![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 third quarter ended September 30, 2023.
“As we approach the end of 2023, our performance for the year remains on course. Looking ahead, we believe that multiple market verticals are driving the OLED industry’s long-term growth path,” said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation. “A significant shift in the world of technology is occurring with the introduction of conformable, foldable and rollable consumer electronics, and OLEDs are fueling this form factor revolution. In addition to the expected commencement of a new OLED IT adoption cycle in 2024, we are also seeing the emergence of OLEDs in the automotive market, especially with electric vehicles. As OLED activity continues to expand across the consumer display and lighting landscapes, we remain steadfast in our commitment to advancing our robust OLED materials and technology leadership.”
Financial Highlights for the Third Quarter of 2023
Revenue Comparison
($ in thousands)
Three Months Ended September 30,
2023
2022
Material sales
$
92,492
$
84,182
Royalty and license fees
45,915
71,450
Contract research services
2,670
4,924
Total revenue
$
141,077
$
160,556
Cost of Materials Comparison
($ in thousands)
Three Months Ended September 30,
2023
2022
Material sales
$
92,492
$
84,182
Cost of material sales
31,639
34,057
Gross margin on material sales
60,853
50,125
Gross margin as a % of material sales
66
%
60
%
Financial Highlights for the First Nine Months of 2023
Revenue Comparison
($ in thousands)
Nine Months Ended September 30,
2023
2022
Material sales
$
239,789
$
242,742
Royalty and license fees
165,524
191,530
Contract research services
12,796
13,315
Total revenue
$
418,109
$
447,587
Cost of Materials Comparison
($ in thousands)
Nine Months Ended September 30,
2023
2022
Material sales
$
239,789
$
242,742
Cost of material sales
89,697
88,999
Gross margin on material sales
150,092
153,743
Gross margin as a % of material sales
63
%
63
%
2023 Revised Guidance
The Company has revised its previous revenue guidance and now believes that 2023 revenue will be in the range of $565 million to $590 million.
Dividend
The Company also announced a fourth quarter cash dividend of $0.35 per share on the Company’s common stock. The dividend is payable on December 29, 2023 to all shareholders of record as of the close of business on December 15, 2023.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Thursday, November 2, 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.
Follow Universal Display Corporation
Twitter Facebook YouTube
(OLED-C)
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)
September 30, 2023
December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
79,323
$
93,430
Short-term investments
412,350
484,345
Accounts receivable
122,192
92,664
Inventory
181,406
183,220
Other current assets
83,444
45,791
Total current assets
878,715
899,450
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $137,020 and $117,118
174,638
143,445
ACQUIRED TECHNOLOGY, net of accumulated amortization of $182,657 and $189,671
94,518
38,382
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $10,055 and $8,989
7,233
8,247
GOODWILL
15,535
15,535
INVESTMENTS
301,193
259,861
DEFERRED INCOME TAXES
49,637
58,161
OTHER ASSETS
101,447
109,739
TOTAL ASSETS
$
1,622,916
$
1,532,820
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
20,624
$
9,519
Accrued expenses
38,500
51,002
Deferred revenue
66,828
45,599
Other current liabilities
5,391
29,577
Total current liabilities
131,343
135,697
DEFERRED REVENUE
8,859
18,279
RETIREMENT PLAN BENEFIT LIABILITY
61,165
59,790
OTHER LIABILITIES
39,183
43,685
Total liabilities
240,550
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, 48,720,530 and 49,136,030 shares issued, and 47,354,882 and 47,770,382 shares outstanding, at September 30, 2023 and December 31, 2022, respectively
487
491
Additional paid-in capital
693,899
681,335
Retained earnings
744,227
653,277
Accumulated other comprehensive loss
(14,965
)
(18,452
)
Treasury stock, at cost (1,365,648 shares at September 30, 2023 and December 31, 2022)
(41,284
)
(41,284
)
Total shareholders’ equity
1,382,366
1,275,369
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,622,916
$
1,532,820
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,
2023
2022
2023
2022
REVENUE:
Material sales
$
92,492
$
84,182
$
239,789
$
242,742
Royalty and license fees
45,915
71,450
165,524
191,530
Contract research services
2,670
4,924
12,796
13,315
Total revenue
141,077
160,556
418,109
447,587
COST OF SALES
34,248
37,396
99,357
97,798
Gross margin
106,829
123,160
318,752
349,789
OPERATING EXPENSES:
Research and development
33,099
30,414
96,840
85,156
Selling, general and administrative
18,084
18,442
50,557
59,373
Amortization of acquired technology and other intangible assets
4,557
3,562
11,442
14,562
Patent costs
2,572
2,018
7,056
6,075
Royalty and license expense
81
261
414
596
Total operating expenses
58,393
54,697
166,309
165,762
OPERATING INCOME
48,436
68,463
152,443
184,027
Interest income, net
7,136
2,432
20,301
4,306
Other loss, net
(1,693
)
(804
)
(3,180
)
(749
)
Interest and other income, net
5,443
1,628
17,121
3,557
INCOME BEFORE INCOME TAXES
53,879
70,091
169,564
187,584
INCOME TAX EXPENSE
(2,363
)
(16,636
)
(28,531
)
(42,657
)
NET INCOME
$
51,516
$
53,455
$
141,033
$
144,927
NET INCOME PER COMMON SHARE:
BASIC
$
1.08
$
1.12
$
2.95
$
3.04
DILUTED
$
1.08
$
1.12
$
2.95
$
3.04
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC
47,570,099
47,396,495
47,555,734
47,386,426
DILUTED
47,632,431
47,466,934
47,609,692
47,455,893
CASH DIVIDENDS DECLARED PER COMMON SHARE
$
0.35
$
0.30
$
1.05
$
0.90
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Nine Months Ended September 30,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
141,033
$
144,927
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
20,128
17,982
Amortization of intangibles
11,442
14,562
Amortization of premium and discount on investments, net
(9,436
)
(3,469
)
Stock-based compensation to employees
17,359
22,528
Stock-based compensation to Board of Directors and Scientific Advisory Board
1,264
1,121
Deferred income tax expense (benefit)
7,556
(7,876
)
Retirement plan expense, net of benefit payments
2,347
3,998
Decrease (increase) in assets:
Accounts receivable
(29,528
)
29,446
Inventory
1,814
(46,034
)
Other current assets
(37,653
)
(9,057
)
Other assets
8,292
2,282
Increase (decrease) in liabilities:
Accounts payable and accrued expenses
(32
)
7,217
Other current liabilities
(24,186
)
(543
)
Deferred revenue
11,809
(63,066
)
Other liabilities
(4,502
)
10,156
Net cash provided by operating activities
117,707
124,174
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(52,208
)
(31,119
)
Purchases of intangibles
(66,563
)
(4,761
)
Purchases of investments
(303,004
)
(464,766
)
Proceeds from sale and maturity of investments
346,407
302,872
Net cash used in investing activities
(75,368
)
(197,774
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
1,532
1,247
Payment of withholding taxes related to stock-based compensation to employees
(7,895
)
(9,150
)
Cash dividends paid
(50,083
)
(42,740
)
Net cash used in financing activities
(56,446
)
(50,643
)
DECREASE IN CASH AND CASH EQUIVALENTS
(14,107
)
(124,243
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
93,430
311,993
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
79,323
$
187,750
Supplemental disclosures:
Unrealized gain (loss) on available-for-sale securities
$
3,304
$
(9,711
)
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
887
4,256
Cash paid for income tax
81,132
42,227
View source version on businesswire.com: https://www.businesswire.com/news/home/20231102241358/en/
Universal Display Contact: Darice Liu investor@oled.com media@oled.com +1 609-964-5123
1 Year Universal Display Chart |
1 Month Universal Display Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions