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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 | |
---|---|---|---|---|---|---|---|---|---|---|
10.59 | 6.94% | 163.25 | 162.51 | 166.00 | 157.345 | 153.315 | 155.23 | 510,696 | 00:59:31 |
Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the third quarter ended September 30, 2021.
“We are pleased to report solid third quarter results, including record revenue of $143.6 million,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “As we look at the second half of the year, we see that the pandemic and component shortages are causing significant disruptions in the global supply chain. While these ongoing uncertainties are impacting the consumer electronics ecosystem, we are reaffirming our revenue guidance range of $530 million to $560 million. On the partnership front, we are pleased to announce that we extended our long-term material and license agreements with leading Chinese panel maker Tianma. We are delighted to continue our strong partnership with Tianma, which is advancing its OLED presence and expanding its product portfolio. We are also gratified to share that The Forum of Executive Women has recognized Universal Display Corporation as a Champion of Board Diversity for the second year. This is indicative of our steadfast commitment to cultivating and nurturing a global culture that celebrates innovation, collaboration, diversity and inclusion.”
Rosenblatt continued, “As we look to the OLED industry, we believe that we are still in the early innings of a long-term secular growth market. As the next wave of OLED adoption for medium-and-large-area applications takes shape, we are fortifying our position as an OLED leader and innovator on multiple fronts. We are leveraging our 25-plus years of pioneering research, know-how and experience into new OLED materials and technologies. We are also expanding our global footprint, building our infrastructure that is designed to drive an effective cost structure and targeting new opportunities, including phosphorescent blue and OVJP (organic vapor jet printing). We believe that these strategic initiatives will enable us to continue providing our customers with best-in-class solutions, while keeping UDC at the forefront of the growing OLED industry.”
Financial Highlights for the Third Quarter of 2021
Revenue Comparison
($ in thousands)
Three Months Ended September 30,
2021
2020
Material sales
$
75,609
$
68,709
Royalty and license fees
63,939
44,550
Contract research services
4,070
3,820
Total revenue
$
143,618
$
117,079
Cost of Materials Comparison
($ in thousands)
Three Months Ended September 30,
2021
2020
Material sales
$
75,609
$
68,709
Cost of material sales
28,883
20,849
Gross margin on material sales
46,726
47,860
Gross margin as a % of material sales
62
%
70
%
Financial Highlights for the First Nine Months of 2021
Revenue Comparison
($ in thousands)
Nine Months Ended September 30,
2021
2020
Material sales
$
232,855
$
167,211
Royalty and license fees
163,037
110,008
Contract research services
11,386
10,105
Total revenue
$
407,278
$
287,324
Cost of Materials Comparison
($ in thousands)
Nine Months Ended September 30,
2021
2020
Material sales
$
232,855
$
167,211
Cost of material sales
75,198
51,337
Gross margin on material sales
157,657
115,874
Gross margin as a % of material sales
68
%
69
%
2021 Guidance
The Company continues to believe that its 2021 revenue will be approximately in the range of $530 million to $560 million. The OLED industry remains at a stage where many variables can have a material impact on its growth, and the Company thus caveats its financial guidance accordingly.
Dividend
The Company also announced a fourth quarter cash dividend of $0.20 per share on the Company’s common stock. The dividend is payable on December 30, 2021 to all shareholders of record on December 16, 2021.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Thursday, November 4, 2021, 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 5,000 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 Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, 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, 2020. 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)
September 30, 2021
December 31, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
535,157
$
630,012
Short-term investments
253,786
99,996
Accounts receivable
96,235
82,261
Inventory
121,485
91,591
Other current assets
48,476
20,746
Total current assets
1,055,139
924,606
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $86,962 and $72,493
118,988
102,113
ACQUIRED TECHNOLOGY, net of accumulated amortization of $168,489 and $153,050
54,814
70,253
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $7,206 and $6,155
10,028
10,685
GOODWILL
15,535
15,535
INVESTMENTS
8,500
5,000
DEFERRED INCOME TAXES
32,476
37,695
OTHER ASSETS
133,111
103,341
TOTAL ASSETS
$
1,428,591
$
1,269,228
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
10,939
$
13,801
Accrued expenses
42,736
41,404
Deferred revenue
123,475
105,215
Other current liabilities
3,111
4,540
Total current liabilities
180,261
164,960
DEFERRED REVENUE
43,458
57,086
RETIREMENT PLAN BENEFIT LIABILITY
80,676
78,527
OTHER LIABILITIES
87,874
55,941
Total liabilities
392,269
356,514
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, 49,060,909 and 49,013,476 shares issued, and 47,695,261 and 47,647,828 shares outstanding, at September 30, 2021 and December 31, 2020, respectively
491
490
Additional paid-in capital
646,049
635,595
Retained earnings
463,820
353,930
Accumulated other comprehensive loss
(32,756
)
(36,019
)
Treasury stock, at cost (1,365,648 shares at September 30, 2021 and December 31, 2020)
(41,284
)
(41,284
)
Total shareholders’ equity
1,036,322
912,714
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,428,591
$
1,269,228
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except share and per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2021
2020
2021
2020
REVENUE:
Material sales
$
75,609
$
68,709
$
232,855
$
167,211
Royalty and license fees
63,939
44,550
163,037
110,008
Contract research services
4,070
3,820
11,386
10,105
Total revenue
143,618
117,079
407,278
287,324
COST OF SALES
31,481
23,378
82,748
58,480
Gross margin
112,137
93,701
324,530
228,844
OPERATING EXPENSES:
Research and development
25,327
20,814
72,733
61,708
Selling, general and administrative
20,960
13,579
57,603
45,129
Amortization of acquired technology and other intangible assets
5,505
5,494
16,490
16,474
Patent costs
2,359
2,095
6,003
5,591
Royalty and license expense
258
3,293
519
8,195
Total operating expenses
54,409
45,275
153,348
137,097
OPERATING INCOME
57,728
48,426
171,182
91,747
Interest income, net
137
1,029
345
4,444
Other (loss) income, net
(102
)
262
178
634
Interest and other income, net
35
1,291
523
5,078
INCOME BEFORE INCOME TAXES
57,763
49,717
171,705
96,825
INCOME TAX EXPENSE
(11,654
)
(9,217
)
(33,368
)
(17,355
)
NET INCOME
$
46,109
$
40,500
$
138,337
$
79,470
NET INCOME PER COMMON SHARE:
BASIC
$
0.97
$
0.85
$
2.91
$
1.67
DILUTED
$
0.97
$
0.85
$
2.90
$
1.67
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC
47,291,192
47,227,061
47,286,927
47,182,625
DILUTED
47,362,575
47,260,331
47,355,583
47,212,660
CASH DIVIDENDS DECLARED PER COMMON SHARE
$
0.20
$
0.15
$
0.60
$
0.45
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
Nine Months Ended September 30,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
138,337
$
79,470
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred revenue and recognition of unbilled receivables, net
(165,723
)
(112,508
)
Depreciation
14,471
11,147
Amortization of intangibles
16,490
16,474
Change in excess inventory reserve
2,058
808
Amortization of premium and discount on investments, net
(229
)
(4,293
)
Stock-based compensation to employees
22,846
19,807
Stock-based compensation to Board of Directors and Scientific Advisory Board
1,052
1,133
Deferred income tax expense (benefit)
4,226
(2,242
)
Retirement plan expense
6,676
4,242
Decrease (increase) in assets:
Accounts receivable
(13,974
)
(38,898
)
Inventory
(31,952
)
(20,953
)
Other current assets
(13,626
)
(2,854
)
Other assets
(33,540
)
(8,721
)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses
(3,311
)
(19,633
)
Other current liabilities
(1,429
)
(806
)
Deferred revenue
160,021
144,200
Other liabilities
31,933
9,454
Net cash provided by operating activities
134,326
75,827
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(29,496
)
(19,213
)
Purchases of intangibles
(394
)
(25
)
Purchases of investments
(272,340
)
(604,153
)
Proceeds from sale and maturity of investments
115,240
613,310
Net cash used in investing activities
(186,990
)
(10,081
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
1,136
869
Payment of withholding taxes related to stock-based compensation to employees
(14,880
)
(14,293
)
Cash dividends paid
(28,447
)
(21,329
)
Net cash used in financing activities
(42,191
)
(34,753
)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(94,855
)
30,993
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
630,012
131,627
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
535,157
$
162,620
The following non-cash activities occurred:
Unrealized (loss) gain on available-for-sale securities
$
(39
)
$
451
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
(1,849
)
(892
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20211104006283/en/
Universal Display Contact: Darice Liu investor@oled.com media@oled.com +1 609-964-5123
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