UEIC - Earnings call transcript Q2 2022 | Universal Electronics Inc.

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Operator

Good afternoon. My name is Kathy, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Universal Electronics Q2 2022 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator of Relations, Chapman your may conference. LHA, Kirsten you Investor begin And

Kirsten Chapman

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

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

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

and technology including to our and our customers During designed events management controls year, will smart These may and accepted are introduced the future ability upgrades or actual that timely forward-looking and the to products statements be Company's capabilities statements customers. ultra-low security you groundbreaking and results connectivity new future just by that hospitality this regarding Company may existing energy related home automation, deliver our those line harvesting remote this projections. of the and attract wireless statements of materially leveraging and and power from and these and cautions for performance call, technologies include new sustainability make projections differ develop financial events

and may financial with this such non-GAAP annual mentioned providing management to reflect experiencing. and the a trends financial and trends. remarks, and release documents SEC, consumers then. the report at In periodic to or circumstances no The onset since that today's its we press date management's and the Company that on you or filed Form the or refers events filed undertakes and of arise XX-K obligation statements call reports revise UEI's these Company it the after adjusted to helps budgeted believes are update to non-GAAP and how be for that non-GAAP operating decisions operational performance measures evaluate provides making financial supplement will respect net COVID-XX new on to planning operating because and crises, financial been sales. the metrics uses and cash financial the measures result evaluates metrics shortages continue the The introducing collaboration opportunities dealing successful chain inventories as in well of Company. increased that next-generation sales material mitigation has of margins and including of as that the impact the issues, and customers experience industry its supply both systems includes continued pandemic, to its the disasters manage which which products to natural and semiconductors with our for direct in and supply material indirect chain health both public results have existing global to to pressures achieve the due continue which inflationary and ability sales obtaining Our with, particularly with it effects and our and earnings developing for investors as referenced. purposes core business to The and shortages these adjusted to manage Management to business efforts. with may through Company's impact technologies, and consistent ability financial them flows GAAP management's its investors performance issues, including

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

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

Paul Arling

afternoon, us today. joining for and thanks Good

commitment to growth. the model, financial sets technological discipline built long-term This business resilient service Our our and innovation, foundation. for rock stage solid base

we to this home leveraged we address advantages blinds. our have cases paying and such dividends markets strategy lighting penetrate home connectivity HVAC, additional use and in automation successfully automation, fact, win to This is new wireless as continued have and as In security projects year.

was for good the was expectations than EPS per second our share. quarter and at higher Our as met revenue $X.XX expected performance

answer years, Well, we point? we When the a When questions. This few logistics to prices. Over reach wish difficult entertainment, the an the food some chip economy will leaves for don't. will being ball other discretionary lighten asked budgets consumers' less items. when we end? impacted and is will behavior consumer have had merchandise Clearly, rising definitively all up? and of past fuel we shortage inflection been crystal these but questions, And by

and will Logistics Although know. do each economic you the is be share factors I the we Semiconductor continue timing in built the we world, supply to visibility and XXXX. dampen seem XXXX continue. will improvements what of most hopeful elusive, in and are near-term exact increased quarter, the improving which and are U.S. chip across refabricated with being will trend future fabs certainly and to create

committed has supply. there of have semiconductor hundreds been I increased billions dollars As to stated before, of

life simplify our prevailed home strategy proving of a innovative, our in during now creating to engaging been which in now, not-too-distant we has we and At While will years, fruitful and in dissipate times has This believe products their solutions we future. creating goal. as what well, that and includes the is dealing supporting our with shortage challenge are it new long customers. can consumer's other we manage XX-plus continue industry-leading UEI, this it that control,

this Home Controller our Smart window over HVAC Hunter have our business, areas thermostats providers. positive customers. goal and last good new to leading as in Vivint regardless and of few motorized shades us system successes headwinds. Douglas, service home provider Home well We from PowerView energy-efficient across in months, lead supplier about activities home by economic connected for technologies continuing In the We fuel achieving attracting commercial sensors. security XXXX wins U.S. the world and gaining grow at long-term security have Interest as our existing a and from momentum. short-term and in products with we keep In expanded activity and both continues are new the with beyond. our These and as excited the our footprint automation Smart potential. we achieve will smart growth We growth to any announced succeeded Gateway of coverings. expanding to this in as customers future amount history HVAC seen success hospitality world's our blind our the of largest smart OEMs these will Multiple well and

Turning to our customers. control entertainment

as We innovation, with the in technologies are embedding the UEI increasing Samsung quality share. serving features winning markets, our and including impressing customers already spending market and LG and leaders by projects, must-have years

We Apple providers. long-term TV QuickSet-enabled our are More TV evidence and our including to of TV controller won position. recently, and remote solution growing are our extreme controlled efficient projects, confident that our strong customer control our new we service commitment roster Android rechargeable the silicon platform, low-power for energy relationships award-winning

to has CommScope's products platform. marketed entertainment RUCKUS second turnkey thermostat connected interest technology In UEI offerings control the in new using already due and the reduce addition costs and control want service million also with the ingredients We offerings, wins, remotes RDK, climate who technology significant to targeted to our has new with voice garnered same project we two the With platform. cooperation XX solution product respect quarter. operators shipped to hoteliers energy leading at available during we managers help energy cable introduced across This domain, expanded the rising In expanded in solutions consumption. video industry's globe. the our property

Additionally, consumers our the that to multiple in our multiple a players consumer what are of recently For streaming few solution teams on just services platforms. face have solutions on they control leading markets control are of growing streaming-centric the working One to we the address subscription serve. requirements a award-winning brand when address create challenge streaming These examples the launched new All

Before the turn I'll provide legal over call Bryan, an proceedings. on I update to

Roku. engaged litigation we know, have against all you As been in continued

prove Roku's certain products issuing both remote and core to Roku's selling we past and effort, of we we infringe prevailed the in QuickSet to In against patents, win order, have and important successfully am win again offensive Roku I control obtained with very this a continuing to assist Roku, and that reported, have order of when Roku actions valuable this gaining Commission key We requisite that against the protect patents property. two in June, we intellectual pleased a one invalid which in our a order ourselves found established a importing it that And cease defended our product. against were against highly Roku the previously had to an that stop so Trade as prevail. finding requiring action, asserted ITC report resulting have exclusion infringing ITC to done and in through our industry International be differentiating us the retaliatory Roku to failed domestic

court very prevail we important two confident wins, these related will federal the With cases. in district remain we that

CFO, the to ahead, Go turn over financials. a Hackworth, our I'll of Bryan. Bryan the call for Now review

Bryan Hackworth

you, Thank Paul.

guidance, second compared QX the First, for compared XXXX. I'll to COVID quarter of of logistical a quarter the million Net pandemic. second factory for sales $XXX.X review sales reflected XXXX. second million a results Squarely without shutdown to the of related to issues quarter the within or XXXX the were quarter $XXX.X

notably sales decreased which XX.X% relative parts, quarterly having constraints positive supply of throughout rate, an in quarter $XX.X $XX.X expenses pressures XX.X% our the million to we sales surrounding revenue mitigate or our effect $XX.X QX second the to provide Although inflationary Gross profit I'll quarter is compared of second first still persist, XXXX on XXXX. reflects effort the and second $XX.X automation. of experienced continue from was improve chip year XXXX. developing million for of $XX.X compared increases freight as in phased enabled markets We've the component to million investments shortage, R&D to invest million quarter. the a minute, a were $XX.X to to price million user trend. second consistently in inflation XXXX. the labor. in and the million Operating guidance, the gross Operating of quarter most as the second million range to In margin $X.X XXXX. in the compared new innovative to experience in These security in increased and year for as channels. have income compared $XX.X of core share to in such products as expenses quarter well prior quarter in a internal $X.X our million solutions we of prior gain channels SG&A multiple million to in in expenses market was us home quarter

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

quarter second of of $X.X to income the For second per $X.XX million or was diluted diluted share share compared in per $X.XX $XX.X million quarter XXXX, net or the XXXX.

quarter under XXXX. our certain cash, balance for operations specific and components, most of we across December compared cash Cash was million. higher We the platforms. I'll just $XX used purchase our of to with the originally sheet. is flow review Next, ended second a of quarter, from importantly, term fortuitous came to a which In and of cash quantity $X than chip, across deposits second $XX.X at a million the many million product opportunity expected flow equivalents XX, XXXX quarter

inventory. Given this opportunity to approximately parts, of advantage requisite the procuring in additional million we $X difficulty amounting took of current

$X.X quarter, million, total second for the we shares XXX,XXX the to $XX.X purchased During million. bringing for XXX,XXX shares year-to-date

to our guidance. turning Now

we've improvements us, some supply in notably chain, most in for the seen As expected, transportation.

to take environment has parts, of remained far to able concerned, shortage certain the buying we've is although relative As specific opportunities largely the unchanged. advantage been component as

with for However, room environment leaving more as a consumer discretionary are as inflationary is on essentials the such prices and rising food purchases. for taking toll macroeconomic gas uncertain confidence pressures less

we our facing are third headwinds, to quarter improve these expected are Although continue sequentially. to sales

third expect $XXX.X quarter the XXXX. of For to quarter $XXX to in million we third compared the to range million sales of XXXX, million from $XXX

quarter back our third range EPS XXXX. call long-term to I of and expect $X.XX to growth compared would like in now between and XX% targets XX%. Paul. sales We the X% EPS We $X.XX XX% from of to the to reiterate between to $X.XX and turn

Paul Arling

Thank you, Bryan.

create challenges with smart universal are products global history, throughout in smarter leader each stronger Many managed and the have great delivering followed solutions times economic our devices. for various our time. by innovative entertainment to We wireless home We that emerged we home and living want. consumers features vision control high-quality

is related products strong the replicating a within to today's other when in and in the to people's simplifies with applications clear The that better entertainment lives we and and continue invest leadership UEI in this As top. will result, will foster the home. earned truly done products position future. rise home fact before and companies our headwinds this relationships has continue success customers are in innovative build that to dissipate, technologies,

questions. tuned. always, As We for stay now can up the call open

Operator

And of Sinderen [Operator will first, B. Instructions] we to Riley. Van go Jeff

Jeff Van Sinderen

Hi, jump right into everyone. here. I it

parts wanted sounds for see, it your to improvement moving couple QX. sequential as of as happy P&L, Just expectations I the like guess, to a far expected for see

As the bit, to shape all, expect And on are last way inflect QX changed in you more at year-over-year And expenses, demand a if overall I'm thinking how on but color growth it's P&L about do so, changed QX? take meaningful progression in to changed margins, the any that? overall from I little but has you may sure sales it's picture and it early, guess quarter not the how a report?

Paul Arling

things. Yes, Jeff, is like has customers, think Paul. on three about all the The the don't spent just companies gas economy those two now, happen, but with from gets to from prices temper, macro are some it now. thing board. just a other now from prediction I it only will months it projects on more drop? will money able be we've I the looking is wonderman, four, changed. major begin at environment. it's be three, months won't. anything be worse, five, If months have now, spoken six changed consumers' difficult may coming within that that things industry where of feel Will then are right The probably to inflation will that If

different. is But year, held what it other World some This the much the like which the difficult world. usually of It's winter. the determine smaller for entertainment. Cup be. affect in will in first the of It's as the This to effect positive the is Christmas very exactly being effect rest It's does World You've ways it a in being July. doesn't time, U.S. the got Cup, factors. really as for

think where six as there's to just more right now potential much as a upside. the there's six decent uncertainty consumer seen will difficult even prediction. know past will would Right out, to least months years, at so where out, So usually than that now, months economy in But we've you be I six just now. gauge you from have the a really months it's be

course, We course, we've sequentially, next market market effect we that of of have a times there of effect in have pretty really And things good but and good, good. are view are we're think very project strong. not as the some lead the of a projects orders. Bryan said, the three because quite in new customers, up, these as of and and in good new weaker still a But a is strong, got

and in between And world type on have company years, over supply, track, now to every XX been they'll prices, just We've now. that economy, from chip know months by that months the us, cetera, come our in but will again, what will happened where out, six to things the the things of know from products burned so things it's be environment. unpredicted be. few will okay. or gas it's the et COVID be difficult the just difficult last gauge We So but where not are

Jeff Van Sinderen

maybe wins some know And can control, Sure. automation there, field spoke to to to you've and partnerships. extended come we over Understandable. with HVAC, out years. left I had If deal you some different had the home of obviously, that you guys things shift

bit Hunter the to you how bit more Maybe that segment expect both you term longer I little can develop cycle. a business elaborate a on a longer talked term, near then is You and of realize Douglas. about it kind

Paul Arling

The long typically but is projects are they're lived. to the long Yes. benefit there then develop,

design design won, is So redesigned every on once item. can the typically maybe TVs the for In these a last decade, the markets, are depending year.

design, the market serve, double-digit because the a to take because to can usually home, on time, win. bring units, is that as important intelligence take so as of of a opportunity. take and deal within lot opportunity that innovative it it's But lived. not within it's a have typically on well But part again, we're us helped after growth change. the end a other year, not final think sometimes IP that year those in. it's long a real it get been market, the probably We we've to news the of as bring to on product is growth customers system. their has it that our a the with There's there. as It's but been in as customers growth And market, good which much real won to get connect as our high systems we're the you've winning solutions highest undergoing specialists sometimes for particularly HVAC the to So will which the ready, entertainment, even market and They market home design in. but provides product is we more there. share bit little to potentially a connectivity It we

a not who HVAC, we're now it's thinks business. $XXX anybody in million greater that So than

quarter was customer, In an fact, our this largest customer HVAC Daikin.

design proficiency world this an the is interesting We've now. across we're and in So getting it, area. already wins shown

we the names progresses. yet, Some of next as the but will we can't year mention

we company again, world. obviously Hunter mentioned This Douglas. is covering in then window the And one HVAC. that's So the number

the in control So home. interconnected remainder the we are helping products with are the that create them market of

that. see clearly a here. We They are leader

none, customers add interested have their capability in second to we to these manufacturing these markets are and to very product line. what in and design Our is

these be again, is are and for us a growing area double-digit to this rates. we So -- type growth markets great think

Jeff Van Sinderen

especially legal in Okay. luck. throw see, well. Well, listen, someone the jump recent that Douglas, Good. great say just I'll wins, else those on as let congrats to Hunter wins, And including of best in. it's I'll

Operator

Steven now of a take from Rosenblatt. question Frankel And we'll

Steven Frankel

their know thanks that with else. as you? questions. I also acceleration in everybody Paul, order issues with years, set-top we've extent ask is the opportunity much patterns affecting struggled cutting for what in getting supply in chain seen cord really couple anything some the some the virtually boxes to To past customers that of space. impacting But you're

Paul Arling

Well, it less are people television. watching are is But aren't what the certainly -- question really people would effect.

customers, but So see see as with specific number a leading people place through market with other may you streaming worldwide order we one ours. is patterns are, we three fall are the cases, in the in of customers off, then a some know, companies the customers And sometimes that rise, television. long-term accessing that

we're happening, it's customers probably line, customers the then, under a a become in while the definitely as that as dramatic have think in time you detail, may shift volumes it's HVAC an of who and but whose business the at And there in behavior, things So meaning have us not affect us. of with does significant -- risen. would has speed which it other are some over seeing offset terms have course, eroded for everybody

sure has an over So it effect definitely caused for time.

Steven Frankel

quarter, still and Are you And those last lead large quarter back half wins can. couple go third And track HVAC rate hinted the to to a your if end on about home to of implies where in I a to ship by wins significant year? of that guidance move relative in that certainly, [innovation] the direction. ship new would or back you increase

Paul Arling

everything parts, successful, still be be, you are the semiconductors So ordered ready be lot they will question a you to the are do times, left chips make way lead with have a lift the you Yes, in are. to the issue or to if order ultimately the have gets in haven't will enough in products extent They parts of you're bind, either a demanded? that not for demand.

as trying that. to orders parts bad lifted of because as the have are is in demand. right the some There some with typically, is They we automotive the press challenge semiconductors the to you'll them. who products example actually That's the get in products, because seeing have effective. X,XXX-plus now predict have the our most don't are that additional customers to companies and we see they're make the it scrambling real we're So have

Our dozens our that products the customers is their hundreds But product. will we maybe for will of have pair of semiconductors X. only challenge have with or us in some

for their as then may make -- as many. two So parts them, demand scrambled they be can't out, make then many. get able get missing to never but they're the They parks, shut they can't while we after if we've

just they they'd be like but demand their make semiconductors can't. So all products, not able can't we get and deliver to the not us be the of to more but may may to we more, because because

So it's problem complex a relatively today.

semiconductors, shortage of demand the the remarks, I the demand around I you is rises. capacity the gets from time the quickly of because few make who's As over they right? got do supply, this the COVID. who these want And than had happened companies What's XX more while, years because remember said the know years ago, opportunity truncated sales rose QX supply when the course, much last built, others, happen I we pass many as a in anybody been issues semiconductor a and time. know particularly these to but

have So catching going to the we've higher it's some see will, be increased and they're probably parts of vendors than demand and -- of not into up, worse them. chips just is And we'll bad who ship. it they get to back we and where made our Unfortunately, the able half do supply. a have all started to situation slightly

like extra few or It's there. ago. that thousand three get or not a say can't two, tough extra ten day years parts, a because I fighting our definitively, few $XXX,XXX, it but people ops to was thousand every it's few chips, the are a Now out

could you parts, X you a get extra If fight. needed million them. Right an now, it's

starting leading we're only the to but this it's beginning with into So I'm we'll we'll -- where to see already edge. XXXX, the start of see live hoping it, probably

there ways start a will coming hard will know heading added. fabs to being but it's will be these on, to to point an supply once people is once so out. we capacity see. where I get And that, there's envision for then again this believe be in right what's think now, much issue. I given overcapacity. world, going And hard not towards on It's that. we but to short-term the today It's to going a get We're

Steven Frankel

Okay. And will then the price material on back increases, on in any growth] have the they half? margins [impact

Bryan Hackworth

what Yes. quarter. the do we increases I we price is phased mean in the second first and

the in -- So were in second full QX the a then in a increases in QX. had increases and the most effect quarter implemented quarter effect full part will the price that the throughout have

of have should half an than the because first quarters. the more it back it in was effect so year half So partial the

Steven Frankel

and bank revenue then just And the Comcast's in concentrations? Okay.

Bryan Hackworth

Yes.

about, As for in customer was at talked Paul quarter. at actually They largest the XX% Daikin our came was Comcast XX.X%. and

Steven Frankel

you And the minutes acquisition made the in quarter? that you Paul, two want to Okay. on us give then,

Paul Arling

Yes.

TV We very that's the a bought we industry. with QuickSet. synergistic involved While company software acquisition it is small along a think embedded in within essentially

that So have relationships lot penetrated. have QuickSet they we not customers as did customers. QuickSet companies have lot with a that And they have we not of of a

industry. small acquisition, -- it that very fits for out So done small is And the TV nicely but doing but QuickSet in it a it's had we're what an of was it embedded with company interesting a software Nielsen company, with televisions.

Operator

Brian Imperial from Ruttenbur come will question Capital. of next Our

Brian Ruttenbur

it already half tell? the quarter out guidance the to second fiscal I of talked of you're you year? strong year. or couple of don't really guys know year have and crystal is quarter, I you've stated think But that. for call, about a questions. quick A giving fourth you Yes. I a third potentially And full for you last ball, shaking early is the Or how too quarter know

Bryan Hackworth

Yes.

QX, earlier, As orders. still Paul strong right mentioned have we now,

time as and you mentioned call We when to wins And an have the scheduled answer -- we're half than say, back year, don't bit just I now them. there's and that yet, of right questions more the but QX, there's of I a to I is we confidence couple on ship. think it quarter. to last is the there this mean uncertainty look little into consumer one was, a of have new customer today last

the fill all now, orders? wins right to ship, going we some in is an to the as question a I'm an transportation. but uncertainty to material is, I not know and now. piece consumer space? haven't wanes happen, not people right the starting And retail to the it comes But QX supply the consumer uncertainty. just adverse an saying to When -- to it doesn't happen, on it's And an winds chain, And do of And mean the order Does which have there getting. effect buy of we that nice more up won't to the in our these less will it's confidence a we're it shortage, consumer able in again, able in our have chip that it It having be You're picture see will exactly see can don't again, seen bit channel, in other that and consumer confidence decrease, improvement electronics is, if anything uncertainty. affect even them. bit. are does chips start that or other second that continues wane starting the were ultimately quarter, chip yet. though to We difficulty then space. I'm we're but were we saying definitely have And a will sales? specific we but

were customer we QX, QX an QX, strong. things from look well. are million. going a $XXX million. million. expected $XXX perspective, order So to there From I think be perspective, around wins there were $XXX sales

positive. is are trend the things -- think I So

fill orders consumer it I confidence think stay fourth right doesn't now, the orders. any the question the is, in enough affect will we all And strong can where quarter.

Brian Ruttenbur

Great.

from Was SG&A, of quarter-to-quarter. less sales, layoffs? commissions? you terms there just was so that a therefore, less In big drop had Or

Bryan Hackworth

No.

to think in be expenses I comparable. were and that. expenses total operating were I bit less it I a don't QX I materially but for QX materially. think QX, little not expect mean in somewhat operating And from different QX,

Brian Ruttenbur

When a Okay. last of on near the out expect can in in Roku we the be state Roku. that then coming looking anything we term And should way, situation? for, question different

Paul Arling

Yes.

as they far stage But PTAB not sometime they all way patents. will wanted. years, the the the go didn't And IPRs been exhausted. court few IPRs. depend on on have cases, district when that on the party next They the in appealed by obviously, actions the in As the cases, that against the yet, the they be IPRs filed -- will and some were

case those be the are that And state. completed, So time. on will once takes

it's So when not case to will It obviously, that we've coming that we've gone won the the in but exclusion our suing were that heard. on But the be -- The the we us defended on court, when probably we Xx of it's finally the plaintiff side, be years, in -- coming and they months. are on date, both the with. to were will found were -- patents, the both. side CDO ultimately invalid

Operator

[Operator We'll go of to Dezellem Capital Instructions] now Titan Management. Bill

Bill Dezellem

magnitude fully the please in increase And quarter? remind that and quarter second then realized in how of of in Would QX? the was what first price you us was the the secondarily, much

Paul Arling

be increase. fair higher have a Obviously, where up product that we a would different. -- been higher products more a to them every inflationary because in products Bill, do, cost is have and didn't higher with we prone costs went were more little suffered from specific tried customer's differentiated -- where cost the We The customer it pressure. items to by about Yes. surgical would a

board, essentially there went we wasn't yes, X% generalized done X%. through was or so a And X% by the across product product. It or it,

Bill Dezellem

being on aggregated that effect ended numbers to those ultimately overall? basis what a up taken and you them identify have And surgical product-by-product

Paul Arling

orders. to without in a prior orders, increase they customers that when you they've in reason deliver purchase comes don't If it put sometimes is I suppose. had price over that, price increase, units many it the increase, existing So price price we you're do But the But to that mix could sell, of do the right? the you calculation when or how presume you then since. to of time do going you have have on existing -- orders yes, that each you didn't the at Well, time you purchase increase.

could, have it's time. is Customers time, in so fairly are expectation mean we the cost go again, in well. share some of -- But will not will the that an not. because You our it that do I comes price them. typically, over we to then through increases absorbed but over you goal, been And industry reductions. with and --

you our therefore, in -- money see of up. that be, those understand And think materials the ups cost the would price they I customers same have we're they effect cost typically don't and absorb and more is fairly costing labor ups would more times are raw and that that about materials, understanding cost goal this would cost competitors they those money cost again, to the understand that would and everything more increase. and the in

accepted largely the they price So have increases.

Operator

does Arling with conclude I or the like would additional comments. Paul to any the And that, turn to over that call for Q&A session. back closing

Paul Arling

say Virtual to that UEI. talk would the and Have Cap I you or at soon. Yes. September. We like you see Thank hope great continued in day. to you a to your to present joining we plan us support Conference Sidoti Small of for today

Operator

And this participation. We'd you today's does all your conclude to conference like thank call. for

may now disconnect. You

Universal Electronics (UEIC) 6 Aug 222022 Q2 Earnings call transcript