Universal Display Corporation Announces Third Quarter 2024 Financial Results
Universal Display (Nasdaq: OLED) reported its financial results for Q3 2024. The company achieved total revenue of $161.6 million, up from $141.1 million in Q3 2023. However, material sales decreased to $83.4 million from $92.5 million, while royalty and license fees increased to $74.6 million from $45.9 million. The gross margin improved to 78%, and net income rose to $66.9 million ($1.40 per diluted share) from $51.5 million ($1.08 per diluted share) in Q3 2023. For the first nine months of 2024, total revenue was $485.4 million, up from $418.1 million in the same period of 2023. The company revised its 2024 revenue forecast to $625-$645 million. A fourth-quarter dividend of $0.40 per share was announced, payable on December 31, 2024.
Universal Display (Nasdaq: OLED) ha riportato i suoi risultati finanziari per il terzo trimestre del 2024. L'azienda ha raggiunto un fatturato totale di 161,6 milioni di dollari, in aumento rispetto ai 141,1 milioni del terzo trimestre del 2023. Tuttavia, le vendite di materiali sono diminuite a 83,4 milioni di dollari, rispetto ai 92,5 milioni, mentre i diritti d'autore e le tasse di licenza sono aumentati a 74,6 milioni di dollari, rispetto ai 45,9 milioni. Il margine lordo è migliorato al 78%, e il reddito netto è aumentato a 66,9 milioni di dollari (1,40 dollari per azione diluita) rispetto ai 51,5 milioni di dollari (1,08 dollari per azione diluita) del terzo trimestre del 2023. Nei primi nove mesi del 2024, il fatturato totale è stato di 485,4 milioni di dollari, in aumento rispetto ai 418,1 milioni nello stesso periodo del 2023. L'azienda ha rivisto le sue previsioni di fatturato per il 2024 a 625-645 milioni di dollari. È stato annunciato un dividendo per il quarto trimestre di 0,40 dollari per azione, pagabile il 31 dicembre 2024.
Universal Display (Nasdaq: OLED) informó sus resultados financieros para el tercer trimestre de 2024. La compañía alcanzó un ingreso total de 161.6 millones de dólares, un aumento respecto a los 141.1 millones del tercer trimestre de 2023. Sin embargo, las ventas de materiales disminuyeron a 83.4 millones de dólares desde 92.5 millones, mientras que las regalías y tarifas de licencia aumentaron a 74.6 millones de dólares desde 45.9 millones. El margen bruto mejoró al 78%, y el ingreso neto aumentó a 66.9 millones de dólares (1.40 dólares por acción diluida) desde 51.5 millones de dólares (1.08 dólares por acción diluida) en el tercer trimestre de 2023. Durante los primeros nueve meses de 2024, el ingreso total fue de 485.4 millones de dólares, un aumento desde los 418.1 millones en el mismo período de 2023. La compañía revisó su previsión de ingresos para 2024 a 625-645 millones de dólares. Se anunció un dividendo del cuarto trimestre de 0.40 dólares por acción, pagadero el 31 de diciembre de 2024.
유니버설 디스플레이(나스닥: OLED)는 2024년 3분기 재무 결과를 발표했습니다. 회사는 1억 6,160만 달러의 총 수익을 달성했으며, 이는 2023년 3분기 1억 4,110만 달러에서 증가한 수치입니다. 하지만 재료 판매는 9250만 달러에서 8340만 달러로 감소했으며, 로열티 및 라이선스 수수료는 4,590만 달러에서 7,460만 달러로 증가했습니다. 총 마진은 78%로 개선되었고, 순이익은 2023년 3분기 5,150만 달러(희석 주당 1.08달러)에서 6,690만 달러(희석 주당 1.40달러)로 증가했습니다. 2024년 첫 9개월 동안의 총 수익은 4억 8,540만 달러로, 2023년 같은 기간에 비해 증가한 수치입니다. 회사는 2024년 수익 전망을 6억 2,500만 달러에서 6억 4,500만 달러로 수정했습니다. 2024년 12월 31일에 지급될 1주당 0.40달러의 4분기 배당금이 발표되었습니다.
Universal Display (Nasdaq: OLED) a annoncé ses résultats financiers pour le troisième trimestre 2024. L'entreprise a réalisé un chiffre d'affaires total de 161,6 millions de dollars, en hausse par rapport à 141,1 millions de dollars au troisième trimestre 2023. Cependant, les ventes de matériaux ont chuté à 83,4 millions de dollars contre 92,5 millions de dollars, tandis que les droits de licence et de redevance ont augmenté à 74,6 millions de dollars contre 45,9 millions de dollars. La marge brute s'est améliorée à 78 %, et le résultat net a augmenté à 66,9 millions de dollars (1,40 dollar par action diluée) contre 51,5 millions de dollars (1,08 dollar par action diluée) au troisième trimestre 2023. Au cours des neuf premiers mois de 2024, le chiffre d'affaires total s'élevait à 485,4 millions de dollars, contre 418,1 millions de dollars au même période de 2023. L'entreprise a révisé sa prévision de chiffre d'affaires pour 2024 à 625-645 millions de dollars. Un dividende de 0,40 dollar par action pour le quatrième trimestre a été annoncé, payable le 31 décembre 2024.
Universal Display (Nasdaq: OLED) hat seine finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben. Das Unternehmen erzielte einen Gesamtumsatz von 161,6 Millionen Dollar, ein Anstieg von 141,1 Millionen Dollar im 3. Quartal 2023. Allerdings sanken die Materialverkäufe auf 83,4 Millionen Dollar von 92,5 Millionen Dollar, während die Lizenzgebühren und -gebühren auf 74,6 Millionen Dollar von 45,9 Millionen Dollar anstiegen. Die Bruttomarge verbesserte sich auf 78%, und der Nettoertrag stieg auf 66,9 Millionen Dollar (1,40 Dollar pro verwässerter Aktie) von 51,5 Millionen Dollar (1,08 Dollar pro verwässerter Aktie) im 3. Quartal 2023. In den ersten neun Monaten des Jahres 2024 betrug der Gesamtumsatz 485,4 Millionen Dollar, ein Anstieg von 418,1 Millionen Dollar im gleichen Zeitraum des Jahres 2023. Das Unternehmen hat seine Umsatzprognose für 2024 auf 625-645 Millionen Dollar angehoben. Eine vierteljährliche Dividende von 0,40 Dollar pro Aktie wurde für den 31. Dezember 2024 angekündigt.
- Total revenue increased to $161.6 million in Q3 2024 from $141.1 million in Q3 2023.
- Net income rose to $66.9 million ($1.40 per diluted share) from $51.5 million ($1.08 per diluted share).
- Gross margin improved to 78% in Q3 2024 from 76% in Q3 2023.
- Revenue from royalty and license fees increased to $74.6 million from $45.9 million.
- Total revenue for the first nine months of 2024 was $485.4 million, up from $418.1 million.
- Announced a fourth-quarter dividend of $0.40 per share.
- Material sales decreased to $83.4 million in Q3 2024 from $92.5 million in Q3 2023.
- Revised 2024 revenue forecast range to $625-$645 million, down from previous projections.
Insights
Universal Display's Q3 results present a mixed picture. While revenue grew
However, management's downward revision of 2024 revenue guidance to
The OLED market is entering a pivotal expansion phase beyond smartphones into medium-sized displays. This diversification into tablets, notebooks, monitors and automotive applications represents a significant growth catalyst. The increased facility investments by manufacturers validate this trend. However, the revised guidance suggests a slower-than-anticipated adoption rate in these new segments.
The company's strong patent portfolio (over 6,000 patents) and established partnerships provide competitive advantages as these new markets develop. The
“With strong year-to-date results, we are on track to achieve record revenues, earnings, and operating cash flow in 2024 as we continue our growth trajectory. The rate of growth this year, though, is expected to be more modest than previously projected. With recent updates to customer order expectations for the fourth quarter, we are lowering our 2024 revenue forecast range to
Financial Highlights for the Third Quarter of 2024
-
Total revenue in the third quarter of 2024 was
as compared to$161.6 million in the third quarter of 2023.$141.1 million -
Revenue from material sales was
in the third quarter of 2024 as compared to$83.4 million in the third quarter of 2023. The decrease in material sales was primarily due to changes in customer mix as material volumes were relatively flat between periods.$92.5 million -
Revenue from royalty and license fees was
in the third quarter of 2024 as compared to$74.6 million in the third quarter of 2023. The increase in royalty and license fees was primarily the result of changes in customer mix and a$45.9 million increase in cumulative catch-up adjustment between periods.$6.8 million -
Cost of material sales was
in the third quarter of 2024 as compared to$33.2 million in the third quarter of 2023. The increase in cost of material sales was primarily due to product mix.$31.6 million -
Total gross margin was
78% in the third quarter of 2024 as compared to76% in the third quarter of 2023. -
Operating income was
in the third quarter of 2024 as compared to$67.0 million in the third quarter of 2023.$48.4 million -
The effective income tax rate was
17.9% and4.4% in the third quarter of 2024 and 2023, respectively. The relatively low effective income tax rate in the third quarter of 2023 was primarily due to the change in IRS regulations, issued in July 2023, that permitted withholding taxes to be credited againstU.S. taxable income for the taxable years 2022 and 2023. -
Net income was
or$66.9 million per diluted share in the third quarter of 2024 as compared to$1.40 or$51.5 million per diluted share in the third quarter of 2023.$1.08
Revenue Comparison
($ in thousands) |
|
Three Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|||
Material sales |
|
$ |
83,428 |
|
|
$ |
92,492 |
|
Royalty and license fees |
|
|
74,590 |
|
|
|
45,915 |
|
Contract research services |
|
|
3,609 |
|
|
|
2,670 |
|
Total revenue |
|
$ |
161,627 |
|
|
$ |
141,077 |
Cost of Materials Comparison
($ in thousands) |
|
Three Months Ended September 30, |
||||||
|
|
2024 |
|
2023 |
||||
Material sales |
|
$ |
83,428 |
|
$ |
92,492 |
||
Cost of material sales |
|
|
33,172 |
|
|
31,639 |
||
Gross margin on material sales |
|
|
50,256 |
|
|
60,853 |
||
Gross margin as a % of material sales |
|
|
60 |
% |
|
|
66 |
% |
Financial Highlights for the First Nine Months of 2024
-
Total revenue in the first nine months of 2024 was
as compared to$485.4 million in the first nine months of 2023.$418.1 million -
Revenue from material sales was
in the first nine months of 2024 as compared to$272.2 million in the first nine months of 2023. The increase in material sales was primarily due to strengthened demand for our emitter materials, partially offset by changes in customer mix.$239.8 million -
Revenue from royalty and license fees was
in the first nine months of 2024 as compared to$202.4 million in the first nine months of 2023. The increase in royalty and license fees was primarily the result of higher unit material volume and changes in customer mix during the third quarter of 2024.$165.5 million -
Cost of material sales was
in the first nine months of 2024 as compared to$102.8 million in the first nine months of 2023 primarily due to an increase in materials sales volume and product mix, partially offset by a$89.7 million decrease in inventory reserve expense.$4.0 million -
Total gross margin was
77% in the first nine months of 2024 as compared to76% in the first nine months of 2023. -
Operating income was
in the first nine months of 2024 as compared to$186.3 million in the first nine months of 2023.$152.4 million -
The effective income tax rate was
18.8% and16.8% in the first nine months of 2024 and 2023, respectively. -
Net income was
or$176.1 million per diluted share in the first nine months of 2024 compared to$3.69 or$141.0 million per diluted share in the first nine months of 2023.$2.95
Revenue Comparison
($ in thousands) |
|
Nine Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Material sales |
|
$ |
272,154 |
|
|
$ |
239,789 |
|
Royalty and license fees |
|
|
202,409 |
|
|
|
165,524 |
|
Contract research services |
|
|
10,828 |
|
|
|
12,796 |
|
Total revenue |
|
$ |
485,391 |
|
|
$ |
418,109 |
|
Cost of Materials Comparison
($ in thousands) |
|
Nine Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Material sales |
|
$ |
272,154 |
|
|
$ |
239,789 |
|
Cost of material sales |
|
|
102,759 |
|
|
|
89,697 |
|
Gross margin on material sales |
|
|
169,395 |
|
|
|
150,092 |
|
Gross margin as a % of material sales |
|
|
62 |
% |
|
|
63 |
% |
2024 Revised Guidance
The Company now believes that its 2024 revenue will be in the range of
Dividend
The Company also announced a fourth quarter cash dividend of
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Wednesday, October 30, 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) |
||||||||
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
ASSETS |
|
|
|
|
|
|
||
CURRENT ASSETS: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
79,559 |
|
|
$ |
91,985 |
|
Short-term investments |
|
|
471,993 |
|
|
|
422,137 |
|
Accounts receivable |
|
|
87,693 |
|
|
|
139,850 |
|
Inventory |
|
|
175,958 |
|
|
|
175,795 |
|
Other current assets |
|
|
126,643 |
|
|
|
87,365 |
|
Total current assets |
|
|
941,846 |
|
|
|
917,132 |
|
PROPERTY AND EQUIPMENT, net of accumulated depreciation of |
|
|
191,195 |
|
|
|
175,150 |
|
ACQUIRED TECHNOLOGY, net of accumulated amortization of |
|
|
77,747 |
|
|
|
90,325 |
|
OTHER INTANGIBLE ASSETS, net of accumulated amortization of |
|
|
5,804 |
|
|
|
6,874 |
|
GOODWILL |
|
|
15,535 |
|
|
|
15,535 |
|
INVESTMENTS |
|
|
396,931 |
|
|
|
299,548 |
|
DEFERRED INCOME TAXES |
|
|
72,138 |
|
|
|
59,108 |
|
OTHER ASSETS |
|
|
109,686 |
|
|
|
105,289 |
|
TOTAL ASSETS |
|
$ |
1,810,882 |
|
|
$ |
1,668,961 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
||
CURRENT LIABILITIES: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
24,698 |
|
|
$ |
10,933 |
|
Accrued expenses |
|
|
52,955 |
|
|
|
52,080 |
|
Deferred revenue |
|
|
47,393 |
|
|
|
47,713 |
|
Other current liabilities |
|
|
6,119 |
|
|
|
8,096 |
|
Total current liabilities |
|
|
131,165 |
|
|
|
118,822 |
|
DEFERRED REVENUE |
|
|
2,376 |
|
|
|
12,006 |
|
RETIREMENT PLAN BENEFIT LIABILITY |
|
|
54,288 |
|
|
|
52,249 |
|
OTHER LIABILITIES |
|
|
36,303 |
|
|
|
38,658 |
|
Total liabilities |
|
|
224,132 |
|
|
|
221,735 |
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
||
Preferred Stock, par value |
|
|
2 |
|
|
|
2 |
|
Common Stock, par value |
|
|
488 |
|
|
|
487 |
|
Additional paid-in capital |
|
|
717,190 |
|
|
|
699,554 |
|
Retained earnings |
|
|
907,776 |
|
|
|
789,553 |
|
Accumulated other comprehensive income (loss) |
|
|
2,578 |
|
|
|
(1,086 |
) |
Treasury stock, at cost (1,365,648 shares at September 30, 2024 and December 31, 2023) |
|
|
(41,284 |
) |
|
|
(41,284 |
) |
Total shareholders’ equity |
|
|
1,586,750 |
|
|
|
1,447,226 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,810,882 |
|
|
$ |
1,668,961 |
|
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, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Material sales |
|
$ |
83,428 |
|
|
$ |
92,492 |
|
|
$ |
272,154 |
|
|
$ |
239,789 |
|
Royalty and license fees |
|
|
74,590 |
|
|
|
45,915 |
|
|
|
202,409 |
|
|
|
165,524 |
|
Contract research services |
|
|
3,609 |
|
|
|
2,670 |
|
|
|
10,828 |
|
|
|
12,796 |
|
Total revenue |
|
|
161,627 |
|
|
|
141,077 |
|
|
|
485,391 |
|
|
|
418,109 |
|
COST OF SALES |
|
|
35,812 |
|
|
|
34,248 |
|
|
|
111,109 |
|
|
|
99,357 |
|
Gross margin |
|
|
125,815 |
|
|
|
106,829 |
|
|
|
374,282 |
|
|
|
318,752 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
36,089 |
|
|
|
33,099 |
|
|
|
110,900 |
|
|
|
96,840 |
|
Selling, general and administrative |
|
|
15,664 |
|
|
|
18,084 |
|
|
|
54,757 |
|
|
|
50,557 |
|
Amortization of acquired technology and other intangible assets |
|
|
4,551 |
|
|
|
4,557 |
|
|
|
13,648 |
|
|
|
11,442 |
|
Patent costs |
|
|
2,352 |
|
|
|
2,572 |
|
|
|
6,735 |
|
|
|
7,056 |
|
Royalty and license expense |
|
|
154 |
|
|
|
81 |
|
|
|
1,928 |
|
|
|
414 |
|
Total operating expenses |
|
|
58,810 |
|
|
|
58,393 |
|
|
|
187,968 |
|
|
|
166,309 |
|
OPERATING INCOME |
|
|
67,005 |
|
|
|
48,436 |
|
|
|
186,314 |
|
|
|
152,443 |
|
Interest income, net |
|
|
10,592 |
|
|
|
7,136 |
|
|
|
30,073 |
|
|
|
20,301 |
|
Other income (loss), net |
|
|
3,819 |
|
|
|
(1,693 |
) |
|
|
416 |
|
|
|
(3,180 |
) |
Interest and other income, net |
|
|
14,411 |
|
|
|
5,443 |
|
|
|
30,489 |
|
|
|
17,121 |
|
INCOME BEFORE INCOME TAXES |
|
|
81,416 |
|
|
|
53,879 |
|
|
|
216,803 |
|
|
|
169,564 |
|
INCOME TAX EXPENSE |
|
|
(14,546 |
) |
|
|
(2,363 |
) |
|
|
(40,743 |
) |
|
|
(28,531 |
) |
NET INCOME |
|
$ |
66,870 |
|
|
$ |
51,516 |
|
|
$ |
176,060 |
|
|
$ |
141,033 |
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
BASIC |
|
$ |
1.40 |
|
|
$ |
1.08 |
|
|
$ |
3.69 |
|
|
$ |
2.95 |
|
DILUTED |
|
$ |
1.40 |
|
|
$ |
1.08 |
|
|
$ |
3.69 |
|
|
$ |
2.95 |
|
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
BASIC |
|
|
47,542,114 |
|
|
|
47,570,099 |
|
|
|
47,549,976 |
|
|
|
47,555,734 |
|
DILUTED |
|
|
47,669,439 |
|
|
|
47,632,431 |
|
|
|
47,644,026 |
|
|
|
47,609,692 |
|
CASH DIVIDENDS DECLARED PER COMMON SHARE |
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
1.20 |
|
|
$ |
1.05 |
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) |
||||||||
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income |
|
$ |
176,060 |
|
|
$ |
141,033 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
19,488 |
|
|
|
20,128 |
|
Amortization of intangibles |
|
|
13,648 |
|
|
|
11,442 |
|
Amortization of premium and discount on investments, net |
|
|
(5,930 |
) |
|
|
(9,436 |
) |
Stock-based compensation |
|
|
23,812 |
|
|
|
18,623 |
|
Deferred income tax (benefit) expense |
|
|
(12,878 |
) |
|
|
7,556 |
|
Retirement plan expense, net of benefit payments |
|
|
1,385 |
|
|
|
2,347 |
|
Decrease (increase) in assets: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
52,157 |
|
|
|
(29,528 |
) |
Inventory |
|
|
(163 |
) |
|
|
1,814 |
|
Other current assets |
|
|
(39,278 |
) |
|
|
(37,653 |
) |
Other assets |
|
|
(4,397 |
) |
|
|
8,292 |
|
Increase (decrease) in liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
9,405 |
|
|
|
(32 |
) |
Other current liabilities |
|
|
(1,977 |
) |
|
|
(24,186 |
) |
Deferred revenue |
|
|
(9,950 |
) |
|
|
11,809 |
|
Other liabilities |
|
|
(2,355 |
) |
|
|
(4,502 |
) |
Net cash provided by operating activities |
|
|
219,027 |
|
|
|
117,707 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(29,960 |
) |
|
|
(52,208 |
) |
Purchases of intangibles |
|
|
— |
|
|
|
(66,563 |
) |
Purchases of investments |
|
|
(337,949 |
) |
|
|
(303,004 |
) |
Proceeds from sale and maturity of investments |
|
|
200,768 |
|
|
|
346,407 |
|
Net cash used in investing activities |
|
|
(167,141 |
) |
|
|
(75,368 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from issuance of common stock |
|
|
1,776 |
|
|
|
1,532 |
|
Payment of withholding taxes related to stock-based compensation to employees |
|
|
(8,251 |
) |
|
|
(7,895 |
) |
Cash dividends paid |
|
|
(57,837 |
) |
|
|
(50,083 |
) |
Net cash used in financing activities |
|
|
(64,312 |
) |
|
|
(56,446 |
) |
DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(12,426 |
) |
|
|
(14,107 |
) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
91,985 |
|
|
|
93,430 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
79,559 |
|
|
$ |
79,323 |
|
SUPPLEMENTAL DISCLOSURES: |
|
|
|
|
|
|
||
Unrealized gain on available-for-sale securities |
|
$ |
4,117 |
|
|
$ |
3,304 |
|
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 |
|
|
(5,573 |
) |
|
|
887 |
|
Cash paid for income taxes, net of refunds |
|
|
60,772 |
|
|
|
81,132 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030918292/en/
Universal Display Contact:
Darice Liu
investor@oled.com
media@oled.com
+1 609-964-5123
Source: Universal Display Corporation
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