked that headwind and world. and year-to-date control leaders the it that UEI have are company's hard important control our to EPS year fact or led innovative, has next-generation The the clear. history. the sets trends. creates are technology component accomplish numerous have decades new innovative In we create headwinds ever resilient,

for our to industry come. We expect to decades to lead continue

can we Operator call tuned. open questions. for stay now always As the

Operator

[Operator first from of question Jeff & Riley Instructions] from the line Van comes B. And your Sinderen Co.

Richard Magnusen

Magnusen outlook demand Jeff rolls seeing products Sinderen. QX question. also have telling for your speak up? and generation about for taking are Can are their installs QX? what of truck This for in frames I And demand more launching the and in you in-person trends? newer about what Thank self-install is in is on you're terms products. then you you what platforms And Van multipart time call non Richard you what for a self-install demand our for customers picking for in Are self-install seeing

Paul Arling

who times the time -- platforms some What most bigger seeing to more ago legacy those were legacy many they their introduction no troubled hybrid have or platforms, or or or see by start, or been is the traditional importantly maybe capable, what combo volume. of pandemic, products of economy, to stronger more needed could are beginning the recognized falloff but been platforms to actually is others called industry, or them systems AVOD traditional over-the-top that but see platforms were they that okay in had linear have in change historically not and that been okay. many have have to combine the well we're are as lift we've a we're and done Richard apps. ones The IP-based multiple from some Many alive in as that starting for pandemic pandemic to what begin self-install still a hybrids. platforms a also companies even doing Generally very quite But Yes. through systems self-install years. but in the the said otherwise we're as have SVOD the

of the Bryan We're activity that launches that is and to legacy up some about We're to So guidance little also that gave life there's a for the we QX thus successful that seeing see up. even continues. starting in the despite products. we're that $XX products those see starting but due fact we in cannot million And to component still the estimate is guidance ship shortage QX.

Richard Magnusen

supply you worse? And you chain business? are in mitigating free chain? from where would see when is you around specifics your more customers about supply for seeing are the the and are you tell can what challenges? do temporal bottlenecks us And those substantially any you're supply supply the then specifically up getting picture how And you hearing that say better And you chain for your chain or overall, the then

Paul Arling

it's gotten Well the gotten to on companies. think either. at We're it really -- the hasn't material for it hasn't I'm worse, with other situation hasn't the vendors. but better people yet It I same. as on gotten it's It's and working but least difficult have the still the don't call across as spoken side, difficult this it's board. far materials, about worse, sure us

affected supply, ops only to in can in the trying working is get so or and course, years were a weren't slip, in here quarter people products, it time the a some they orders in regularly that vendors are vessels to the we at XX to popped with The what particularly logistical couldn't vessels Our port team up in in hard, be more thing the and to think up guidance is caused we quarter. challenges period. ensure of be the stacked ports see of us embedded than gave my really because million and usual available the and in supply meeting that few that temporal, therefore, other that Bryan made our this couldn't unloaded. to is something began for And but this shipments time is earlier. first it Again, the

solve, because bit and sometimes I a shortages while to shortages material as be think projection But than is need like little faster, can and in due a fabs of can that probably that. semiconductors. supply one logistics usually this built solved lead take shortages semiconductors time to solves be things a there's on to quicker a

Richard Magnusen

into Thank All And queue. back right. you. get the I’ll

Operator

Thank you.

question line Burns Sidoti comes Company. the from from Greg & next of Your

Your line is now open.

Greg Burns

Yes.

avenue Roku where there's the and US? of that is effect a could another their what other are also this TVs they litigation? avenues another, the ruling terms outcome help what And like devices there And litigation. In I frame litigation, potentially embargo But into ship of product the of the Is the can't be? us just think as ruling? streaming to the this you could maybe of what part

Paul Arling

filed against officially this three that we is Well, of Yes. cases Roku. one

desist So and be is This first plain put and in in cease order. happen the is the the it's the will contain of determination just be English IP final if there'll ITC, one's determination products in in a November initial the upheld that will what essentially three.

the import So do remove determination we will know final us yet the upheld features, initial they determination will don't either again, unless come that what to to is properties. final or what And that the able offending to products exactly what agreement those if they likely, not the if is happen. we will be determination remove know be, that United the but the with in States, is

Greg Burns

Okay. monetization? in And of then terms

Paul Arling

Yes.

filed of while across will the the be the those are them there's cases, because are PTAB I IPRs not the patents. XX in for provide review, is delayed, were two essentially that way across of XX to that those evidence a outcome pending works wait That court at apply have instituted. even probably patents XX the isn't monetary not In been XX Roku XX terms decided patent's there we XX It's for was the of of believe to you have been monetization the party district is a there decided, cases. sufficient ITC, IPRs, the reviewed. What validity means two and think have award. did I important and note it essence

the have institute. PTAB court to did wait case bit the But request, denied or little they we finalize to not take calendar the likely So then a judge for put back been, time. IPRs have will the of can Once on cases the the will that district and the proceed.

Greg Burns

Okay.

is know So $X through looking I the the to the litigation mean, be to quarter? about I to expect long expense million what Is that at a you next you run? this P&L, do running don't $X do expect for how that million we're

Bryan Hackworth

It varies Greg.

be could it a being be It work could just Sometimes a that quarter, depends little -- a given it that's less, in little the it more. required. amount be could on of

it's more line. of in period a straight little a Sometimes sometimes time, it concentrated comes

varies. really it So

Greg Burns

those And Okay. Then shift the $XX a orders supply you're or ability where is should going we Is this your is future fulfill kind to that orders a operations guidance. outstripping of about in permanent by to you're that for the they're state quarter? of think your now couldn't how third you your about expecting it? to part able [ph] the that of foreseeable million be assume terms in assuming not $X then supply quarter and component chain I'm in million quarter, the demand

Bryan Hackworth

Yes.

we question. mean, I but your million. a our you're I breaking that kind by You're last we I had up think said got of $X right to reduce forecast quarter demand bit,

in by demand So there's bit ended million. and reduced take, we having by what it forecast $XX up little a give the of QX, happened but

is as fix. now, right So some an shortage It's time, take going easy to not right? component the mentioned, Paul

We but expect year. it of likely remainder don't to and into remainder continue the I more probably yet, possibly just the know of than throughout XXXX, the year the

don't we of end forecast -- our the we the million, -- be to reduce QX, it to demand because guidance don't $XX by we think the of just fill we're orders. our as able for So the to had by all going

$XXX if at easy gave $XXX at the in million, quarter no million there between way were $XXX it the look simpler guidance shortages to $XXX raised to have look it and -- it, So to way to would is and we a third million. been million component

So $XX higher. million it would have been

Greg Burns

-- Okay. -- how as margin, headwind US of the FX much mentioned margin? And then was on dollar gross the

Bryan Hackworth

from it give about yuan about percentage devalued Mexican like was the if versus dollar XX% the peso. by about versus you Well, I and XX% Chinese the

So technology it of Paul fortunately prepared the all to effect. were the as with a in TV selling an into able we're we mentioned remarks, But OEMs And has the sales. throughout that. space lot beyond offset it and

So not within even customers, a are is but penetration increasing only our increasing. we the customer

from year-to-date. from increased XXXX, now XXXX they've to to royalties XXXX So XXXX, the doubled

So, fortunately the we're driving that and it's more than offsetting effect on currency. foreign

Greg Burns

the guess I the that any named the is of Is kind Apple as quantify mentioned customer? there talking the And that pipeline or operators here? covered way in pipeline directly. customer. of you maybe the way the quantify or And in of number the Telekom you that to could first in Paul, opportunity customers directly without by the operators the number remote Deutsche for secondly, kind of services terms are Any publicly first naming lastly time Okay. of this Remote, you then

Paul Arling

can't. of as product. these future I we've subscription have this business types us we've broadcasting unfortunately, platforms. I There And particular -- All can it say understood. times, many dozens disclosed time we've we're called in name. And the this to first this -- would as that like of about said MVPDs are or talking it, of But the know companies and is you are a No others I that. that give to is

to watch the operators, they -- that watch their want White So the wants Sox hour get. day favorite watch ones, favorite consumer wants they get it's largest their to medium-sized on tonight game want they the is to they show, going show they want in the the now world, consumer show the They then name five and to what And then, they a or want what consumer the they want that or of and going your want. person Netflix understand the watch. to reality the binge-watch Hulu combination Prime One is or Chicago want. ones is This everything service. to what a reality the another, the all recognize in ones all to all consumer or and and way America to the small that's go in to what favorite Netflix here

at in certainly of to the done great done Again, one find understand But one smaller-sized So other largest better looking build the and them a this the the they're it. have customers. which medium have and to operators it providing will borrow world of a own, is of to that platforms. their of probably across industry companies the job to variety world of methods

some this done, as did know, Comcast's you As have with Cox may XX.

utilize So can a And of they with or can again, use Apple Tivo. platforms. they all been use use or of those or built them, platform Android involved can they that's we're all

on. It's continue say, is introductions We've medium, with a it across operators medium-sized I as time the still and I'd So goes going had that's year on. this movement will this underway. guess world

Greg Burns

Thanks. great. a It’s

Operator

from Thank Burns. Instructions] you. And & [Operator question Burns Sidoti from A have Company. Greg follow-up Mr. we Greg

is now open. line Your

Greg Burns

widget it sounds product. Okay. devices QuickSet I’ll in widget, of start be? embedding would the terms into the of keep What's to just OEMs embedding opportunity own on I there like could that that of there devices? Like QuickSet what's going. you have you your customer the that in QuickSet their home control think their terms or number -- the The guess for opportunity into pipeline first like you see you your

Paul Arling

interest Yes. in we've of a seen -- We it. think lot it's

essentially, certainly quite is been what the add because is and this and application HVAC. And their looking itself lot opportunity with first big. a IP have will home level a the the been of control widget in has are to the the The line both think wins provide enablement has these their arena. at or of comfort to-date device companies separately, to we we technology interest So products,

other I home other very an make systems, IP then, by also look those working LG smarter TVs, all and But And ability the which out, enabling through and do in way. with can right our this we home ecosystem to of efficient in the essentially for themselves home to companies a to entertainment is discover them. just applications background obviously which So, what configure how it control. it to because first add we connecting we're in now companies of efficiently control, they smart help figure the home the can having very doing

in in been do. of people not what this for to looking really it new recognize their customers. very with Daikin, other of the lot the smarter in world make working HVAC business control our including one largest our has a looking are them this We're systems, devices in systems that's systems market leading and company HVAC home. And security much, there's we're they're at or that So biggest but us by level the and to some them of players the then to long-term. to again, the don't A of companies the world first connecting other lot make like smart to and home

straight a widget seen the and a our what line with two already one with opportunity that's We've of interest in with and relationship. product lot comfort one is. it, license have and So wins,

Greg Burns

Is and margin revenue -- profile, part manufacturers? selling the TV the the Like of what's product? the margin QuickSet is the with product with profile the of license widget, that that economics the economics

Paul Arling

here, licensing but since we're or when our software we're about When lower we and margin. I'd we're materials margin full few on yes, there profile. the the the higher involved are the generally, licenses make doing when margin profile Well, in speaking is solutions the products, not less lifts. rather fewer software, the margin speak But a customers business, materials

Greg Burns

are the then, lastly who And Okay. customers quarter? XX% Bryan, in the

Bryan Hackworth

We two; had and the Daikin Comcast XX.X% XX.X%. second quarter at consecutive at for

Greg Burns

Okay. Thanks. Perfect.

Operator

at showing the now I'm you. would over any further I Mr. Thank for like no conference this back to remarks. Arling hand time. Paul questions to closing

Paul Arling

your we and of at Collier's Institutional you and continued all hope We In Conference. Okay. Universal plan Electronics. in Thank support today at joining for us present for Fall upcoming Investor UEI interest Sidoti's investor to events. several see September, to Investor you XXXX Conference your

see you of day. great So rest to there. a I your hope Have

Operator

participation for have this today's gentlemen, and Thank concludes day. you and call. Ladies conference wonderful you. a Thank your

You disconnect. may now

Universal Electronics (UEIC) 8 Aug 212021 Q2 Earnings call transcript