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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 | |
---|---|---|---|---|---|---|---|---|---|---|
6.48 | 2.92% | 228.39 | 227.41 | 228.99 | 230.79 | 223.95 | 225.70 | 553,441 | 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 second quarter ended June 30, 2023.
“We are pleased with our solid performance and results in the second quarter. Our full year revenue projections are aligning closely to prior expectations, and we have narrowed our guidance accordingly,” said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation. “The OLED industry continues to lay the groundwork for promising growth in 2024 and beyond as the OLED IT adoption wave is poised to commence. As a key enabler in the ecosystem, we continue to support the market's growth by leveraging our nearly three decades of innovation and know-how, investing in new and next-generation OLED solutions, and delivering increasing value to our customers.”
Financial Highlights for the Second Quarter of 2023
Revenue Comparison
($ in thousands)
Three Months Ended June 30,
2023
2022
Material sales
$
77,107
$
71,869
Royalty and license fees
64,399
60,278
Contract research services
5,059
4,414
Total revenue
$
146,565
$
136,561
Cost of Materials Comparison
($ in thousands)
Three Months Ended June 30,
2023
2022
Material sales
$
77,107
$
71,869
Cost of material sales
28,570
25,022
Gross margin on material sales
48,537
46,847
Gross margin as a % of material sales
63
%
65
%
Financial Highlights for the First Half of 2023
Revenue Comparison
($ in thousands)
Six Months Ended June 30,
2023
2022
Material sales
$
147,297
$
158,560
Royalty and license fees
119,609
120,080
Contract research services
10,126
8,391
Total revenue
$
277,032
$
287,031
Cost of Materials Comparison
($ in thousands)
Six Months Ended June 30,
2023
2022
Material sales
$
147,297
$
158,560
Cost of material sales
58,058
54,942
Gross margin on material sales
89,239
103,618
Gross margin as a % of material sales
61
%
65
%
2023 Revised Guidance
The Company has increased the lower end of its previous revenue guidance and believes that 2023 revenue will be in the range of $560 million to $600 million.
Dividend
The Company also announced a third quarter cash dividend of $0.35 per share on the Company’s common stock. The dividend is payable on September 29, 2023 to all shareholders of record as of the close of business on September 15, 2023.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Thursday, August 3, 2023 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, 2022. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)
June 30, 2023
December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
93,470
$
93,430
Short-term investments
465,679
484,345
Accounts receivable
109,390
92,664
Inventory
175,855
183,220
Other current assets
33,753
45,791
Total current assets
878,147
899,450
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $130,099 and $117,118
157,566
143,445
ACQUIRED TECHNOLOGY, net of accumulated amortization of $178,459 and $189,671
98,216
38,382
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $9,696 and $8,989
7,592
8,247
GOODWILL
15,535
15,535
INVESTMENTS
211,361
259,861
DEFERRED INCOME TAXES
70,364
58,161
OTHER ASSETS
102,074
109,739
TOTAL ASSETS
$
1,540,855
$
1,532,820
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
7,330
$
9,519
Accrued expenses
35,072
51,002
Deferred revenue
29,732
45,599
Other current liabilities
8,598
29,577
Total current liabilities
80,732
135,697
DEFERRED REVENUE
18,410
18,279
RETIREMENT PLAN BENEFIT LIABILITY
60,707
59,790
OTHER LIABILITIES
42,240
43,685
Total liabilities
202,089
257,451
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, 48,706,932 and 49,136,030 shares issued, and 47,341,284 and 47,770,382 shares outstanding, at June 30, 2023 and December 31, 2022, respectively
487
491
Additional paid-in capital
686,501
681,335
Retained earnings
709,372
653,277
Accumulated other comprehensive loss
(16,312
)
(18,452
)
Treasury stock, at cost (1,365,648 shares at June 30, 2023 and December 31, 2022)
(41,284
)
(41,284
)
Total shareholders’ equity
1,338,766
1,275,369
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,540,855
$
1,532,820
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
REVENUE:
Material sales
$
77,107
$
71,869
$
147,297
$
158,560
Royalty and license fees
64,399
60,278
119,609
120,080
Contract research services
5,059
4,414
10,126
8,391
Total revenue
146,565
136,561
277,032
287,031
COST OF SALES
32,139
27,239
65,109
60,402
Gross margin
114,426
109,322
211,923
226,629
OPERATING EXPENSES:
Research and development
32,318
28,197
63,741
54,742
Selling, general and administrative
17,077
19,869
32,473
40,931
Amortization of acquired technology and other intangible assets
3,994
5,502
6,885
11,000
Patent costs
2,229
2,259
4,484
4,057
Royalty and license expense
169
181
333
335
Total operating expenses
55,787
56,008
107,916
111,065
OPERATING INCOME
58,639
53,314
104,007
115,564
Interest income, net
6,198
1,583
13,165
1,874
Other (loss) income, net
(784
)
89
(1,487
)
55
Interest and other income, net
5,414
1,672
11,678
1,929
INCOME BEFORE INCOME TAXES
64,053
54,986
115,685
117,493
INCOME TAX EXPENSE
(14,375
)
(13,484
)
(26,168
)
(26,021
)
NET INCOME
$
49,678
$
41,502
$
89,517
$
91,472
NET INCOME PER COMMON SHARE:
BASIC
$
1.04
$
0.87
$
1.87
$
1.92
DILUTED
$
1.04
$
0.87
$
1.87
$
1.92
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC
47,572,971
47,393,830
47,548,404
47,381,864
DILUTED
47,618,115
47,457,892
47,593,657
47,451,354
CASH DIVIDENDS DECLARED PER COMMON SHARE
$
0.35
$
0.30
$
0.70
$
0.60
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Six Months Ended June 30,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
89,517
$
91,472
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
13,207
11,529
Amortization of intangibles
6,885
11,000
Amortization of premium and discount on investments, net
(6,845
)
(1,027
)
Stock-based compensation to employees
10,479
14,282
Stock-based compensation to Board of Directors and Scientific Advisory Board
841
774
Deferred income tax benefit
(12,782
)
(2,282
)
Retirement plan expense, net of benefit payments
1,397
2,718
Decrease (increase) in assets:
Accounts receivable
(16,726
)
32,706
Inventory
7,365
(31,475
)
Other current assets
12,038
(17,296
)
Other assets
7,665
7,522
Increase (decrease) in liabilities:
Accounts payable and accrued expenses
(17,651
)
(7,126
)
Other current liabilities
(20,811
)
(3,343
)
Deferred revenue
(15,736
)
(27,954
)
Other liabilities
(1,445
)
4,630
Net cash provided by operating activities
57,398
86,130
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(27,274
)
(21,336
)
Purchases of intangibles
(66,063
)
(12
)
Purchases of investments
(115,048
)
(287,919
)
Proceeds from sale and maturity of investments
190,907
161,530
Net cash used in investing activities
(17,478
)
(147,737
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
971
847
Payment of withholding taxes related to stock-based compensation to employees
(7,429
)
(8,844
)
Cash dividends paid
(33,422
)
(28,493
)
Net cash used in financing activities
(39,880
)
(36,490
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
40
(98,097
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
93,430
311,993
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
93,470
$
213,896
Supplemental disclosures:
Unrealized gain (loss) on available-for-sale securities
$
1,848
$
(7,095
)
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
(54
)
611
Cash paid for income tax
59,849
25,949
View source version on businesswire.com: https://www.businesswire.com/news/home/20230803495852/en/
Universal Display Contact: Darice Liu investor@oled.com media@oled.com +1 609-964-5123
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