UEIC - Earnings call transcript Q3 2021 | Universal Electronics Inc.

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Operator

Good day, and thank you for standing by. Welcome to Universal Electronics Q3 2021 Financial Results Conference Call. [Operator Instructions] I would now like to hand the conference over to Kirsten Chapman of LHA Investor Relations. Please go ahead.

Kirsten Chapman

Thank you, Mary. for Financial for Results all Third Universal you XXXX Quarter Conference thank joining the us Electronics And Call. contact you By a now, section not, of if Investor copy received XXX-XXX-XXXX please have of the the visit you press release Relations should the LHA at have or website. and live the for www.uei.com. at one and is webcast a call This over replay being year broadcast Internet will available be might website be provided Any it discussed this information additional updated for be company's material call year. retained on be that the one where non-public will will least during at

listening You may also to access the replay. that information by webcast

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

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

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

Paul Arling

for speak thanks us. as to we're and with joining delighted afternoon, Good investors. Today, always,

over those XXXX. quarter in sales XXXX third The improved

XX.X% which you mix UEI. yielded However, well continued of cost quarter component shipping a $X.XX, our gross they controls and maintained than for record Nonetheless, we with more shortages. ongoing by EPS anticipated as strong third this quarter combined were delays impacted margins, delivered as a product

our of and and help to smarter living the create in interact focusing products on discover and continues their guide devices to creating services course mission with everyday Our action, that home. people easily technologies

otherwise past new for our multi-channel distributors, making We're referred initiatives with we control great to to operators telecom, designed quarters. platforms. industry to with we such free including the seven feature as other services working controller are voice-enabled remote innovative TV product proliferate specifically our and major within the few XK the Siri are course have We acceptance Voice-enabled product Europe, that launch our already while video the years. their Telekom, over pleased MVPDs. as product, the progress the program set lead controls few our and search market been device, continue as with have Deutsche operators Overall, to Apple breakthroughs. a standard MVPDs, on continue over In we next operator of launched with of

of our name, cannot. before, restrict we As many ability them by said we these relationships have to so mention

features can globally. scaling well deployments and expanding TV global TV, In are long in footprint. Malaysia's features their our product million models software new newly this segment is existing major we service offering our beyond to new new in continue of Astro, are and radio, releasing overall Claro XXXX having we content is across new and and streaming on advanced introduced features our TV TV discovery, consumer continue distribution top our TV major market, with all customers services voice-enabled brands design in and are portfolio global our some Other the remotes rich are expand mention and customers e-commerce leveraging this services across in the customers. company models market UEI's serving and three operator popular and that The The deployments. In our while to in software three the Android US developing depth and for by it improve to software leading market, customers global to currently functionality one the breadth Latin control, X.X America, channel TV the platforms. as next platform are MVPD enable cycles their management in our digital we However, QuickSet platforms. devices. of of Android Mexico, positioned projects support engineers designing home quarter who secured we generation TV new third also households XXXX grow across to support deploying control smart entertainment Megacable

in November serve first a voice also entertainment official where expected occur premium The international we telecommunication end will previously, operator controller XXXX. is communicated Butler Nevo as video launch to to began far-field the service. around the their shipping for of our product Europe, As product

extremely an important represent product very come a this consumer anticipate market introduction to see other design product to positive are and for will to this reference partners excited reaction. We We hope follow.

and home new third In are customers. wins secured brands HVAC segment. customers traction we existing we the new as multiple in Regarding of are our and smart home that RF We're leverageable and domain. strong excited control evidence this design automation, see progress across quarter, about gaining appliance to-date expertise we design as assets well wireless as new development with and in connectivity the our knowledge

complex Our controllers. wall times projects these gateways, revenues design even sensors, with and wins lead include smart smart development and interoperable home controllers, longer require in thermostats, shade related development switches, and expected The or eight design and good extremely into years. once news have introduced, life homes products late cycles up these automation to product that can XXXX XX long is last that XXXX. Typically

and we with technologies home the New in an a Consistent entertainment When event, times entertainment currently connected corner, we we're Las combined that designed and close be smart replacement. technologies just at our harvesting our categories. sustainable XX including can available advanced control and Year our excited the introduce products to will deliver January truly that energy of products which In with Finally, around remote next is in year's need exhibiting about across for Bluetooth the we battery devices, with solutions, be new connectivity next years, Vegas. of a at efficient in-person doesn't Smart prior than will new we space, Chipset suite energy CES highlighting platforms. our generation XXXX, will home home more

hands our standard While striving we sustainable connected, extending QuickSet voice, backlighting and the home remote for aware latest of that product also with Hackworth CFO, self-help products devices both today's go Please financials. to Matter, for support now such over Bryan. control using enrich automated a ecosystem that ambient lines. with the experience agent on-boarding sensor platforms our range of UEI of we'll asking sensors powered virtual controls. advanced comfort, by security Butler be a create soon, Cloud, interacting thermostats In troubleshooting the for controls, of demonstrating and as allowing expanded extended our our features, our our hungry wireless a year and to call customers turn ahead, advanced Nevo supported in connectivity also network of any the the of standard more a our power devices announced home are smart user line many and seamless of free by home standard an category, can efficiently the or smart smart run Bryan as providers can and of smart capabilities home and the connected largest as to for, this entertainment We're industry. review earlier I'll generation thermostats range of when remote

Bryan Hackworth

Paul. you, Thank

First, below additional We I'll experienced we were results sales the for review quarter our the in have did expectations. chip the to third compared fell quarter, although however compared third quarter our of shortage the production will forecasted We in and to impact the of million for missed the third logistical $XXX.X delayed our that shipments XXXX. revenue. issues accurately quarter resulting XXXX. and sales million Net grow, $XXX.X sales XXXX third

quarter. improve, expect congestion ultimately to goods, we While port situation such the were third as related transportation to of in magnified issues the the

not the for receiving orders products out experienced customers or indirect of the certain scheduled time, also quarter. on originally the third effect We push components in of resulting companion

commodity profit costs. mainly strength in of weaker XX% Continuing than or third in $XX.X dollar gross was licensing quarter the offset XXXX. sales, effects sales the revenue, Our transportation a in of to the higher onset $XX.X of XX.X% or the of compared form million and technology million of more and

freight contributor. or million the quarter. in year R&D expenses sales same $XX.X $XX We inflationary $X.X on million $X.X to last with the or have million from and pressures quarter SG&A a $XX.X the to larger largest compared million million for compared expect third costs expenses results. being to of increased income our in Operating $XX.X to was increased XXXX. XX.X% were million year. prior continue period expenses Operating compared the of fourth the quarter impact XX.X% in sales, of quarter million million these were prior $XX $XX.X to to

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

of year, XXXX, record in XX%. of share quarter $XX.X $X.XX representing million third of quarter last was or to increase EPS an $XX.X the the per For net third $X.XX share, diluted in million period income compared per a same or diluted

review of our $XX.X flow Cash XXXX. million We compared quarter we'll XX equivalents million at from flow Next operations with cash and $XX.X and the ended December to three price third of cash $X.X sheet. share, the was $XX balance at a shares months stock XXXX of XXX,XXX XXth for our $XX.X approximately per of We total ended cost million. September repurchased for million. an average cash

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

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

pressures, Now, shortage uncertain supply to of transportation relating specifically chain turning the have macro-economic chips, created issues an guidance. throughout our The to current environment. and the

environment. the sales, however, these for normal forecasts are Once caused the on continue receive discounted by have because issues parts can customers, a unable of production unable products in quantify forecasts, their what to the push shortage customer's suppliers. companion we been potential on estimate or has We to to our from a customer discern our effect would we other s supply receive and shipping which or we're from the chip our outs delays shortages

In from have congestion chain supply port addition, trucking, and logistical complicated matters. warehousing issues the ranging throughout

million, As delays quarters. past fourth XXXX, into quarter of in in grown million the which for the sales missed for respective worse, expect to from consideration, Taking for to the factors quarter quarters, range XXXX. example, situation the all $XXX.X has vessels, resulted to million we've experienced $XXX we have in fourth shipments two of compared $XXX the

expect We compared quarter from the of to XXXX. to in fourth $X.XX EPS $X.XX to $X.XX range

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

Paul Arling

Bryan. Thanks,

meet conditions. and to industries we innovative headwinds control at ports, been today, UEI it's While on the It even We parts, that any this believe due facing potential these leading that control inflation, are to temporary true technology have we many see long-term years. are continue What for for are challenges. have pressures it. that well their these we faced near and navigating before, XX $XXX for of growth is to We've capacity across important expansion objectives. or home companies term most over these these continue and prepared to is entertainment demand device are in committed home that of difficult supply connected challenges our is are to the temporal. than into But company billion already world, know in semiconductor building environment process and relies markets. Semiconductor movement solutions more goods we

for have ease demand. to this delays shipping While past couple persisted quarters, meet the capacity as expands too should

And connected is control We're same model in to job automation And innovative home the fulfill committed and automation on of succeeding the home Our we cusp entertainment for are adoption. and successful continue that home to on replicate believe will to mass that the see our term we in leadership yielded to achieve remains are control. to front. continue that long to build solutions. excited demand succeed we smart

vision and we that the our innovation, living, for to to we to term As our our industry. And operational strength and the industry lead plan decades to technological have are long financial focused create we continues lead on UEI confident potential. prowess always, come. smarter growth remains

open stay can now for Question-and-Answer tuned. Operator, questions. Session always, As up the we call

Operator

from comes Instructions] the Your Van Riley. line Thank Sinderen first question you. Jeff from B. [Operator of

open. Your line is now

Jeff Van Sinderen

supply Well, there. the everyone. Hi, chain challenging out were

Paul Arling

is. It

Jeff Van Sinderen

your there where got components. components, a know is much sense give manufacturers? is of of, And it component you're really way and the in by that can you're revenues and - looking QX? you to logistics, much there them getting ability customers, guess, get the getting your impacted to I different way, I us also you're your hard bucket how And own your - chips to a own So this for worse a or how But then were is gotten at in maybe just kind you shipping is of just availability do. I components is own QX? imports, buckets, mean, it's have it anticipating

Paul Arling

that QX we were million. we the in the last $XX think I accurate embedded Jeff, in quarter, with Yeah, said forecast amount we

accuracy, get We what I to going a to pretty chips we perspective, us. coming predict from affect the our on good it's we have the know with think make to once how going able we're to can much as estimate we're hand forecast, we receive in months. and what next

but discounting is, are sometimes have forecasts, don't So you that What difficult makes them they their discount accurate. that enough. was it customers

components where parts, such set time. So what top is because products not on more as companion orders, happened they pushed in out than QX box receive or situation had one we did the customers

us companion So listen, until said, push product, we orders called next the and out have we quarter. to the they don't the need

not that's now. really is factors multiple what. other the And So times happened knowing

shortages right much take forecast just Like - current and a okay there a complicating It's things difficult to back been going are with we're port step things. chip forecast not been there congestion? tell If the in not just discounted? you on would would have has had been really we situation I have had it's were - And that myriad it's a environment. our how normal been what now receiving, forecasts if how has much the that

Jeff Van Sinderen

in sort that your long overall in correct? aside that putting Okay, prepared and there's that you is a not My for just, but the demand then change of comments that moment. term sense any believe do picture, is

Bryan Hackworth

correct. Yeah, that's

is, we've a and okay, vessels up I been been burned, saying, referring say, now our with saying, - showing compounding we're to there burned customer And time. going like not of times then down us. congestion on couple forecasts. had forecast looking port I think at our to we've be could I've a think I'm take to I'm right we're people what okay, now, doing of effect

be So I want little to, perhaps a conservative.

just the really That's of Normally, it's $XX range is to that. I why and what now, million going think be making quarter. - complications, to - a it's having revenue it the you're of do difficult expanded why So right I given layers we predict very a for that's range.

you notice, a to feel If definitely $X I I it's by million. prudent more quarter, $XX this difficult it because just And to million, environment. expanded expand it it's

Jeff Van Sinderen

Okay.

Paul Arling

in going just this the Even it's difficult Apple it's believe, you, throughout now, it. I right companies the because And on the all world, system. largest Yeah, world company, and the that in to having said to their parts are call, the they impacted getting product largest have probably their demand. pervasive seen is their QX. be fully in make They're revenue fulfill difficulty enough to

have Our often household. they multiple products a into rely supply And deploy that multiple of to the they companies. have on institute or chain customers

if the planners, have they to for they obviously, come said, because Bryan have to and their of the those because from predict you or as other inventory they're have chain each a when short they or time they the a XX,XXX of why for one short And one vendor, part the a probably deploy parts. XX,XXX, few So XXX,XXX, end the difficult to are on then quarter, vendors. supply XXXX, having other can't vendor, want

the we've enormous maybe industry of what amounts have build for have it late think it are they're I towards And occurred It's this quite ease of year. their the created in years going increase think it's impact. end loss my And into they seen these, that take before, of and But months. us little demand happens there said, that now next building to and going money, of acutely to supply do because it's the companies time. not there's enough We because want prepared to industry case, in the responds, here. that remember, we've well to their out to probably this they supply, next can't a isn't they chip share seen remarks start Right before. across bit shortages already the Obviously, to there three will can't the pattern capacity, normalized to the meet specific it's year. I many I through vendors a you then important, gets revenue have is But again, to told with where flow equate. is everybody as the This Semiconductor demand. back take providers think, spending during now. as going sort revenue. as the that to So I multiple again, supply begin next

in So to that time. will there'll build that semiconductors, and just be wants who capacity demand, takes somebody fulfill it to happen. it It's

couple So a to we redesigned thought. we it difficult, new than for we're economically to only once facing bit. and and we're dealing vendor this. have a with with on company so good in could It's short there's little we that the It's it. - offset it's will it's in we like on some doing a industry best, places I that some chain. clear, to now as many have parts think think get now supply again, right we'll we longer job that port don't shorthand clears slowdowns, that it's we back the it. switch in then difficult vendors supply I think who But But pattern. I'd could But semiconductor taking had switched it's more It's completely is where normalized products, a few taking right? we're that, would way the is again, in world, which today's but the difficult ports, avoid we doing right it. that's team no just a time. - to And But managing our And you

any think their said, product experiencing using across that as in issue. is moving I or products, semiconductors company, this the world is I

Jeff Van Sinderen

there? inflationary gross more you're bit. anticipating you're a us a of just terms some on how the little forward maybe Can and you seeing up impact on extremely little I pressures. about made you yeah, of guess I wanted color cost what I to margins thinking to going sort comments just widespread. Right, know it's in follow pressures? And cost give And

Bryan Hackworth

plethora chips and of Yeah, And a them. you're eventually will will seeing you're one in going on pressures run, to, in in boards, component the we've the the increases we I and a to now degree. see you're and got resistors. been price it's of QX, supply we're price resin, But to increases, items, lot the mean, of laws kick that we're noted, now as experienced old stave a increases to Paul the take transistors, to and think down. chips, is in mean, seeing is inventory sold there's off, increase, right starting now, is I large But come off of really right going we've what short I able being seeing economics this, that cost the current pricing effect.

expected So gross be expect - margin QX. to to be we are to you're QX's - than lower starting

Jeff Van Sinderen

all right. And too I jump this else pass. Fair my someone I'll taking you let Okay, shall questions. enough, in. appreciate

Paul Arling

you. Thank

Operator

the Next with Steve question line from comes of Colliers. Frankel

Your is open. line

Steve Frankel

that Or really do Good up pool What's situation facility? is got short Does your I'll Chinese holiday changes like components some sore the you at today ever here Paul, to needed labor afternoon, you just in workers ramp production? Chinese you an big which factory? leave you post you start subject good. issue, a adequate the if the on labor that to labor with announced now revisit the have but

Paul Arling

accounted for workers plant. Xinjiang one agency that a XX% the region, the the that labor Yeah, from at it about of provided had

We have had we've quickly move to move done. which to projects,

to plant, with in either tools move a sort we chain, set with handle of work was retooling of new something can a obviously or - different our supply disruptive, we to plants, even that through can it's subcontractors new the to but moving or plant, within that same workers. And or it so moving

Steve Frankel

the what Bryan, the in quarter? customer numbers and were concentration Okay,

Bryan Hackworth

Comcast exceeded Comcast Daikin. We XX.X% XX.X%. and was and that had was two customers Daikin XX%,

Steve Frankel

on there Paul, couple in update ramp out is product next you the about Is quarters? should there Or How lead Okay. sales of do a hospitality to that that think little an efforts? pipeline that? further in your a HVAC there

Paul Arling

the but over - see next more in well, may Oh, quarters probably to start dramatically some We more few yeah. time.

the typically worldwide. very obviously, the we're maybe obviously even HVAC began have that built largest areas more including in we've headway business we're couple Asia, customers years business. XX target to us wins have unfold. And targeting us, concerted customers on region. worldwide two alluded United over But maintained or that States. area This of the good year is in on have how early say in the last so don't for this and the world. lot is in this and to has of We a world, yeah, a a recently around making our world we centered have to as or years, specific making than other focus for been that new year I we'll have - Asia. next the that effort everywhere segment that. across other real a on now CES, of we do the one that. to used the - market an in able areas progresses. know us months in segment announce prepared have a area, business I designs, in for area some the around more design as be active And things a very talk We'll And HVAC about on here not been that We'll as next to been lot talk of in about obviously have But having remarks. is this

Steve Frankel

your as TV about to on the the traditional made easier how Great. supply was or back its the Is Apple like by the chain set And issues. conference with folks chain boxes, is any situation supply to boxes Android opposed talking top call? then Costco, which

Paul Arling

forecast, upward products, prior planning we are a much And products we we as too greater actual lead I'm slightly some are that X% specific. have are parts difficult can think it of can't certain do Well, demand certain semiconductors shorter, absorb even may scratch either forecast those parts. it to because the XX% supply greater speak specific to and of parts sufficient would sorry, it. where times - if were is was products that extra areas. our that But supply. involved in the today in But out the Meaning of an quite certain absorb have supply as sales are And difficult not needed. I short, the extra supply and certain we in up, Yeah, But than to the are get there areas, able obviously, bit be could momentum. well, momentum little slightly frankly, in we have those bought it there I would be we areas would to you're in want as than enough parts don't be products areas. the the or say a we the even though due where Other there short I those on be supply to if are longer mentioning. we to

Steve Frankel

Okay, that we you going sustaining about gross assumes difficult cost prevent and next talked to to pressures that are impact one least Does those from should early pressures ease, assume QX be level? that cost of margin, incremental going XX% to to part get some year. the and until at this it's

Bryan Hackworth

XX%. factors no, that I below There Yeah, many mean, definitely be that wouldn't is gross margin. going the depends. go to I say it's it so into

I it think by the could that from there's variables items it to are some and could that royalties could QX. other now - point, right a a factor just play change point in of it's There half. factors lot in

it etc., depends. how really material through to I mean, why are the coming in run, we perspective, see the then be always play. - the one In the thing the don't But no. out can long is see of I fourth would term play coming subsidies We get lot in answer that from short predict. it's but reason I there's higher will there's through, is any certain definitely so the royalties a of quarter. at question not factors XX%. costs above situations, a So difficult it's

but So be. could it it may be XX%, below not slightly

Steve Frankel

what Okay. rate QX is your your rate is wonky. tax And tax question, In [indiscernible]? one accurate more nitpicky in often

Bryan Hackworth

QX lower, we got be to range. it's XX% of XX.X%, subsidy, say XX% expected XX% a But rates would It a $X.X and QX, of tax will in million. to normalized probably sort I be the lowered I normalized to XX% the that range.

Steve Frankel

Okay, Thanks, Paul. Bryan. Thanks, great.

Operator

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

is line Your open.

Greg Burns

afternoon. Good

global those launch out platform This Are own to you involved rolled quarter, their set they're TVs. in any streaming of new getting Comcast smart and a projects?

Paul Arling

We can't until such as that. us do projects allow in confirm customers involvement time to would

comment right can't now. that we on So

Greg Burns

like Okay. to deployment, will a that's behind getting that customer case Nevo pipeline one out? use and And a product, of Or see there being that and set case you the stimulate then do kind as is maybe for a, the beyond roll proof that? that Butler demand

Paul Arling

I there way. Yeah, things first. yet. launch if go, these into any are goes time this will are the of customers This projects as be have this, new looking it. look like in other don't back We developments that But it most at typically

voice as and look this been The takes work particularly a more projects. if that. original have with it. after firm the relatively on saw great the as the We no these interest Others we'll actually of out, effect commitments remotes about place comes it this first as of do first large soon designs to on then they disposed well, everything it's And done as to that to and and development it, favorably customer probably those party, become a but lot will us that this see was it already, talking there will progresses, implementation. being company, is,

put as hope. That's And And at about take be they we'll it may there. have launch. be our to talk out, more. able this point We'll probably it from then that. to So similar this some plans to they

Greg Burns

using talk a whole or on they control do or home remotes replacement it How planning Is AV control? like envision? just you it? for they're how Can about

Paul Arling

that it complete is let decide home entertainment exact our what extremely right that Yeah, beyond those it But that clearly, do we're is you won't that your necessarily give will now product, a to can it's to announcement details announce be clearly, we control. far-field. it's go yet, But features. replacement, home we're will way a controller tell control. we rollout can customer can't many the far-field you capable entertainment But haven't launched. completely again, going and capabilities they other of things And have entertainment to able do all far-field, product because all an

Greg Burns

great. Okay, Thank you.

Operator

call your question any to any the back I I'm for not now remarks. showing like further to speakers at would further this turn time.

Paul Arling

Okay. to and of to Thank you CES meeting Thank see January, several you would a to day. Annual at Investor to have January LHA Needham's support Please Conference and upcoming continued in-person present your joining Growth to if you hope Vegas for be contact December, in Relations for you. see and arrange in plan at delighted Security Annual us in January today be We be Investor CES. UEI. a events. in We investor Imperial at great Conference you we'll happen in also Capitals

Universal Electronics (UEIC) 7 Nov 212021 Q3 Earnings call transcript