– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
EWING, N.J.--(BUSINESS WIRE)--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the first quarter ended March 31, 2022.
“We are pleased to report solid first quarter 2022 results,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display Corporation. “As we look out, we believe that consumer electronic OEMs, panel makers and the ecosystem are setting the stage for a significant new wave of OLED capital investments and OLED market proliferation. Amid this growing OLED market momentum, we continue to make excellent progress in our ongoing development work for a commercial phosphorescent blue emissive system. We reaffirm our belief that we are on track to meet preliminary target specs with our phosphorescent blue by year-end, which should enable the introduction of our all-phosphorescent RGB stack into the commercial market in 2024.”
Rosenblatt continued, “We believe that the trajectories of the OLED market and of the Company continue to be very bright. With more than two-and-a-half decades of experience and know-how, we are broadening our core competencies, bolstering our worldwide footprint and expanding our global team to fuel our strategic initiatives and increase our first-mover competitive edge. As a key OLED innovations partner, we believe we are well-positioned to continue to participate in a myriad of exciting opportunities that lie ahead in the near-term, mid-term and long-term.”
Financial Highlights for the First Quarter of 2022
Revenue Comparison
($ in thousands) |
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Material sales |
$ |
86,691 |
|
|
$ |
79,808 |
|
Royalty and license fees |
|
59,802 |
|
|
|
50,886 |
|
Contract research services |
|
3,977 |
|
|
|
3,306 |
|
Total revenue |
$ |
150,470 |
|
|
$ |
134,000 |
|
Cost of Materials Comparison
($ in thousands) |
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Material sales |
$ |
86,691 |
|
|
$ |
79,808 |
|
Cost of material sales |
|
29,920 |
|
|
|
20,999 |
|
Gross margin on material sales |
|
56,771 |
|
|
|
58,809 |
|
Gross margin as a % of material sales |
|
65% |
|
|
|
74% |
|
2022 Guidance The Company continues to believe that its 2022 revenue will be approximately in the range of $625 million to $650 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 second quarter cash dividend of $0.30 per share on the Company’s common stock. The dividend is payable on June 30, 2022 to all shareholders of record on June 16, 2022.
Conference Call Information In conjunction with this release, Universal Display will host a conference call on May 5, 2022 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 5,500 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 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, 2021. 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) |
||||||||
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||
ASSETS |
|
|
|
|
|
|
||
CURRENT ASSETS: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
357,424 |
|
|
$ |
311,993 |
|
Short-term investments |
|
|
325,055 |
|
|
|
351,194 |
|
Accounts receivable |
|
|
104,947 |
|
|
|
107,639 |
|
Inventory |
|
|
143,240 |
|
|
|
134,160 |
|
Other current assets |
|
|
29,120 |
|
|
|
20,948 |
|
Total current assets |
|
|
959,786 |
|
|
|
925,934 |
|
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $97,979 and $92,461 |
|
|
131,879 |
|
|
|
128,832 |
|
ACQUIRED TECHNOLOGY, net of accumulated amortization of $178,782 and $173,635 |
|
|
44,521 |
|
|
|
49,668 |
|
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $7,918 and $7,565 |
|
|
9,370 |
|
|
|
9,711 |
|
GOODWILL |
|
|
15,535 |
|
|
|
15,535 |
|
INVESTMENTS |
|
|
164,130 |
|
|
|
168,076 |
|
DEFERRED INCOME TAXES |
|
|
35,788 |
|
|
|
33,453 |
|
OTHER ASSETS |
|
|
126,222 |
|
|
|
135,710 |
|
TOTAL ASSETS |
|
$ |
1,487,231 |
|
|
$ |
1,466,919 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
||
CURRENT LIABILITIES: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
27,064 |
|
|
$ |
14,955 |
|
Accrued expenses |
|
|
26,960 |
|
|
|
45,474 |
|
Deferred revenue |
|
|
111,778 |
|
|
|
120,864 |
|
Other current liabilities |
|
|
12,452 |
|
|
|
6,645 |
|
Total current liabilities |
|
|
178,254 |
|
|
|
187,938 |
|
DEFERRED REVENUE |
|
|
31,735 |
|
|
|
36,217 |
|
RETIREMENT PLAN BENEFIT LIABILITY |
|
|
67,481 |
|
|
|
66,773 |
|
OTHER LIABILITIES |
|
|
78,461 |
|
|
|
76,077 |
|
Total liabilities |
|
|
355,931 |
|
|
|
367,005 |
|
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, 49,099,830 and 49,065,924 shares issued, and 47,734,182 and 47,700,276 shares outstanding, at March 31, 2022 and December 31, 2021, respectively |
|
|
491 |
|
|
|
491 |
|
Additional paid-in capital |
|
|
658,050 |
|
|
|
658,728 |
|
Retained earnings |
|
|
535,936 |
|
|
|
500,212 |
|
Accumulated other comprehensive loss |
|
|
(21,895 |
) |
|
|
(18,235 |
) |
Treasury stock, at cost (1,365,648 shares at March 31, 2022 and December 31, 2021) |
|
|
(41,284 |
) |
|
|
(41,284 |
) |
Total shareholders’ equity |
|
|
1,131,300 |
|
|
|
1,099,914 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,487,231 |
|
|
$ |
1,466,919 |
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except share and per share data) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
REVENUE: |
|
|
|
|
|
|
||
Material sales |
|
$ |
86,691 |
|
|
$ |
79,808 |
|
Royalty and license fees |
|
|
59,802 |
|
|
|
50,886 |
|
Contract research services |
|
|
3,977 |
|
|
|
3,306 |
|
Total revenue |
|
|
150,470 |
|
|
|
134,000 |
|
COST OF SALES |
|
|
33,163 |
|
|
|
23,298 |
|
Gross margin |
|
|
117,307 |
|
|
|
110,702 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
||
Research and development |
|
|
26,545 |
|
|
|
23,305 |
|
Selling, general and administrative |
|
|
21,062 |
|
|
|
16,404 |
|
Amortization of acquired technology and other intangible assets |
|
|
5,498 |
|
|
|
5,488 |
|
Patent costs |
|
|
1,798 |
|
|
|
1,835 |
|
Royalty and license expense |
|
|
154 |
|
|
|
112 |
|
Total operating expenses |
|
|
55,057 |
|
|
|
47,144 |
|
OPERATING INCOME |
|
|
62,250 |
|
|
|
63,558 |
|
Interest income, net |
|
|
291 |
|
|
|
133 |
|
Other (loss) income, net |
|
|
(34 |
) |
|
|
59 |
|
Interest and other income, net |
|
|
257 |
|
|
|
192 |
|
INCOME BEFORE INCOME TAXES |
|
|
62,507 |
|
|
|
63,750 |
|
INCOME TAX EXPENSE |
|
|
(12,537 |
) |
|
|
(12,063 |
) |
NET INCOME |
|
$ |
49,970 |
|
|
$ |
51,687 |
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
||
BASIC |
|
$ |
1.05 |
|
|
$ |
1.09 |
|
DILUTED |
|
$ |
1.05 |
|
|
$ |
1.08 |
|
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
||
BASIC |
|
|
47,369,764 |
|
|
|
47,267,921 |
|
DILUTED |
|
|
47,440,281 |
|
|
|
47,329,704 |
|
CASH DIVIDENDS DECLARED PER COMMON SHARE |
|
$ |
0.30 |
|
|
$ |
0.20 |
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income |
|
$ |
49,970 |
|
|
$ |
51,687 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Amortization of deferred revenue and recognition of unbilled receivables, net |
|
|
(64,106 |
) |
|
|
(57,648 |
) |
Depreciation |
|
|
5,627 |
|
|
|
4,263 |
|
Amortization of intangibles |
|
|
5,498 |
|
|
|
5,488 |
|
Change in excess inventory reserve |
|
|
84 |
|
|
|
667 |
|
Amortization of premium and discount on investments, net |
|
|
(271 |
) |
|
|
(70 |
) |
Stock-based compensation to employees |
|
|
6,085 |
|
|
|
5,200 |
|
Stock-based compensation to Board of Directors and Scientific Advisory Board |
|
|
430 |
|
|
|
330 |
|
Deferred income tax (benefit) expense |
|
|
(1,380 |
) |
|
|
515 |
|
Retirement plan expense |
|
|
1,359 |
|
|
|
2,228 |
|
Decrease (increase) in assets: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
2,692 |
|
|
|
(9,066 |
) |
Inventory |
|
|
(9,164 |
) |
|
|
(10,498 |
) |
Other current assets |
|
|
(3,525 |
) |
|
|
5,400 |
|
Other assets |
|
|
9,488 |
|
|
|
(7,133 |
) |
Increase (decrease) in liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
(4,261 |
) |
|
|
(21,136 |
) |
Other current liabilities |
|
|
5,807 |
|
|
|
(666 |
) |
Deferred revenue |
|
|
45,891 |
|
|
|
53,000 |
|
Other liabilities |
|
|
2,384 |
|
|
|
6,935 |
|
Net cash provided by operating activities |
|
|
52,608 |
|
|
|
29,496 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(10,751 |
) |
|
|
(9,938 |
) |
Purchases of intangibles |
|
|
(12 |
) |
|
|
(298 |
) |
Purchases of investments |
|
|
(24,915 |
) |
|
|
(4,220 |
) |
Proceeds from sale and maturity of investments |
|
|
50,240 |
|
|
|
100,000 |
|
Net cash provided by investing activities |
|
|
14,562 |
|
|
|
85,544 |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from issuance of common stock |
|
|
403 |
|
|
|
348 |
|
Payment of withholding taxes related to stock-based compensation to employees |
|
|
(7,896 |
) |
|
|
(9,634 |
) |
Cash dividends paid |
|
|
(14,246 |
) |
|
|
(9,487 |
) |
Net cash used in financing activities |
|
|
(21,739 |
) |
|
|
(18,773 |
) |
INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
45,431 |
|
|
|
96,267 |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
311,993 |
|
|
|
630,012 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
357,424 |
|
|
$ |
726,279 |
|
The following non-cash activities occurred: |
|
|
|
|
|
|
||
Unrealized loss on available-for-sale securities |
|
$ |
(5,031 |
) |
|
$ |
(66 |
) |
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 |
|
|
2,077 |
|
|
|
(27 |
) |
ЮИНГ, Нью-Джерси -- (BUSINESS WIRE)--Корпорация Universal Display (Nasdaq: OLED), обеспечивающая энергоэффективные дисплеи и освещение с помощью своей технологии и материалов UniversalPHOLED®, сегодня сообщила о финансовых результатах за первый квартал, закончившийся 31 марта 2022 года.
“Мы рады сообщить о хороших результатах за первый квартал 2022 года”, - сказал Сидни Д. Розенблатт, исполнительный вице-президент и финансовый директор Universal Display Corporation. “Мы считаем, что производители бытовой электроники, производители панелей и экосистема создают основу для новой значительной волны капиталовложений в OLED и расширения рынка OLED. На фоне этой растущей динамики рынка OLED мы продолжаем добиваться отличного прогресса в нашей текущей работе по разработке коммерческой фосфоресцирующей синей излучающей системы. Мы подтверждаем нашу уверенность в том, что мы находимся на пути к достижению предварительных целевых характеристик нашего фосфоресцирующего синего цвета к концу года, что должно позволить вывести наш полностью фосфоресцирующий RGB-стек на коммерческий рынок в 2024 году ”.
Розенблатт продолжил: “Мы считаем, что траектории развития рынка OLED и Компании по-прежнему очень радужны. Обладая более чем двух с половиной десятилетним опытом и ноу-хау, мы расширяем наши основные компетенции, укрепляем наше присутствие по всему миру и расширяем нашу глобальную команду, чтобы стимулировать наши стратегические инициативы и повысить наши конкурентные преимущества первопроходцев. Как ключевой партнер в области OLED-инноваций, мы считаем, что у нас есть все возможности для продолжения участия во множестве захватывающих возможностей, которые открываются в ближайшей, среднесрочной и долгосрочной перспективе”.
Основные финансовые показатели за Первый квартал 2022 года
Сравнение доходов
($ in thousands) |
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Material sales |
$ |
86,691 |
|
|
$ |
79,808 |
|
Royalty and license fees |
|
59,802 |
|
|
|
50,886 |
|
Contract research services |
|
3,977 |
|
|
|
3,306 |
|
Total revenue |
$ |
150,470 |
|
|
$ |
134,000 |
|
Сравнение стоимости материалов
($ in thousands) |
Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Material sales |
$ |
86,691 |
|
|
$ |
79,808 |
|
Cost of material sales |
|
29,920 |
|
|
|
20,999 |
|
Gross margin on material sales |
|
56,771 |
|
|
|
58,809 |
|
Gross margin as a % of material sales |
|
65% |
|
|
|
74% |
|
Руководство на 2022 год Компания по-прежнему считает, что ее выручка в 2022 году составит примерно от 625 до 650 миллионов долларов. Индустрия OLED остается на стадии, когда многие переменные могут оказать существенное влияние на ее рост, и поэтому Компания соответствующим образом смягчает свои финансовые рекомендации.
Дивиденд Компания также объявила о выплате денежных дивидендов за второй квартал в размере 0,30 доллара на акцию по обыкновенным акциям Компании. Дивиденды выплачиваются 30 июня 2022 года всем акционерам record 16 июня 2022 года.
Информация о конференц-звонке В связи с этим выпуском Universal Display проведет телефонную конференцию 5 мая 2022 года в 17:00 по восточному времени. Прямая трансляция телефонной конференции доступна на странице мероприятий веб-сайта Компании по связям с инвесторами по адресу ir.oled.com . Желающие принять участие в прямом эфире должны набрать 1-877-524-8416 (звонок бесплатный) или 1-412-902-1028. Пожалуйста, наберите номер за 5-10 минут до запланированного времени конференц-связи. Онлайн-архив веб-трансляции будет доступен в течение двух часов после завершения звонка.
О корпорации Universal Display Корпорация Universal Display (Nasdaq: OLED) является лидером в области исследований, разработки и коммерциализации технологий и материалов на органических светодиодах (OLED) для использования в дисплеях и твердотельных системах освещения. Основанная в 1994 году и имеющая филиалы и офисы по всему миру, Компания в настоящее время владеет, исключительно лицензирует или имеет исключительное право на сублицензирование более 5500 патентов, выданных и находящихся на рассмотрении по всему миру. Universal Display лицензирует свои собственные технологии, в том числе свою прорывную высокоэффективную фосфоресцирующую OLED-технологию UniversalPHOLED®, которая может позволить разрабатывать энергоэффективные и экологически чистые дисплеи и твердотельное освещение. Компания также разрабатывает и предлагает высококачественные, современные универсальные материалы с покрытием, которые признаны ключевыми компонентами при изготовлении OLED-дисплеев с максимальной производительностью. Кроме того, Universal Display предоставляет своим клиентам и партнерам инновационные и индивидуальные решения посредством передачи технологий, совместной разработки технологий и обучения на месте. Чтобы узнать больше о корпорации Universal Display, пожалуйста, посетите https://oled.com /.
Корпорация Universal Display и логотип корпорации Universal Display являются товарными знаками или зарегистрированными товарными знаками корпорации Universal Display. Все другие названия компаний, брендов или продуктов могут быть товарными знаками или зарегистрированными товарными знаками.
Все заявления в этом документе, которые не являются историческими, такие как те, которые касаются предполагаемого внедрения, развития и продвижения технологий Компании, а также ожидаемых результатов Компании и будущего объявления дивидендов, а также роста рынка OLED и возможностей Компании на этом рынке, являются прогнозными- анализ финансовой отчетности по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Вас предостерегают от чрезмерного доверия к любым прогнозным заявлениям в этом документе, поскольку они отражают текущие взгляды Universal Display Corporation в отношении будущих событий и подвержены рискам и неопределенностям, которые могут привести к тому, что фактические результаты будут существенно отличаться от предполагаемых. Эти риски и неопределенности более подробно обсуждаются в периодических отчетах Universal Display Corporation по форме 10-K и Форме 10-Q, поданных в Комиссию по ценным бумагам и биржам, включая, в частности, раздел, озаглавленный “Факторы риска” в Годовом отчете Universal Display Corporation по форме 10-K за год, закончившийся 31 декабря 2021 года. Корпорация Universal Display отказывается от каких-либо обязательств по обновлению любых прогнозных заявлений, содержащихся в этом документе.
Следуйте за корпорацией Universal Display
Твиттер Фейсбук ютуб
Universal Display CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) |
||||||||
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||
ASSETS |
|
|
|
|
|
|
||
CURRENT ASSETS: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
357,424 |
|
|
$ |
311,993 |
|
Short-term investments |
|
|
325,055 |
|
|
|
351,194 |
|
Accounts receivable |
|
|
104,947 |
|
|
|
107,639 |
|
Inventory |
|
|
143,240 |
|
|
|
134,160 |
|
Other current assets |
|
|
29,120 |
|
|
|
20,948 |
|
Total current assets |
|
|
959,786 |
|
|
|
925,934 |
|
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $97,979 and $92,461 |
|
|
131,879 |
|
|
|
128,832 |
|
ACQUIRED TECHNOLOGY, net of accumulated amortization of $178,782 and $173,635 |
|
|
44,521 |
|
|
|
49,668 |
|
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $7,918 and $7,565 |
|
|
9,370 |
|
|
|
9,711 |
|
GOODWILL |
|
|
15,535 |
|
|
|
15,535 |
|
INVESTMENTS |
|
|
164,130 |
|
|
|
168,076 |
|
DEFERRED INCOME TAXES |
|
|
35,788 |
|
|
|
33,453 |
|
OTHER ASSETS |
|
|
126,222 |
|
|
|
135,710 |
|
TOTAL ASSETS |
|
$ |
1,487,231 |
|
|
$ |
1,466,919 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
||
CURRENT LIABILITIES: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
27,064 |
|
|
$ |
14,955 |
|
Accrued expenses |
|
|
26,960 |
|
|
|
45,474 |
|
Deferred revenue |
|
|
111,778 |
|
|
|
120,864 |
|
Other current liabilities |
|
|
12,452 |
|
|
|
6,645 |
|
Total current liabilities |
|
|
178,254 |
|
|
|
187,938 |
|
DEFERRED REVENUE |
|
|
31,735 |
|
|
|
36,217 |
|
RETIREMENT PLAN BENEFIT LIABILITY |
|
|
67,481 |
|
|
|
66,773 |
|
OTHER LIABILITIES |
|
|
78,461 |
|
|
|
76,077 |
|
Total liabilities |
|
|
355,931 |
|
|
|
367,005 |
|
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, 49,099,830 and 49,065,924 shares issued, and 47,734,182 and 47,700,276 shares outstanding, at March 31, 2022 and December 31, 2021, respectively |
|
|
491 |
|
|
|
491 |
|
Additional paid-in capital |
|
|
658,050 |
|
|
|
658,728 |
|
Retained earnings |
|
|
535,936 |
|
|
|
500,212 |
|
Accumulated other comprehensive loss |
|
|
(21,895 |
) |
|
|
(18,235 |
) |
Treasury stock, at cost (1,365,648 shares at March 31, 2022 and December 31, 2021) |
|
|
(41,284 |
) |
|
|
(41,284 |
) |
Total shareholders’ equity |
|
|
1,131,300 |
|
|
|
1,099,914 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,487,231 |
|
|
$ |
1,466,919 |
|
Universal Display CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except share and per share data) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
REVENUE: |
|
|
|
|
|
|
||
Material sales |
|
$ |
86,691 |
|
|
$ |
79,808 |
|
Royalty and license fees |
|
|
59,802 |
|
|
|
50,886 |
|
Contract research services |
|
|
3,977 |
|
|
|
3,306 |
|
Total revenue |
|
|
150,470 |
|
|
|
134,000 |
|
COST OF SALES |
|
|
33,163 |
|
|
|
23,298 |
|
Gross margin |
|
|
117,307 |
|
|
|
110,702 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
||
Research and development |
|
|
26,545 |
|
|
|
23,305 |
|
Selling, general and administrative |
|
|
21,062 |
|
|
|
16,404 |
|
Amortization of acquired technology and other intangible assets |
|
|
5,498 |
|
|
|
5,488 |
|
Patent costs |
|
|
1,798 |
|
|
|
1,835 |
|
Royalty and license expense |
|
|
154 |
|
|
|
112 |
|
Total operating expenses |
|
|
55,057 |
|
|
|
47,144 |
|
OPERATING INCOME |
|
|
62,250 |
|
|
|
63,558 |
|
Interest income, net |
|
|
291 |
|
|
|
133 |
|
Other (loss) income, net |
|
|
(34 |
) |
|
|
59 |
|
Interest and other income, net |
|
|
257 |
|
|
|
192 |
|
INCOME BEFORE INCOME TAXES |
|
|
62,507 |
|
|
|
63,750 |
|
INCOME TAX EXPENSE |
|
|
(12,537 |
) |
|
|
(12,063 |
) |
NET INCOME |
|
$ |
49,970 |
|
|
$ |
51,687 |
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
||
BASIC |
|
$ |
1.05 |
|
|
$ |
1.09 |
|
DILUTED |
|
$ |
1.05 |
|
|
$ |
1.08 |
|
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
||
BASIC |
|
|
47,369,764 |
|
|
|
47,267,921 |
|
DILUTED |
|
|
47,440,281 |
|
|
|
47,329,704 |
|
CASH DIVIDENDS DECLARED PER COMMON SHARE |
|
$ |
0.30 |
|
|
$ |
0.20 |
|
Universal Display CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income |
|
$ |
49,970 |
|
|
$ |
51,687 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Amortization of deferred revenue and recognition of unbilled receivables, net |
|
|
(64,106 |
) |
|
|
(57,648 |
) |
Depreciation |
|
|
5,627 |
|
|
|
4,263 |
|
Amortization of intangibles |
|
|
5,498 |
|
|
|
5,488 |
|
Change in excess inventory reserve |
|
|
84 |
|
|
|
667 |
|
Amortization of premium and discount on investments, net |
|
|
(271 |
) |
|
|
(70 |
) |
Stock-based compensation to employees |
|
|
6,085 |
|
|
|
5,200 |
|
Stock-based compensation to Board of Directors and Scientific Advisory Board |
|
|
430 |
|
|
|
330 |
|
Deferred income tax (benefit) expense |
|
|
(1,380 |
) |
|
|
515 |
|
Retirement plan expense |
|
|
1,359 |
|
|
|
2,228 |
|
Decrease (increase) in assets: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
2,692 |
|
|
|
(9,066 |
) |
Inventory |
|
|
(9,164 |
) |
|
|
(10,498 |
) |
Other current assets |
|
|
(3,525 |
) |
|
|
5,400 |
|
Other assets |
|
|
9,488 |
|
|
|
(7,133 |
) |
Increase (decrease) in liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
(4,261 |
) |
|
|
(21,136 |
) |
Other current liabilities |
|
|
5,807 |
|
|
|
(666 |
) |
Deferred revenue |
|
|
45,891 |
|
|
|
53,000 |
|
Other liabilities |
|
|
2,384 |
|
|
|
6,935 |
|
Net cash provided by operating activities |
|
|
52,608 |
|
|
|
29,496 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(10,751 |
) |
|
|
(9,938 |
) |
Purchases of intangibles |
|
|
(12 |
) |
|
|
(298 |
) |
Purchases of investments |
|
|
(24,915 |
) |
|
|
(4,220 |
) |
Proceeds from sale and maturity of investments |
|
|
50,240 |
|
|
|
100,000 |
|
Net cash provided by investing activities |
|
|
14,562 |
|
|
|
85,544 |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from issuance of common stock |
|
|
403 |
|
|
|
348 |
|
Payment of withholding taxes related to stock-based compensation to employees |
|
|
(7,896 |
) |
|
|
(9,634 |
) |
Cash dividends paid |
|
|
(14,246 |
) |
|
|
(9,487 |
) |
Net cash used in financing activities |
|
|
(21,739 |
) |
|
|
(18,773 |
) |
INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
45,431 |
|
|
|
96,267 |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
311,993 |
|
|
|
630,012 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
357,424 |
|
|
$ |
726,279 |
|
The following non-cash activities occurred: |
|
|
|
|
|
|
||
Unrealized loss on available-for-sale securities |
|
$ |
(5,031 |
) |
|
$ |
(66 |
) |
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 |
|
|
2,077 |
|
|
|
(27 |
) |
