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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Universal Display Corporation | NASDAQ:OLED | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.09 | -0.05% | 175.70 | 168.61 | 185.00 | 176.25 | 170.13 | 176.15 | 355,984 | 01:00:00 |
Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the first quarter ended March 31, 2024.
“We began the year on a strong note with solid first quarter results across the board,” said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation. “With the OLED IT market poised for significant growth, continued OLED proliferation in smartphones and TVs, and projected expansion of foldables, we see meaningful opportunities across multiple market verticals. As we approach UDC’s 30th anniversary next month, we reflect on our amazing journey that has been marked by relentless innovation, exponential growth, and the materialization of products that were once distant dreams. As we look forward, we are excited to reach even greater heights in the future and continue to make a lasting impact on the OLED industry.”
Financial Highlights for the First Quarter of 2024
Revenue Comparison
($ in thousands)
Three Months Ended March 31,
2024
2023
Material sales
$
93,284
$
70,190
Royalty and license fees
68,268
55,210
Contract research services
3,707
5,067
Total revenue
$
165,259
$
130,467
Cost of Materials Comparison
($ in thousands)
Three Months Ended March 31,
2024
2023
Material sales
$
93,284
$
70,190
Cost of material sales
34,096
29,488
Gross margin on material sales
59,188
40,702
Gross margin as a % of material sales
63
%
58
%
2024 Revised Guidance
The Company has increased the lower end of its previous revenue guidance and believes that 2024 revenue will be in the range of $635 million to $675 million. The OLED industry remains at a stage where many variables can have a material impact on results, and the Company thus caveats its financial guidance accordingly.
Dividend
The Company also announced a second quarter cash dividend of $0.40 per share on the Company’s common stock. The dividend is payable on June 28, 2024 to all shareholders of record as of the close of business on June 14, 2024.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Thursday, May 2, 2024 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other Company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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(OLED-C)
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data)
March 31, 2024
December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
74,012
$
91,985
Short-term investments
465,293
422,137
Accounts receivable
119,584
139,850
Inventory
172,905
175,795
Other current assets
89,478
87,365
Total current assets
921,272
917,132
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $149,062 and $143,908
175,896
175,150
ACQUIRED TECHNOLOGY, net of accumulated amortization of $191,043 and $186,850
86,132
90,325
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $10,769 and $10,414
6,519
6,874
GOODWILL
15,535
15,535
INVESTMENTS
312,939
299,548
DEFERRED INCOME TAXES
63,040
59,108
OTHER ASSETS
102,382
105,289
TOTAL ASSETS
$
1,683,715
$
1,668,961
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
12,841
$
10,933
Accrued expenses
42,099
52,080
Deferred revenue
19,157
47,713
Other current liabilities
20,882
8,096
Total current liabilities
94,979
118,822
DEFERRED REVENUE
13,292
12,006
RETIREMENT PLAN BENEFIT LIABILITY
52,568
52,249
OTHER LIABILITIES
37,976
38,658
Total liabilities
198,815
221,735
SHAREHOLDERS’ EQUITY:
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500)
2
2
Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 48,804,964 and 48,731,026 shares issued, and 47,439,316 and 47,365,378 shares outstanding, at March 31, 2024 and December 31, 2023, respectively
488
487
Additional paid-in capital
702,609
699,554
Retained earnings
826,879
789,553
Accumulated other comprehensive loss
(3,794
)
(1,086
)
Treasury stock, at cost (1,365,648 shares at March 31, 2024 and December 31, 2023)
(41,284
)
(41,284
)
Total shareholders’ equity
1,484,900
1,447,226
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,683,715
$
1,668,961
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except share and per share data)
Three Months Ended March 31,
2024
2023
REVENUE:
Material sales
$
93,284
$
70,190
Royalty and license fees
68,268
55,210
Contract research services
3,707
5,067
Total revenue
165,259
130,467
COST OF SALES
36,969
32,970
Gross margin
128,290
97,497
OPERATING EXPENSES:
Research and development
37,985
31,423
Selling, general and administrative
19,252
15,396
Amortization of acquired technology and other intangible assets
4,548
2,891
Patent costs
1,982
2,255
Royalty and license expense
1,651
164
Total operating expenses
65,418
52,129
OPERATING INCOME
62,872
45,368
Interest income, net
9,568
6,967
Other loss, net
(1,943
)
(703
)
Interest and other loss, net
7,625
6,264
INCOME BEFORE INCOME TAXES
70,497
51,632
INCOME TAX EXPENSE
(13,644
)
(11,793
)
NET INCOME
$
56,853
$
39,839
NET INCOME PER COMMON SHARE:
BASIC
$
1.19
$
0.83
DILUTED
$
1.19
$
0.83
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC
47,557,959
47,523,593
DILUTED
47,628,492
47,567,007
CASH DIVIDENDS DECLARED PER COMMON SHARE
$
0.40
$
0.35
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
Three Months Ended March 31,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
56,853
$
39,839
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
6,616
6,496
Amortization of intangibles
4,548
2,891
Amortization of premium and discount on investments, net
(2,236
)
(3,597
)
Stock-based compensation
9,174
4,415
Deferred income tax benefit
(3,936
)
(5,936
)
Retirement plan expense, net of benefit payments
330
782
Decrease (increase) in assets:
Accounts receivable
20,266
(13
)
Inventory
2,890
8,975
Other current assets
(2,113
)
8,598
Other assets
2,907
5,515
Increase (decrease) in liabilities:
Accounts payable and accrued expenses
(7,977
)
(24,116
)
Other current liabilities
12,786
12,874
Deferred revenue
(27,270
)
(8,616
)
Other liabilities
(682
)
(486
)
Net cash provided by operating activities
72,156
47,621
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(7,206
)
(9,098
)
Purchases of intangibles
—
(51
)
Purchases of investments
(99,947
)
(65,207
)
Proceeds from sale and maturity of investments
42,970
115,031
Net cash (used in) provided by investing activities
(64,183
)
40,675
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
639
518
Payment of withholding taxes related to stock-based compensation to employees
(7,058
)
(7,181
)
Cash dividends paid
(19,527
)
(16,769
)
Net cash used in financing activities
(25,946
)
(23,432
)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(17,973
)
64,864
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
91,985
93,430
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
74,012
$
158,294
SUPPLEMENTAL DISCLOSURES:
Unrealized (loss) gain on available-for-sale securities
$
(2,666
)
$
3,202
Common stock issued to Board of Directors and Scientific Advisory Board that was earned and accrued for in a previous period
300
300
Net change in accounts payable and accrued expenses related to purchases of property and equipment
(156
)
766
Cash paid for income taxes, net of refunds
5,085
4,961
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502400758/en/
Universal Display: Darice Liu investor@oled.com media@oled.com +1 609-964-5123
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