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Item 1. Business

2026-03-12 compared with 2025-03-11 · 143 added, 217 removed, 203 unchanged (64% of the section changed)

Universal Electronics Inc.

("UEI" or the "Company") was incorporated under the laws of Delaware in 1986 and began operations in 1987.

("UEI", "we", "our", "us", or the "Company") was incorporated under the laws of Delaware in 1986 and began operations in 1987.

The principal executive offices are located at 15147 N.

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We make our periodic and current reports, together with amendments to these reports, available on our website, free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S.

Securities and Exchange Commission ("SEC").

Securities and Exchange Commission (the "SEC").

The SEC maintains a website at www.sec.gov that contains the reports, proxy and other information that we file electronically with the SEC.

Our business is comprised of one reportable segment.

We have one domestic subsidiary and 24 international subsidiaries located in Brazil, British Virgin Islands, France, Germany, Hong Kong (3), India, Italy, Japan, Korea, Mexico (2), the Netherlands, the People's Republic of China (the "PRC") (6), Singapore, Spain, United Kingdom and Vietnam.

Our mission is to create a user centric, smart home experience through innovative control products that provide the simplest way to interact with technology in the home.

We have two domestic subsidiaries and 22 international subsidiaries located in Brazil, France, Germany, Hong Kong (3), India, Italy, Japan, Korea, Mexico (2), the Netherlands, the People's Republic of China (the "PRC") (5), Singapore, Spain, United Kingdom and Vietnam.

Our mission is to create products and technologies that help everyday people easily discover and interact with the devices and services in their home.

We aim to provide universal and interoperable control solutions that automatically set up and deliver consistent and intuitive control of connected devices, content and services.

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Our product and technology offerings include:

• Home Entertainment Products:

Our industry-leading portfolio includes radio frequency ("RF") capable, voice-enabled universal remote control products;

low-power RF and energy-harvesting microcontrollers, as well as, embedded and Cloud software for AV and smart home device and content discovery and control.

These solutions are sold primarily to video service providers and consumer electronics original equipment manufacturer ("OEM") customers.

We also distribute a broad portfolio of replacement remote controls, powerful free-to-air antennae and television and soundbar wall mounts direct to retailers worldwide under the One For All ® brand.

• Connected Home:

▪ Climate Control Solutions.

Our innovative climate control solutions include wall-mounted and handheld thermostat controllers and connected accessories for smart energy management systems.

These products are primarily sold to OEM customers, as well as hotels, hospitality and system integrators.

Our UEI TIDE family of climate control solutions feature advanced technologies such as Wi-Fi, BLE, Zigbee and Matter, along with sensors for temperature, humidity, proximity, occupancy and carbon dioxide sensing.

• Smart Home and Security Products:

We offer proprietary and standards-based RF sensors designed for residential security, safety and home automation applications.

Our integrated circuits, on which our software and universal control database is embedded, are sold primarily to OEMs, video service providers, smart home dealers and private label customers.

We offer a portfolio of wireless and wired thermostat controllers, smart thermostats and connected accessories sold primarily to HVAC original equipment manufacturers (“OEMs”), utilities, hospitality and multi‑dwelling unit (“MDU”) system integrators.

Our UEI TIDE™ family integrates Wi‑Fi, Bluetooth® Low Energy, Zigbee® and Matter, as well as advanced sensing for temperature, humidity, proximity, occupancy and carbon dioxide.

The platform supports intelligent energy management and comfort features enabled by QuickSet® homeSense, our privacy‑first software‑defined occupancy and presence detection technology.

▪ Smart Home and Security.

We provide radio‑frequency sensors and control modules for residential security, safety and home automation applications.

These products support major standards, including Zigbee, Z‑Wave and sub‑GHz proprietary protocols, and are sold to OEMs, service providers and professional security channel partners.

• Home Entertainment:

▪ Home Entertainment Products.

Our home entertainment portfolio includes RF‑capable, voice‑enabled remote controls;

low‑power microcontrollers;

and embedded and cloud‑based software for audio‑video and smart device discovery and control.

These solutions are sold to video service providers and consumer electronics OEMs.

In retail, our One For All® brand offers replacement remotes, antennas, mounting solutions, as well as home office and gaming furniture and accessories in key global markets.

▪ Software and Cloud Services.

Our software, firmware and technology solutions enable devices such as smart TVs, hybrid set-top boxes, audio systems, smart speakers, game consoles and other consumer electronic and smart home devices to wirelessly connect and interoperate within home networks.

These solutions support control and delivery of home entertainment application services and content, smart home services and device or system information.

New features include private, on-premise user presence and occupancy detection to enhance user experiences with their connected devices.

We license our technology and software solutions—including QuickSet®, QuickSet Cloud and lifecycle device‑management services—to OEMs, video service providers and consumer electronics brands.

These services support interoperability, app and content discovery, diagnostics, secure firmware updates and data‑driven personalization.

▪ Intellectual Property and Licensing.

We license our intellectual property primarily to OEMs and video service providers.

Our cloud-enabled software provides reliable firmware update provisioning and digital rights management validation services to major consumer electronics brands.

We offer regular control library database and software updates to our licensing customers to ensure their systems are compatible with the latest devices entering the home.

Over the past few years, our strategic focus has been towards expanding our presence in the climate control market.

We license our device knowledge libraries, embedded firmware and cloud‑based services to customers worldwide.

Our intellectual property includes patented discovery, setup and control technologies deployed across entertainment, climate control and smart home ecosystems.

Our overall business strategy is focused on expanding our presence in the climate control market.

This focus is driven by the growing demand for energy-efficient and smart climate control solutions in both residential and commercial applications.

We serve a diverse range of markets, including consumer electronics, video services, climate control, security, home automation and hospitality.

We have a strong presence in the global market, with a top-tier customer base that includes four of the top five global smart TV brands and five of the top ten HVAC OEM brands.

We have a strong presence in the global market, with a top-tier customer base that includes major global smart TV brands and HVAC OEM brands.

Our products are used by major video service providers, consumer electronics companies and home automation and security brands.

Our sales channel strategy is to partner with customers who are leaders in their respective industries:

in consumer electronics, we count Samsung Electronics Co., Sony Group Corporation and LG Electronics as long-term accounts that represent a significant share of their industry;

in cable video services, Comcast Corporation, Liberty Global and Vodafone Group rank amongst the largest video service providers in their respective markets;

in Satellite services, Dish Network Corporation, Sky plc, Bharti Airtel Limited and DIRECTV represent the majority of global service providers;

in climate control, Daikin Industries Ltd., Trane Technologies and Carrier Global Corporation are customers that represent top market share leaders in the global HVAC industry;

and in security, safety and home automation, Vivint Smart Home, Somfy SA, Ring LLC and Hunter Douglas NV are channel leaders in their respective connected home markets.

Our channel strategy is to partner with customers who are leaders in their respective industries.

In climate control, Daikin Industries Ltd., Fujitsu General, Mitsubishi Electric, LG HVAC and Carrier Global Corporation are customers that represent top market share leaders in the global HVAC industry.

In security, safety and home automation, Vivint Smart Home, Somfy SA, SimpliSafe, and Hunter Douglas NV are channel leaders in their respective connected home markets.

In consumer electronics, we consider Samsung Electronics Co., Sony Group Corporation, Vizio and LG Electronics as long-term accounts

that represent a significant share of their industry.

In cable video services, Comcast Corporation, Charter, Cox Communications, Liberty Global and Vodafone Group rank amongst the largest video service providers in their respective markets;

and in satellite services, Dish Network Corporation, Sky plc, Bharti Airtel Limited and DIRECTV represent the majority of global service providers.

As part of our channel diversification strategy, we are also expanding our connected home growth strategy beyond core HVAC OEM offerings, entering adjacent markets such as utilities and multi-dwelling unit property management, while also increasing our presence in the security channel.

Energy management is a growing priority in Western Europe -- to meet this demand, we are enhancing Tide Touch with new features that support energy efficiency and provide utilities with actionable insights.

We are applying a similar approach to serve multi-dwelling unit property managers.

By integrating interoperability with smart devices such as door locks and water leak detectors, Tide Touch offers a turnkey solution, delivering energy efficiency, convenience and remote management capabilities while reducing the risk of costly failures.

Distribution methods for our control solutions vary depending on the sales channel.

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accounted for 18.3 %, 13.3 % and 14.0 % of our net sales, respectively.

For the year ended December 31, 2022, our sales to Comcast Corporation accounted for 14.0% of our net sales.

Products and Technology

Our flagship product, QuickSet ® ("QuickSet") is a software solution that is primarily delivered as a cloud-based service, but is also embedded in many entertainment and smart home platforms worldwide, to enable universal device and content discovery system setup, device interoperability and system control.

QuickSet and QuickSet Cloud utilize data transmitted over various communication protocols including HDMI, low power RF (such as Bluetooth or Zigbee, including Zigbee 3.0 and Zigbee RF4CE), Thread, Matter, Internet Protocol ("IP"), Consumer Electronics Control ("CEC") and infrared to detect various attributes of connected devices, including services (apps), content history and whole home audio.

They enable user access and control across all their smart, connected devices as well as their legacy (non-connected) devices enhancing the user's experience across their smart home landscape.

With QuickSet and QuickSet Cloud, OEM customers can deliver seamless user experiences allowing consumers to switch easily between entertainment and smart home activities and reliably access and view content with a single touch.

A QuickSet and QuickSet Cloud user experience can be delivered via a tactile remote, touchscreen interface, on-screen graphical user interface or voice-enabled system.

QuickSet's expanded functionality includes entertainment and whole home audio use cases to provide deeper device and content history across an ever-increasing landscape of devices and services in the home.

The latest release of QuickSet, QuickSet homeSense, serves as a foundational block for home intelligence that learns and adapts to home environments to unlock personalized experiences in energy management, entertainment control and advertising.

Our privacy-first approach in capturing user preferences across devices helps increase engagement through enhanced personalized recommendations for a better end-user experience.

QuickSet Widgets and QuickSet Widget Pro provide fully managed Internet of Things ("IoT") capability to non-connected electronic devices for fast time-to-market and enable digital transformation of end-user interaction.

The multi-protocol modules enable advanced connectivity with dual-band Wi-Fi 6, Bluetooth 5.3 and support for Matter, Zigbee and Open Thread Border Router host services.

They include native support of Matter across the QuickSet Widget family with Virtual Agent-assisted easy onboarding.

This enables products powered by the QuickSet Widget including the UEI TIDE family of smart thermostats to be Cloud-ready and Matter-capable.

UEI Virtual Agent is, an innovative self-service support solution, that simplifies device onboarding by allowing customers to seamlessly hand-off the set-up process from a large screen (SmartTV) to a smaller one (mobile phone).

Integrated into the latest version of QuickSet, UEI Virtual Agent provides automated steps for onboarding, feature discovery and troubleshooting

capabilities and is available both as a web-based application and a TV app for integration into existing infrastructures.

UEI Virtual Agent, when bundled with our newest set of UEI NetReady services for remote diagnostics and customer support, further enhance the support experience for products already deployed in the home.

Licensees of QuickSet and/or QuickSet Cloud products and support services, include service providers such as Comcast Corporation, Charter Communications, TiVo, DIRECTV and DISH Network Corporation;

smart TV manufacturers such as Sony Group Corporation, LG Electronics and Samsung Electronics Co.;

leading game console manufacturers Sony and Microsoft on their respective gaming consoles;

and has grown to include HVAC and emerging home automation customers.

Our latest release of QuickSet, supporting device and content discovery, QuickSet homeSense and whole home audio, is currently in proof of concept evaluation on broadband gateway platforms from major telcos in the U.S.

Our leading portfolio of home entertainment products include our Emmy ® award-winning voice remote controls that have become a staple of the home entertainment control industry.

This technology, powered by our proprietary silicon platform, allows users to use voice to interact with their video services and content through the remote control while using low power RF standards, such as Bluetooth LE (BLE) and Zigbee to provide the bandwidth needed for voice transmission to the set-top box or television.

We also ship ultra-low power SOCs for use in Samsung's flagship remote control to power their energy-harvesting photo-voltaic (PV) cells.

With our commitment to create environmentally sustainable solutions that do not compromise but enhance product performance, we offer UEI Eterna, a line of voice-enabled control solutions designed with our new generation of Extreme Low-Power System-on-Chip and energy harvesting technologies to deliver increased processing capability while using significantly less power compared to prior generations.

The energy-harvesting version features our "Battery-4-Life" technology that relies on collecting energy from the environment's ambient light and radio frequencies to deliver a control solution that requires no battery replacement over the useful life of the product.

Our ultra-low power remotes are now shipping with Liberty Global's latest video service platform offering.

Our UEI TIDE family, including UEI TIDE Dial, Touch and Bridge, have been developed and deployed as white label smart thermostat platforms under major HVAC OEMs, as well as, hospitality and smart home-branded customers.

These products are designed to provide intelligent climate control solutions that enhance user comfort and energy efficiency through a complete energy management platform that seamlessly integrates with both central, hybrid and space HVAC systems.

The platform is capable of supporting energy insight capabilities through our software-defined occupancy and presence detection technology, QuickSet homeSense, with recommendations to optimize cost and comfort for users.

In addition, the UEI TIDE family products offer native cloud connectivity and feature our latest device management and lifecycle support services which simplify setup and control and allows interoperability with a variety of smart home devices and ecosystems.

The smart thermostat line includes all the necessary connectivity technologies to address the evolving smart home, including seamless connection to the cloud over Wi-Fi plus local device connectivity via Bluetooth Smart, Zigbee and Infrared, and includes support for Matter, the industry's latest smart home connectivity standard.

We continue to enhance our UEI TIDE family of products to provide enhancements and new features for the everchanging home environment.

In smart home, UEI Butler smart hubs, powered by QuickSet Cloud, align with our product and technology strategy to enable discovery, control and interaction across disparate connected devices in the home to create smarter living for a growing list of smart home B2B customers.

This family of smart home hubs, complemented by our complete range of Zigbee sensors and accessories, enables customers to deliver tailored and managed experiences for their products while allowing for greater interoperability with other brands and ecosystems consumers have in their homes.

The hubs bring interoperability covering a wide range of wireless protocols including legacy IR for entertainment and air conditioning devices, Zigbee, Bluetooth and IP devices, as well as, the fast-growing Matter-compatible device category.

Our full-featured hubs deliver seamless interoperability, including i) pre-integration support for a complete range of Zigbee sensors and thermostats to create tailored kits for energy management, climate control, smart lighting and more;

ii) built-in Zigbee radios, powerful IR Blasters and support for Wi-Fi or ethernet configuration for flexible placement in any room in the home;

iii) Matter bridging capability for control of non-matter devices via built-in iOS and Android home apps;

iv) Matter controller and multi-admin capability to work alongside other Matter controllers for a seamless end-user experience, or to create a new Matter environment in a home;

v) built-in support for nevo.ai virtual agent for a seamless onboarding experience, personalization and troubleshooting when help is needed;

and vi) option for far-field voice to add hands-free control to any smart TV, streaming or cable/satellite set-top box or audio device.

Our complete family of Butler Smart Home hubs leverage QuickSet Cloud’s powerful device discovery and configuration abilities, and work with any Zigbee-enabled nodes or UEI-developed sensors with complete rule-based automation and scene creation features.

In home security, safety and automation, we offer universal sub-gigahertz products that are compatible with the top security panel manufacturers, such as Honeywell, GE, Tyco/DSC and 2GIG.

In the Do-It-Yourself ("DIY") residential security channel, we offer sensor-based products using industry standard Z-Wave and Zigbee protocols.

QuickSet® and QuickSet Cloud.

QuickSet is deployed globally in hundreds of millions of devices and enables cross‑protocol interoperability across IR, HDMI‑CEC, Bluetooth LE, Zigbee, Thread, Matter and IP networks.

QuickSet Cloud extends device identification, app/content discovery, AI‑assisted feature enablement and lifecycle device support.

QuickSet homeSense™.

QuickSet homeSense enhances the platform with contextual intelligence that enables adaptive climate control, presence‑based entertainment features and privacy‑first occupancy detection.

QuickSet is a certified Matter controller with multi‑admin capabilities.

Edge Connectivity Modules.

QuickSet Widget and QuickSet Widget Pro provide Wi‑Fi 6, Bluetooth 5.3, Zigbee and Thread connectivity with native Matter support.

These modules integrate seamlessly with cloud services to accelerate OEM development and simplify deployment.

UEI Virtual Agent and NetReady support provide automated device onboarding, diagnostics and troubleshooting.

TIDE™ Climate Control Platforms.

The UEI TIDE family—including Dial, Touch and the forthcoming Tide Pro—supports advanced HVAC control across central, hybrid and space systems, including IR‑controlled mini‑splits.

The platform offers energy insights, occupancy‑based automation and intelligent comfort management powered by homeSense.

Tide Pro will incorporate an enhanced display, on‑device artificial intelligence ("AI") and an expanded connectivity framework including Thread and Open Thread Border Router.

Low‑Power Silicon and Sustainable Technologies.

Our Graphene and Eterna voice remote platforms and proprietary low‑power SoCs support batteryless, ultra‑efficient control products, including Hybrid Supercap for energy storage and energy‑harvesting solutions such as photovoltaic‑powered remote controls.

These technologies reduce or eliminate battery usage and support customer sustainability goals.

Smart Home Hubs and Sensors.

Our Butler hubs, powered by QuickSet Cloud, integrate Zigbee, Wi‑Fi, IP and IR technologies and provide Matter bridging to unify legacy and modern devices.

Pre‑integrated sensor kits support energy management, climate, lighting and automation use cases.

Markets and Competition

In recent years, we have seen a significant change in our markets with the rise of the direct-to-consumer streaming video apps that are enabled on smart TVs and streaming devices as well as advanced set-top boxes.

This has resulted in a change in mix in our customer base, especially in the U.S., where our traditional customers in cable and satellite have been complemented with new customers in the digital media streaming domain.

Today our portfolio includes universal control products compatible with Apple's tvOS and Google's AndroidTV platforms designed for the Multichannel Video Programming Distributor market allowing subscribers access to subscription-based channels through hybrid and Over the Top ("OTT") streaming platforms.

Additionally, some of our current customers have successfully introduced media streaming services and expanded their footprint to new end-users.

Comcast-Charter's Xumo TV, Tivo Stream, Comcast's Flex, Sky Glass and DISH Sling are examples of current customer offerings of these types of services.

Additionally, these brands, along with our OEM customers in consumer electronics, such as LG with their WebOS, are expanding their customer footprints through distribution of their OS platforms that include our QuickSet technologies, allowing us to grow our global technology footprint and grow our licensing revenue in those channels.

At the same time, we have seen our markets in Home Entertainment OEM, and especially our smart TV OEMs, successfully upgrade to streaming service aggregators.

The advanced TV interfaces on smart TVs and related streaming devices offer platforms for personalized advertising and smart home services which is expected to ensure demand for our wireless and wired control products, microcontrollers and software technology.

Over the past few years, the climate control industry has experienced a rise in demand due to the growing focus on the implementation of advanced HVAC equipment, such as heat pumps, driven by government subsidies and incentives aimed at promoting energy-efficient technologies.

The consumer demand to upgrade to smart thermostats is driven by the integration of intelligent climate control solutions for enhanced user comfort and energy efficiency, increased cloud connectivity, support for smart home ecosystems and the adoption of energy management platforms utilizing occupancy and presence detection technology.

Demand in our climate control solution is driven by energy‑efficiency and energy demand management requirements, the adoption of advanced HVAC systems and the need for predictive analytics for improved HVAC maintenance.

We face competition from HVAC OEM suppliers, module and chipset vendors, smart home platform providers, traditional remote‑control manufacturers and various regional or specialized providers.

We compete on feature innovation, software capability, intellectual property, interoperability with our portfolio of device libraries, low‑power silicon, global design support and vertically integrated manufacturing.

Furthermore, our OEM customers are equally motivated to bring these cloud-connected capabilities to their thermostat products as the benefits gained in accessing system data for preventive and predictive maintenance of the HVAC systems, far outweigh the added investments in these more advanced (smart) thermostats.

Leveraging our scale and expertise in low-power RF microcontrollers, we continue to pursue further penetration of our traditional OEM consumer electronics markets as well as newer product categories in the smart home and IoT markets including smart lighting, smart and motorized shades, as well as smart toilets and faucets, which rely on smart connectivity and control technologies to reduce water use and improve user experience.

Customers in these markets integrate our connectivity and cloud-based solutions, services and technology into their products to enhance their consumer lifestyle ecosystems.

Growth in these markets has been driven by the increasing demand for more energy efficient homes, consumer convenience and the increasing proliferation of connected devices.

Our principal competitors in the home entertainment market are Remote Solutions, Home Control International, SMK, Ohsung, Tech4Home and Ruwido.

In the climate control market, we compete with regional specialists and global companies such as Resideo, Emerson and Venstar, as well as Far East based OEM manufacturers such as Computime, who compete with us on customer RFQs.

Home entertainment markets continue to transition from traditional Pay TV toward smart TV operating systems, streaming platforms and personalized advertising models.

QuickSet and homeSense support these trends through cross‑platform interoperability and presence‑aware engagement.

Additionally, some of our current customers have successfully introduced media streaming services and expanded their footprint to new end-users.

Comcast-Charter's Xumo TV, Tivo Stream, and Sky Glass are examples of current customer offerings of these types of services.

Our principal competitors in the home entertainment market are Remote Solutions, Home Control International, Tech4Home and Ruwido.

In the climate control market, we compete with regional specialists and global companies such as Resideo, Copeland-Emerson and Venstar, as well as Far East based OEM manufacturers such as Computime, who compete with us on customer RFQs.

In the connected smart home market, we compete with the OEMs themselves as well as wireless manufacturers in North America, such as Nice, and several original design manufacturers in Asia, as well as technology system providers such as Tuya.

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In the international retail and private label markets for wireless controls, we compete primarily with a variety of accessory trading and branding companies like Jasco and Hama, as well as various manufacturers of AV accessories in Asia.

We compete in our markets on the basis of product quality, enhanced features, intellectual property, local design and development expertise, local development support and end-user support for our OFA branded products.

We believe that we will

need to continue to introduce new and innovative products and software solutions to remain competitive and to recruit and retain competent personnel to successfully accomplish our future objectives.

Global Locations and Subsidiaries

We operate on a global scale with research and development ("R&D") teams in the U.S., Europe, the PRC and India.

The company has diversified manufacturing facilities in Vietnam, the PRC, Mexico and Brazil.

The company has diversified manufacturing facilities in Vietnam, the PRC and Brazil.

This global presence allows us to leverage our scale and reach to deliver innovative products and solutions to customers worldwide.

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de C.V., established in Mexico;

• Ecolink Intelligent Technology, Inc.;

established under the laws of Delaware;

• Enson Assets Ltd., established in the British Virgin Islands;

• Gemstar Polyfirst Ltd., established in Hong Kong;

• Gemstar Technology (Qinzhou) Co.

Ltd., established in the PRC;

• Gemstar Technology (Yangzhou) Co.

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Ltd., established in India;

• UE Holdings, LLC;

established under the laws of Delaware;

• UEI Hong Kong Pte.

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• Universal Electronics B.V., established in the Netherlands;

• Universal Electronics Holdings, LLC;

established under the laws of Delaware;

• Universal Electronics Italia S.R.L., established in Italy;

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Ltd., established in the PRC.

Research and Development

Our development resources include approximately 390 engineering and R&D team members worldwide, who are dedicated to designing and developing cutting-edge consumer control products, technologies and software services.

We invest heavily in technology and product innovation, focusing on creating smarter living solutions for our customers.

Extensive engineering resources were directed at completing the development and testing of our UEI TIDE family of products, including development and sales support to secure design wins across our HVAC OEM, multi-dwelling unit (MDU) and utilities customers.

These platforms are key to our ability to penetrate the climate control OEM market and our ability to introduce unique features and capabilities in these platforms to promote and demonstrate our differentiated features in customer-specific products.

Leading up to the International Consumer Electronics (CES) show in January 2025, our engineers worked on integrating, and demonstrating, new features on our UEI TIDE platforms, such as Matter, QuickSet homeSense, energy insights, and a device-based rules engine.

We believe that these features were well received by existing and new customers and will serve us well for new design wins in 2025 and new product introductions in 2026 and beyond.

The expanded UEI TIDE family portfolio includes the UEI TIDE Dial, Touch and Bridge available in various SKUs to cater to different market needs.

The UEI TIDE Dial (US24) and UEI TIDE Dial (EU24/EUUSB) models now support Zigbee Coordinator functionality, enabling a complete energy management platform seamlessly integrated with HVAC systems, energy

insight capabilities, and new software-defined occupancy and presence detection technology, QuickSet homeSense.

These models also offer Matter support, allowing for wide interoperability with major smart home ecosystems.

One of the key features of the UEI TIDE Family is its ability to manage both central and space HVAC systems, providing optimized climate control and energy savings.

Users can control hybrid systems that mix central and mini-split systems from a single thermostat through support for IR, making it easier to manage the whole home climate.

UEI TIDE Dial and Touch also support nevo ® .ai, our AI-powered agent that offers support for on-boarding, remote control and built-in tier 0 support, enhancing user convenience and control throughout the lifecycle of the product.

At CES, we also offered customers a sneak-peak at our next generation smart thermostat platform (UEI TIDE Pro).

Built from the ground up with a new architecture, this upcoming platform will feature a larger, higher-resolution display, support for on-device AI processing, Thread and Open Thread Border Router (OTBR), and QuickSet 7 support with a built-in Matter Controller with Multi-Admin capabilities.

The new platform will also introduce an advanced software framework, allowing for the development of operating system and graphical user interfaces under a limited power budget.

During 2024, our development teams successfully completed and released new products in the connected home space for customers such as Daikin, Carrier, Mitsubishi, Somfy and Vivint, the majority of which launched in the back half of the year.

Our engineering resources continued to advance the UEI TIDE family of smart thermostat platforms, completing development and testing activities to support design wins across HVAC OEM, MDU and utilities customers, and integrating new capabilities showcased at CES 2026, including Matter support, QuickSet homeSense, energy insights and a device-based rules engine.

The expanded TIDE portfolio—including Dial, Touch and Bridge models—now supports a range of wired and wireless connectivity options such as Zigbee Coordinator functionality and Matter interoperability, enabling seamless integration with HVAC systems and major smart home ecosystems.

Designed to manage both central and space HVAC systems, the platform also offers hybrid system control through IR, and incorporates nevo®.ai for device onboarding, remote control and embedded support, delivering enhanced intelligence, energy management and ease of use across customer-specific deployments.

During 2025, our development teams successfully completed and released new products in the connected home space for customers such as Daikin, Carrier, Mitsubishi, Somfy, SimpliSafe, and Vivint.

During 2025, our advanced engineering efforts focused on further developing our existing products, services and technologies.

We released a host of unique QuickSet Cloud features such as QuickSet homeSense for occupancy and presence detection, video and audio content and app history, and support for Thread, as well as continued development initiatives around existing and emerging technologies, such as Zigbee 3.0, Bluetooth Smart, WiFi and Matter, a unifying, IP-based connectivity protocol built on proven technologies designed to connect smart home devices reliably and securely across disparate IoT ecosystems.

We continued to evolve the capabilities of our service platform (UEI Virtual Agent) on our UEI TIDE and UEI Eterna product platforms for easier device onboarding, identification and troubleshooting.

As a contributor to the Matter specification, we continue to be an active participant in several working groups and Plugfest events to help bring the full interoperability potential of the Matter standard to market.

In general, our technical staff are involved in various industry organizations and bodies, which are in the process of setting standards for IR and RF communication and networking in the home.

Our participation ensures comprehensive understanding of the technical specifications being developed that can affect the deployment and proliferation of future standards and technologies in the home.

Because of the nature of R&D activities, there can be no assurance that any of our R&D projects will be successfully completed or ultimately achieve commercial success.

Intellectual Property and Technology

A key factor in creating products and software for home entertainment and smart home device control is our proprietary device knowledge libraries.

Each year our device and content discovery control libraries and HVAC engine continue to grow across the smart home landscape, supporting common and emerging smart home and HVAC control protocols, including IR, HDMI-CEC, Bluetooth and its variants, Zigbee (Rf4CE), Z-Wave, Thread, Matter and IP networks.

Our HVAC engine includes software that delivers logic and sequence control of relays in smart thermostats for efficient operation of a variety of heating and cooling equipment such as heat pumps, single, dual and multi-fuel (gas, oil and electric) HVAC systems.

Additionally, we maintain libraries of proprietary software protocols used by many of the leading HVAC OEM brands worldwide that enable bi-directional communication of control and diagnostic data for efficient and optimized HVAC system operation.

We have developed a broad portfolio of patented technologies and the industry's leading database of device and content discovery, setup and control software.

We ship integrated circuits, on which our software and control libraries are embedded and that connect to our cloud services, directly to manufacturers for inclusion in their products.

In addition, we license our software and technology to manufacturers.

Our technology also includes other remote controlled home entertainment devices and home automation control modules, as well as wired CEC and wireless IP control protocols commonly found on many of the latest HDMI and internet connected devices.

Our proprietary software automatically detects, identifies and enables the appropriate control infrastructure for many home entertainment and automation devices in the home.

Our libraries are continuously updated using knowledge captured

directly from the original device or from the manufacturers' written specifications to ensure the accuracy and integrity of the libraries.

We hold and apply for patents in the United States and abroad related to our discovery, setup and control technologies across climate control, residential safety and security and smart home automation applications.

Our patents have remaining lives ranging from less than one to 18 years.

We have also obtained copyright registration and claim copyright protection for certain proprietary software and libraries of our device control libraries.

Additionally, the names of many of our products are registered, or are being registered, as trademarks in the United States Patent and Trademark Office and in most of the other countries in which such products are sold.

These registrations are valid for terms ranging up to 20 years and may be renewed as long as the trademarks continue to be used and are deemed by management to be important to our operations.

While we follow the practice of obtaining patent, copyright and trademark registrations on new developments whenever advisable, in certain cases we have elected common law trade secret protection in lieu of obtaining such other protection.

A key factor in our ability to deliver advanced home entertainment, climate control and smart home solutions is our proprietary device knowledge libraries and discovery technologies.

These libraries—which support IR, HDMI CEC, Bluetooth, Zigbee (Rf4CE), Z Wave, Thread, Matter and IP based protocols—continue to expand each year and form the foundation for our setup, identification and control capabilities across a broad range of devices.

Our HVAC engine provides the logic and sequence control required for efficient operation of heating and cooling systems, including heat pumps and single, dual, and multi fuel HVAC equipment.

We also maintain proprietary bi-directional communication protocols used by leading HVAC OEMs to enable optimized control and access to diagnostic system data.

We integrate our software and control libraries into the integrated circuits we ship to manufacturers, and we also license these technologies directly to OEMs and service providers.

Our solutions extend to home entertainment and home automation products through wired CEC and wireless IP protocols that automatically detect, identify and configure supported devices.

These libraries are continuously updated using data sourced directly from original devices and manufacturer specifications.

We maintain a broad portfolio of patents covering our discovery, setup and control technologies across climate control, safety and security, and smart home automation applications.

Our patents have remaining lives ranging from less than one year to 18 years.

We also hold copyrights on proprietary software and device control libraries and maintain registered trademarks for many of our product names in the United States and internationally.

In certain cases, we rely on common law trade secret protection when appropriate.

Manufacturing and Supply

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Our manufacturing capabilities include high-quality surface mount technology, zero-gap, plastic injection, acoustic design, painting, keypad, robot soldering, and laser etching.

We currently operate manufacturing and assembly factories in the PRC, Vietnam, Mexico and Brazil, which allows us to produce in the regional markets.

We also use selected third-party manufacturers and suppliers in Asia and India.

Our long-term factory planning strategy is to de-risk our reliance on a PRC-based supply chain by (1) reducing our manufacturing concentration in the PRC, (2) pursuing lower cost jurisdictions for manufacturing to help ensure market competitive products and (3) offering customers a flexible and globally diverse manufacturing footprint to provide a reliable and cost-efficient supply chain.

As part of the execution of this strategy, we (1) opened a new factory in Vietnam, which commenced operations in June 2023, (2) stopped production activities in our southwestern PRC factory in the third quarter 2023 and completed its shutdown in the first quarter 2024, (3) stopped production activities and shutdown operations of our smaller eastern PRC factory during the fourth quarter 2024 and (4) downsized and streamlined our Mexico operations throughout 2024.

We currently operate manufacturing and assembly factories in the PRC, Vietnam and Brazil, which allows us to produce in the regional markets.

We also use selected third-party manufacturers and suppliers in Asia and Mexico.

Our long-term factory planning strategy is to reduce our reliance on any single region and, in some cases, transition away from vertical integration and associated fixed costs, by (1) reducing our manufacturing concentration in the PRC, (2) pursuing lower cost jurisdictions for manufacturing to help ensure market competitive products and (3) offering customers a flexible and globally diverse manufacturing footprint to provide a reliable and cost-efficient supply chain.

We continue to evaluate our global factory footprint to identify ways to operate more efficiently.

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We have strategically developed a global manufacturing footprint to enhance efficiency and mitigate risks associated with international trade policies to better serve our global customer base.

Even though we operate one factory in the PRC, one factory in Vietnam and manufacturing and assembly plants in Mexico and Brazil, respectively, we continue to evaluate additional third-party manufacturers and sources of supply.

During 2024, we utilized multiple third-party manufacturers and maintained duplicate tooling for certain of our products.

Even though we operate one factory in the PRC, one factory in Vietnam and a manufacturing and assembly plant in Brazil, respectively, we continue to evaluate additional third-party manufacturers and sources of supply.

During 2025, we utilized multiple third-party manufacturers and maintained duplicate tooling for certain products.

Where possible, we utilize standard parts and components, which are available from multiple sources.

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This diversification lessens our dependence on any one supplier and allows us to negotiate more favorable terms.

Our largest integrated circuit supplier, Qorvo International Pte Ltd., provided 11.5% of our total inventory purchases in 2022.

We had one supplier, Qorvo, that represented 10.2% of our inventory purchases in 2025.

We did not have any suppliers that represented over 10% of our inventory purchases in 2024 or 2023.

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Testing and quality control are applied to components, parts, sub-assemblies and systems obtained from third-party suppliers.

Our manufacturing facility in Yangzhou, PRC is certified to the TL 9000 Standard, which is the telecom industry's unique extension to ISO 9001:2015.

Our manufacturing facility in Yangzhou, PRC is certified to the TL 9000 Standard, which is the telecom industry's unique

extension to ISO 9001:2015.

All of our manufacturing facilities are certified to the ISO 14001:2015 International Standard for environmental management systems.

In addition, our manufacturing facilities in Vietnam, Mexico and Yangzhou, PRC have also achieved ISO 45001 International Standard for safety and health management systems.

In addition, our manufacturing facilities in Vietnam and Yangzhou, PRC have also achieved ISO 45001 International Standard for safety and health management systems.

We are focused on reducing the environmental impact of our operations.

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The RBA Code of Conduct has been reflected in our employee policies and procedures.

We conduct regular internal audits in line with RBA and have engaged in third-party Sedex Members Ethical Trade Audits ("SMETA") and RBA audits in our factories and regularly monitor ethics-related key performance indicators.

We conduct regular internal audits in line with RBA, have engaged in third-party Sedex Members Ethical Trade Audits ("SMETA") and RBA audits in our factories and regularly monitor ethics-related key performance indicators.

In July 2024, our manufacturing facility in Vietnam successfully completed the RBA Validated Assessment Program ("VAP") audit, achieving a Silver VAP Recognition Level.

Our Human Rights Due Diligence procedure incorporates international labor and human rights standards, as well the RBA Code of Conduct, into our social and ethical management systems.

Our third party due diligence program and ethics and sustainability management systems are aligned with internationally recognized labor and human rights standards, including the RBA Code of Conduct.

This includes evaluating and addressing human rights concerns in our supply chain.

We follow RBA guidelines for the supplier risk assessment process.

We require all major suppliers, as defined by the RBA, to complete the RBA self-assessment questionnaire.

We engage third-party due diligence platforms to screen major suppliers for sustainability and ethics concerns.

As part of our Quality Management System, we conduct on-site audits of our suppliers, as a part of our supplier onboarding and annual recertification process, to ensure quality and compliance across our supply chain.

A key component of these audits is evaluating alignment with the RBA VAP Standard.

Based on the results of these risk assessments, we require that 50% of high-risk suppliers complete an on-site third-party RBA VAP audit.

We utilize a combination of third party due diligence platforms and RBA management systems to screen all suppliers for sustainability and ethics concerns.

Suppliers are evaluated based on key risk indicators to determine the level of due diligence required.

Based on assessed risk, certain suppliers are subject to on‑site audits conducted by UEI auditors or approved third party auditors.

High risk suppliers are required to complete an onsite RBA VAP audit.

We require suppliers to adhere to our Global Supplier Code of Conduct ("Supplier Code of Conduct"), which is available on our website.

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We believe that we have materially complied with all currently existing international and domestic federal, state and local statutes and regulations regarding environmental standards and occupational safety and health matters to which we are subject.

During the years ended December 31, 2024, 2023 and 2022, the costs incurred in complying with federal, state, local and foreign statutes and regulations pertaining to environmental standards and occupational safety and health laws and regulations

did not materially affect our earnings, financial condition or competitive position.

During the years ended December 31, 2025, 2024 and 2023, the costs incurred in complying with federal, state, local and foreign statutes and regulations pertaining to environmental standards and occupational safety and health laws and regulations did not materially affect our earnings, financial condition or competitive position.

In addition, during the same period, the costs incurred in complying with other applicable government regulations likewise did not materially affect our earnings, financial condition or competitive position.

However, due to the heightened awareness of corporate environmental, social and governance ("ESG") matters and evolving laws and regulations or enforcement policies, increases in compliance costs may have a material adverse effect upon our capital expenditures, earnings or financial condition.

However, due to the heightened awareness of corporate sustainability, human capital and governance matters and evolving laws and regulations or enforcement policies, increases in compliance costs may have a material adverse effect upon our capital expenditures, earnings or financial condition.

We are committed to reducing and eliminating substances of concern from our products and manufacturing process.

Our products distributed in the European Union are compliant with the RoHS (Restriction of Hazardous Substances Directive 2011/65/EU and 2015/863/EU) and REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) directives.

In other regions, we also need to comply with our customers' specific requirements relating to the non-use of certain hazardous substances in the products, which are typically equally or more stringent than the RoHS directive.

We have a dedicated "Green Team" comprised of engineers and environmental regulation experts, that analyze our products, processes, and raw materials to help ensure that we comply with environmental and government regulations worldwide, as well as the applicable "Green" requirements imposed by our customers.

Our factories are certified to the Environmental Management System ISO 14001:2015 standard.

Additionally, we have in-house testing capability to help ensure product compliance.

We place great importance on the compliance with local health and safety laws and regulations.

At our manufacturing facilities, we are also committed to protecting our workers from exposure to hazardous substances under an established health and safety management system.

As an example, we have replaced volatile organic compounds ("VOC") emitting inks and paints with reduced-VOC paints at some of our manufacturing facilities.

We place great importance on compliance to local health and safety laws and regulations.

At our manufacturing facilities, we are also committed to protecting our workers from exposure to hazardous substances following the principles established for the health and safety management system, ISO 45001.

For example, we have replaced volatile organic compounds ("VOC") emitting inks and paints with reduced-VOC paints at some of our manufacturing facilities.

We strive to extend the useful life of our products and reduce our products' impact on the environment.

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These limits, regulations, and tariffs, especially those pertaining to or affecting relations between the United States and the PRC, might significantly disrupt our business, affecting our capacity to manufacture, source components and sell goods.

administration has introduced new policies imposing additional tariffs on goods manufactured abroad, including goods manufactured in the PRC and Mexico.

As of the date of this filing, the new tariffs on Mexico goods have been paused;

however, significant uncertainty continues to exist about the future of U.S.

The current U.S.

administration has introduced new policies imposing additional tariffs on goods manufactured abroad, including goods manufactured in the PRC, Brazil, Vietnam and Mexico.

Tariffs imposed under the International Economic Emergency Powers Act on the PRC and Mexico were declared unlawful by the U.S.

Supreme Court on February 20, 2026, and have since been lifted, but the Administration has moved to replace them with new duties under alternative authorities, including Section 122 of the Trade Act.

Significant uncertainty continues to exist about the future of U.S.

trade policy and the implementation of new tariffs, including but not limited to, new tariffs on goods manufactured in the PRC and Mexico.

This includes the 2026 Joint Review of the U.S.-Canada-Mexico Agreement (“USMCA”), which could impact rules of origin and import restrictions on trade with Mexico.

These measures, if fully implemented, will increase costs for certain goods imported into the United States.

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Our operations, supply chain and products are expected to become increasingly subject to federal, state, local and foreign laws, regulations, and international treaties relating to climate change, such as climate disclosure, carbon pricing or product energy efficiency requirements.

We have established an executive-level Environmental Working Group to further integrate environmental considerations throughout the product lifecycle, ensure compliance with environmental regulations and customer requirements, implement sustainable practices in our operations, reduce our product's environmental footprint, and deliver more cost-effective and lower carbon technology solutions to our customers.

cost-effective and lower carbon technology solutions to our customers.

We believe that technology will be fundamental to finding solutions to achieve compliance with and manage those requirements.

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Of this staff, 2,392 are associated with our manufacturing and supply chain organizations in the PRC, Vietnam, Mexico and Brazil.

Beyond the manufacturing and supply chain organizations, 542 of staff work in engineering and R&D, 105 in sales, marketing, consumer service and support and 263 in executive and administrative functions.

Additionally, in the PRC, as is standard practice, we work with third-party agencies who have recruited and provided us with workers to support our production activities.

Beyond the manufacturing and supply chain organizations, 390 of our staff work in engineering and R&D, 96 in sales, marketing, consumer service and support and 221 in executive and administrative functions.

Additionally, in the PRC, we work with third-party agencies who have recruited and provided us with a small percentage of our workers to support our production activities.

These third-party agencies have been required to adhere to both the relevant RBA Code of Conduct requirements and our own Supplier Code of Conduct, which among other things, prohibits the use of forced labor and sets forth requirements on fair dealing, legal compliance, business integrity, labor practices, health and safety and environmental management.

11 unchanged sentences

• cloud architecture, software and service teams are located in Santa Ana and San Mateo, California;

• sensor engineering and R&D teams are located in Carlsbad and Poway, California;

• sensor engineering and R&D teams are located in Poway, California;

• connected thermostat engineering and R&D teams are located in Santa Ana and Poway, California;

30 unchanged sentences

Name Age Position

Arling 62 Chairman of the Board and Chief Executive Officer

Hackworth 55 Senior Vice President and Chief Financial Officer

Carnifax 39 Interim Chief Executive Officer and Chief Operating Officer

Jenke 42 Chief Financial Officer

Ammari 60 Senior Vice President, Corporate Planning and Strategy

Carnifax 38 Senior Vice President, Global Operations

David Chong 63 Executive Vice President, Global Sales

Firehammer, Jr.

67 Senior Vice President, General Counsel, Head of Global Compliance, and Corporate Secretary

Arling is our Chairman and Chief Executive Officer.

He joined us in May 1996 as Chief Financial Officer and was named to our Board of Directors in August 1996.

He was appointed President and Chief Operating Officer in September 1998, was promoted to Chief Executive Officer in October 2000 and appointed as Chairman in July 2001.

At the 2024 Annual Meeting of Stockholders, Mr.

Arling was re-elected as our Chairman to serve until the 2025 Annual Meeting of Stockholders.

From 1993 through May 1996, he served in various capacities at LESCO, Inc., a manufacturer and distributor of professional turf care products.

Prior to LESCO, he worked for Imperial Wallcoverings, a manufacturer and distributor of wall covering products as Director of Planning, and The Michael Allen Company, a strategic management consulting company where he was employed as a management consultant.

Arling received his Bachelor of Science and Master of Business Administration from The Wharton School of the University of Pennsylvania.

Hackworth is our Senior Vice President and Chief Financial Officer.

He was promoted to Chief Financial Officer in August 2006.

Hackworth joined us in June 2004 as Corporate Controller and subsequently assumed the role of Chief Accounting Officer in May 2005.

Before joining us in 2004, he spent five years at Mars, Inc., a privately held international manufacturer and distributor of consumer products and served in several financial and strategic roles.

Prior to joining Mars, Inc., Mr.

Hackworth spent six years at Deloitte & Touche LLP as an auditor, specializing in the manufacturing and retail industries.

Hackworth is a certified public accountant (inactive) in the state of California and holds a Bachelor of Arts in Economics from University of California, Irvine.

Ammari is our Senior Vice President, Corporate Planning and Strategy.

He joined us in June 1997 as a Project Manager and has held various positions of increasing responsibility within our organization until being named to his current position in October 2013.

He has global responsibility for the Company's technology innovation roadmap;

driving new product initiatives;

directing and implementing strategic partnerships, joint ventures and acquisitions;

and recommending new avenues for business creation.

Prior to joining us, Mr.

Ammari worked at Mitsubishi Consumer Electronics of America for four years as

Business Planning Manager where he was responsible for introducing the first flat-screen plasma display panel television for the North America market.

He received his Bachelor of Science, Engineering degree in 1989 and, subsequently, a Master of Business Administration from University of California, Irvine in 1993.

Carnifax is our Senior Vice President, Global Operations.

Carnifax has served as our Interim Chief Executive Officer since July 2025 and Chief Operating Officer since February 2023.

He joined us in May 2020 as Vice President, Global Supply Chain and in July 2022, he was promoted to Vice President, Operations.

In February 2023, he was promoted to his current position.

Prior to joining us, from March 2019 until May 2020, Mr.

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Carnifax holds a Bachelor of Arts in Political Science and a Master of Arts in International Relations/Business from the University of Akron.

David Chong is our Executive Vice President, Global Sales.

He was previously responsible for the general management and sales of our Asia region and was promoted to his current position in October 2023.

Chong joined us in January 2009 as Senior Vice President of Global OEM Sales.

Jenke has served our Chief Financial Officer since December 2025.

As Chief Financial Officer, Mr.

Jenke is responsible for UEI’s financial, accounting, treasury, and investor relations functions, and implements financial strategies that support UEI’s growth and profitability initiatives.

Prior to joining us, Mr.

Chong served as Senior Vice President at Philips Consumer Electronics Division and as the Chief Marketing Officer of the business group Philips Display (Philips TV and computer monitor business).

At Philips Display, he led the re-engineering of the Product Creation, Marketing and Sales Organization to compete successfully in the LCD TV space.

Prior to this, he also served as Vice President and General Manager of the Audio Video Business in Asia, Vice President and Global Business Line Manager for Audio and various senior management positions at Philips' CE Division.

Chong started at Philips Research Lab in 1984 as a research scientist working in the area of VLSI design methodologies.

He also served as Managing Director for Asia at InVue Security Product before joining us.

Chong had his senior education in the United Kingdom, holding a Bachelor of Science in Electrical and Electronics Engineering with High Honors from University of Nottingham.

Firehammer, Jr., Esq.

is our Senior Vice President, General Counsel, Head of Global Compliance, and Corporate Secretary.

He joined us in October 1993 as General Counsel.

He became our Corporate Secretary in February 1994.

He was our Vice President from May 1997 until August 1998, and served as counsel to us from September 1998 until February 1999, at which time he was promoted to Senior Vice President.

In January 2022, in addition to his duties as General Counsel and Secretary, he took on the added responsibilities as Head of Global Compliance.

From November 1992 to September 1993, he was associated with the Chicago, Illinois law firm, Shefsky & Froelich, Ltd.

From 1987 to 1992, he was with the law firm Vedder, Price, Kaufman & Kammholz in Chicago, Illinois.

He received his Bachelor of Science in Accounting from Indiana University and a Juris Doctor degree from Whittier College School of Law.

Firehammer is also a certified public accountant (inactive).

Jenke served as the Chief Financial Officer of Amtech Systems, Inc., a Nasdaq-listed public company (ASYS) that manufactures and provides advanced thermal processing equipment, services, and supplies for the semiconductor industry, from August 2024 to December 2025.

Prior to joining Amtech, he served as Chief Financial Officer of EMS Group, a business unit of ASSA ABLOY Opening Solutions, an access solutions company, from January 2018 to July 2024.

From September 2016 to December 2018, Mr.

Jenke served as Vice President of Finance and Director of Accounting at HES Inc., a provider of electromechanical locking solutions.

From June 2012 to August 2016, he served as HES Inc.’s Senior Manager of Finance and Cost Analysis.

Jenke received his Bachelor of Science and Master of Business Administration from Arizona State University, is a Certified Public Accountant in the State of Arizona, has a Project Management Professional certification, and is a Six Sigma Black Belt.

Ammari has served as our Senior Vice President, Corporate Planning and Strategy since 2015.

He joined us in June 1997 as a Project Manager and served as our Director of Corporate Planning and Development from 1998 until 2000, as our Sr.

Director, Product Management and Marketing from 2000 until 2003, as our VP, Product Development from 2003 until 2010, as our SVP, Global Product Planning from 2010 until 2013 and as our SVP, Product Planning and Strategy from 2013 until 2015.

He has global responsibility for the Company's technology innovation roadmap;

driving new product initiatives;

directing and implementing strategic partnerships, joint ventures and acquisitions;

and recommending new avenues for business creation.

Prior to joining us, Mr.

Ammari worked at Mitsubishi Consumer Electronics of America for four years as Business Planning Manager where he was responsible for introducing the first flat-screen plasma display panel television for the North America market.

He received his Bachelor of Science, Engineering degree and a Master of Business Administration from University of California, Irvine.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business