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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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.87 | 1.50% | 193.72 | 193.58 | 199.00 | 194.12 | 190.01 | 193.06 | 358,850 | 23:15:33 |
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, 2024.
“We reported solid second quarter results as the OLED IT adoption cycle begins to gain momentum,” said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation. “With leading OEMs embarking on their OLED IT journey with the introduction of new OLED PC products, we believe that a new multi-year capex cycle has commenced to support this growth. As the broadening proliferation of OLEDs across the consumer landscape fuels the market’s positive trajectory, we are enhancing our operational and strategic infrastructure and fortifying our leadership position in the ecosystem. This new chapter in our long-term growth story is expected to usher in tremendous opportunities for the industry and for us.”
Financial Highlights for the Second Quarter of 2024
Revenue Comparison
($ in thousands)
Three Months Ended June 30,
2024
2023
Material sales
$
95,442
$
77,107
Royalty and license fees
59,551
64,399
Contract research services
3,512
5,059
Total revenue
$
158,505
$
146,565
Cost of Materials Comparison
($ in thousands)
Three Months Ended June 30,
2024
2023
Material sales
$
95,442
$
77,107
Cost of material sales
35,491
28,570
Gross margin on material sales
59,951
48,537
Gross margin as a % of material sales
63
%
63
%
Financial Highlights for the First Half of 2024
Revenue Comparison
($ in thousands)
Six Months Ended June 30,
2024
2023
Material sales
$
188,726
$
147,297
Royalty and license fees
127,819
119,609
Contract research services
7,219
10,126
Total revenue
$
323,764
$
277,032
Cost of Materials Comparison
($ in thousands)
Six Months Ended June 30,
2024
2023
Material sales
$
188,726
$
147,297
Cost of material sales
69,587
58,058
Gross margin on material sales
119,139
89,239
Gross margin as a % of material sales
63
%
61
%
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 $645 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 third quarter cash dividend of $0.40 per share on the Company’s common stock. The dividend is payable on September 30, 2024 to all shareholders of record as of the close of business on September 16, 2024.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Thursday, August 1, 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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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)
June 30, 2024
December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
92,856
$
91,985
Short-term investments
437,667
422,137
Accounts receivable
124,386
139,850
Inventory
171,843
175,795
Other current assets
132,729
87,365
Total current assets
959,481
917,132
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $153,523 and $143,908
185,474
175,150
ACQUIRED TECHNOLOGY, net of accumulated amortization of $195,235 and $186,850
81,940
90,325
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $11,125 and $10,414
6,163
6,874
GOODWILL
15,535
15,535
INVESTMENTS
362,459
299,548
DEFERRED INCOME TAXES
66,664
59,108
OTHER ASSETS
98,845
105,289
TOTAL ASSETS
$
1,776,561
$
1,668,961
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
23,636
$
10,933
Accrued expenses
58,624
52,080
Deferred revenue
63,784
47,713
Other current liabilities
5,955
8,096
Total current liabilities
151,999
118,822
DEFERRED REVENUE
6,732
12,006
RETIREMENT PLAN BENEFIT LIABILITY
53,870
52,249
OTHER LIABILITIES
37,122
38,658
Total liabilities
249,723
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, 48,814,273 and 48,731,026 shares issued, and 47,448,625 and 47,365,378 shares outstanding, at June 30, 2024 and December 31, 2023, respectively
488
487
Additional paid-in capital
712,234
699,554
Retained earnings
860,058
789,553
Accumulated other comprehensive loss
(4,660
)
(1,086
)
Treasury stock, at cost (1,365,648 shares at June 30, 2024 and December 31, 2023)
(41,284
)
(41,284
)
Total shareholders’ equity
1,526,838
1,447,226
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,776,561
$
1,668,961
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,
2024
2023
2024
2023
REVENUE:
Material sales
$
95,442
$
77,107
$
188,726
$
147,297
Royalty and license fees
59,551
64,399
127,819
119,609
Contract research services
3,512
5,059
7,219
10,126
Total revenue
158,505
146,565
323,764
277,032
COST OF SALES
38,328
32,139
75,297
65,109
Gross margin
120,177
114,426
248,467
211,923
OPERATING EXPENSES:
Research and development
36,826
32,318
74,811
63,741
Selling, general and administrative
19,841
17,077
39,093
32,473
Amortization of acquired technology and other intangible assets
4,549
3,994
9,097
6,885
Patent costs
2,401
2,229
4,383
4,484
Royalty and license expense
123
169
1,774
333
Total operating expenses
63,740
55,787
129,158
107,916
OPERATING INCOME
56,437
58,639
119,309
104,007
Interest income, net
9,913
6,198
19,481
13,165
Other loss, net
(1,460
)
(784
)
(3,403
)
(1,487
)
Interest and other loss, net
8,453
5,414
16,078
11,678
INCOME BEFORE INCOME TAXES
64,890
64,053
135,387
115,685
INCOME TAX EXPENSE
(12,553
)
(14,375
)
(26,197
)
(26,168
)
NET INCOME
$
52,337
$
49,678
$
109,190
$
89,517
NET INCOME PER COMMON SHARE:
BASIC
$
1.10
$
1.04
$
2.29
$
1.87
DILUTED
$
1.10
$
1.04
$
2.29
$
1.87
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC
47,549,843
47,572,971
47,553,969
47,548,404
DILUTED
47,628,113
47,618,115
47,628,470
47,593,657
CASH DIVIDENDS DECLARED PER COMMON SHARE
$
0.40
$
0.35
$
0.80
$
0.70
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Six Months Ended June 30,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
109,190
$
89,517
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
13,092
13,207
Amortization of intangibles
9,097
6,885
Amortization of premium and discount on investments, net
(4,276
)
(6,845
)
Stock-based compensation
18,523
11,320
Deferred income tax benefit
(7,402
)
(12,782
)
Retirement plan expense, net of benefit payments
962
1,397
Decrease (increase) in assets:
Accounts receivable
15,464
(16,726
)
Inventory
3,952
7,365
Other current assets
(45,364
)
12,038
Other assets
6,444
7,665
Increase (decrease) in liabilities:
Accounts payable and accrued expenses
12,367
(17,651
)
Other current liabilities
(2,141
)
(20,811
)
Deferred revenue
10,797
(15,736
)
Other liabilities
(1,536
)
(1,445
)
Net cash provided by operating activities
139,169
57,398
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(16,334
)
(27,274
)
Purchases of intangibles
—
(66,063
)
Purchases of investments
(174,757
)
(115,048
)
Proceeds from sale and maturity of investments
97,620
190,907
Net cash used in investing activities
(93,471
)
(17,478
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
1,187
971
Payment of withholding taxes related to stock-based compensation to employees
(7,329
)
(7,429
)
Cash dividends paid
(38,685
)
(33,422
)
Net cash used in financing activities
(44,827
)
(39,880
)
INCREASE IN CASH AND CASH EQUIVALENTS
871
40
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
91,985
93,430
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
92,856
$
93,470
SUPPLEMENTAL DISCLOSURES:
Unrealized (loss) gain on available-for-sale securities
$
(2,976
)
$
1,848
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
(7,082
)
(54
)
Cash paid for income taxes, net of refunds
47,263
59,849
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801261409/en/
Universal Display: Darice Liu investor@oled.com media@oled.com +1 609-964-5123
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