$OLED
UNIVERSAL DISPLAY CORP \PA\

2022 Q4 Form 10-Q Financial Statement

#000095017022021828 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $169.0M $160.6M
YoY Change 15.58% 11.79%
Cost Of Revenue $30.38M $37.40M
YoY Change -6.28% 18.79%
Gross Profit $138.7M $123.2M
YoY Change 21.8% 9.83%
Gross Profit Margin 82.03% 76.71%
Selling, General & Admin $20.77M $18.44M
YoY Change -16.69% -12.01%
% of Gross Profit 14.98% 14.97%
Research & Development $31.91M $30.41M
YoY Change 18.43% 20.09%
% of Gross Profit 23.01% 24.69%
Depreciation & Amortization $9.730M $6.500M
YoY Change -11.55% 22.64%
% of Gross Profit 7.02% 5.28%
Operating Expenses $55.57M $54.70M
YoY Change -3.14% 0.53%
Operating Profit $83.08M $68.46M
YoY Change 47.15% 18.6%
Interest Expense $3.505M $2.432M
YoY Change 2090.63% 1675.18%
% of Operating Profit 4.22% 3.55%
Other Income/Expense, Net -$5.942M $1.628M
YoY Change 7327.5% 4551.43%
Pretax Income $80.65M $70.09M
YoY Change 42.63% 21.34%
Income Tax $15.51M $16.60M
% Of Pretax Income 19.23% 23.68%
Net Earnings $64.77M $53.46M
YoY Change 41.18% 15.93%
Net Earnings / Revenue 38.32% 33.29%
Basic Earnings Per Share $1.12
Diluted Earnings Per Share $1.36 $1.12
COMMON SHARES
Basic Shares Outstanding 47.24M 47.23M
Diluted Shares Outstanding 47.47M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $577.8M $688.8M
YoY Change -12.88% -12.69%
Cash & Equivalents $93.43M $187.8M
Short-Term Investments $484.3M $501.1M
Other Short-Term Assets $45.79M $30.01M
YoY Change 118.59% -38.1%
Inventory $183.2M $180.2M
Prepaid Expenses
Receivables $92.66M $78.19M
Other Receivables $0.00 $0.00
Total Short-Term Assets $899.5M $977.2M
YoY Change -2.86% -7.39%
LONG-TERM ASSETS
Property, Plant & Equipment $143.4M $137.7M
YoY Change 11.34% 15.74%
Goodwill $15.54M $15.54M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $259.9M $173.9M
YoY Change 54.61% 1945.54%
Other Assets $109.7M $133.4M
YoY Change -19.14% 0.24%
Total Long-Term Assets $633.4M $553.1M
YoY Change 17.08% 48.11%
TOTAL ASSETS
Total Short-Term Assets $899.5M $977.2M
Total Long-Term Assets $633.4M $553.1M
Total Assets $1.533B $1.530B
YoY Change 4.49% 7.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.519M $13.36M
YoY Change -36.35% 22.1%
Accrued Expenses $51.00M $49.98M
YoY Change 12.16% 16.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $135.7M $138.2M
YoY Change -27.8% -23.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $43.69M $86.23M
YoY Change -42.58% -1.87%
Total Long-Term Liabilities $43.69M $86.23M
YoY Change -42.58% -1.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $135.7M $138.2M
Total Long-Term Liabilities $43.69M $86.23M
Total Liabilities $257.5M $318.5M
YoY Change -29.85% -18.81%
SHAREHOLDERS EQUITY
Retained Earnings $653.3M $602.4M
YoY Change 30.6% 29.88%
Common Stock $491.0K $491.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $41.28M $41.28M
YoY Change 0.0% 0.0%
Treasury Stock Shares $1.366M $1.366M
Shareholders Equity $1.275B $1.212B
YoY Change
Total Liabilities & Shareholders Equity $1.533B $1.530B
YoY Change 4.49% 7.12%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $64.77M $53.46M
YoY Change 41.18% 15.93%
Depreciation, Depletion And Amortization $9.730M $6.500M
YoY Change -11.55% 22.64%
Cash From Operating Activities $2.641M $38.04M
YoY Change -95.35% -49.42%
INVESTING ACTIVITIES
Capital Expenditures $11.33M -$14.53M
YoY Change -182.88% 64.61%
Acquisitions
YoY Change
Other Investing Activities -$71.64M -$35.51M
YoY Change -72.13% -43.78%
Cash From Investing Activities -$82.97M -$50.04M
YoY Change -69.36% -30.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.99M -14.15M
YoY Change 52.39% 28.78%
NET CHANGE
Cash From Operating Activities 2.641M 38.04M
Cash From Investing Activities -82.97M -50.04M
Cash From Financing Activities -13.99M -14.15M
Net Change In Cash -94.32M -26.15M
YoY Change -57.74% 237.06%
FREE CASH FLOW
Cash From Operating Activities $2.641M $38.04M
Capital Expenditures $11.33M -$14.53M
Free Cash Flow -$8.685M $52.58M
YoY Change -112.33% -37.44%

Facts In Submission

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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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CY2021Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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-1004000
CY2022Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
493000
CY2021Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
1174000
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
1511000
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
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CY2021Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
3263000
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ComprehensiveIncomeNetOfTax
52077000
CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
47125000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
141600000
CY2022Q2 us-gaap Stockholders Equity
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CY2022Q3 us-gaap Dividends Cash
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CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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306000
CY2022Q3 oled Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Value
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347000
CY2022Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
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OtherComprehensiveIncomeLossNetOfTax
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9150000
oled Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Value
IssuanceOfCommonStockToBoardOfDirectorsAndScientificAdvisoryBoardValue
1421000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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OtherComprehensiveIncomeLossNetOfTax
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CY2021Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1862000
CY2021Q3 oled Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Value
IssuanceOfCommonStockToBoardOfDirectorsAndScientificAdvisoryBoardValue
348000
CY2021Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
441000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
1036322000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
912714000
us-gaap Net Income Loss
NetIncomeLoss
138337000
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OtherComprehensiveIncomeLossNetOfTax
3263000
us-gaap Dividends Cash
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28447000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
22543000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
14880000
oled Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Value
IssuanceOfCommonStockToBoardOfDirectorsAndScientificAdvisoryBoardValue
1352000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1440000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
1036322000
us-gaap Net Income Loss
NetIncomeLoss
144927000
us-gaap Net Income Loss
NetIncomeLoss
138337000
oled Contract With Customer Liability Amortization Of Deferred Revenue And Recognition Of Unbilled Receivables
ContractWithCustomerLiabilityAmortizationOfDeferredRevenueAndRecognitionOfUnbilledReceivables
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oled Contract With Customer Liability Amortization Of Deferred Revenue And Recognition Of Unbilled Receivables
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165723000
us-gaap Depreciation
Depreciation
17982000
us-gaap Depreciation
Depreciation
14471000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14562000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
16490000
us-gaap Inventory Write Down
InventoryWriteDown
2368000
us-gaap Inventory Write Down
InventoryWriteDown
2058000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-3469000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-229000
us-gaap Share Based Compensation
ShareBasedCompensation
22528000
us-gaap Share Based Compensation
ShareBasedCompensation
22846000
oled Stock Based Compensation To Board Of Directors And Scientific Advisory Board
StockBasedCompensationToBoardOfDirectorsAndScientificAdvisoryBoard
1121000
oled Stock Based Compensation To Board Of Directors And Scientific Advisory Board
StockBasedCompensationToBoardOfDirectorsAndScientificAdvisoryBoard
1052000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-7876000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
4226000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
3998000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
6676000
us-gaap Increase Decrease In Accounts Receivable
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-29446000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13974000
us-gaap Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
48402000
us-gaap Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
31952000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
3555000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
13626000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-2282000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
33540000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
7217000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3311000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-543000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-1429000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
132961000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
160021000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
10156000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
31933000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
124174000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
134326000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31119000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29496000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
4761000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
394000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
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us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
272340000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
302872000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
115240000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-197774000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1247000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1136000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
9150000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
14880000
us-gaap Payments Of Dividends
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42740000
us-gaap Payments Of Dividends
PaymentsOfDividends
28447000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-50643000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-42191000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-124243000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
311993000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
630012000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
187750000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
535157000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-9711000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-39000
oled Other Significant Non Cash Transaction Increase Decrease In Accounts Payable And Accrued Expenses Related To Purchases Of Property And Equipment
OtherSignificantNonCashTransactionIncreaseDecreaseInAccountsPayableAndAccruedExpensesRelatedToPurchasesOfPropertyAndEquipment
4256000
oled Other Significant Non Cash Transaction Increase Decrease In Accounts Payable And Accrued Expenses Related To Purchases Of Property And Equipment
OtherSignificantNonCashTransactionIncreaseDecreaseInAccountsPayableAndAccruedExpensesRelatedToPurchasesOfPropertyAndEquipment
-1849000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:-4.749%;padding-left:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. BUSINESS:</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Universal Display Corporation and its subsidiaries (the Company) 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. OLEDs are thin, lightweight and power-efficient solid-state devices that emit light and can be manufactured on both flexible and rigid substrates, making them highly suitable for use in full-color displays and as lighting products. OLED displays are capturing a growing share of the display market, especially in the mobile phone, television, wearable, tablet, notebook and personal computer, augmented reality (AR), virtual reality (VR) and automotive markets. The Company believes this is because OLEDs offer potential advantages over competing display technologies with respect to power efficiency, contrast ratio, viewing angle, video response time, form factor and manufacturing cost. The Company also believes that OLED lighting products have the potential to replace many existing light sources in the future because of their high-power efficiency, excellent color rendering index, low operating temperature and novel form factor. The Company’s technology leadership, intellectual property position, and more than 20 years of experience working closely with leading OLED display manufacturers are some of the competitive advantages that should enable the Company to continue to share in the revenues from OLED displays and lighting products as they gain wider acceptance.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company’s primary business strategy is to (1) develop new OLED materials and sell existing and new materials to product manufacturers of products for display applications, such as mobile phones, televisions, wearables, tablets, portable media devices, notebook computers, personal computers and automotive applications, and specialty and general lighting products; and (2) further develop and either license or otherwise commercialize the Company’s proprietary OLED material, device design and manufacturing technologies to those manufacturers. The Company has established a significant portfolio of proprietary OLED technologies and materials, primarily through internal research and development efforts and acquisitions of patents and patent applications, as well as maintaining long-standing, and establishing new relationships with world-class universities, research institutions and strategic manufacturing partnerships. The Company currently owns, exclusively licenses or has the sole right to sublicense more than </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">5,500</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> patents issued and pending worldwide.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company manufactures and sells its proprietary OLED materials to customers for evaluation and use in commercial OLED products. The Company also enters into agreements with manufacturers of OLED display and lighting products under which it grants them licenses to practice under the Company’s patents and to use the Company's proprietary know-how. At the same time, the Company works with these and other companies that are evaluating the Company's OLED material, device design and manufacturing technologies for possible use in commercial OLED display and lighting products.</span></p>
CY2022Q3 oled Number Of Patents Issued And Pending Application
NumberOfPatentsIssuedAndPendingApplication
5500000
us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Management’s Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The estimates made are principally in the areas of revenue recognition including estimates of material unit sales and royalties, the useful life of acquired intangibles, lease liabilities, right-of-use assets, the use and recoverability of inventories, intangibles, investments and income taxes including realization of deferred tax assets, stock-based compensation and retirement benefit plan liabilities. Actual results could differ from those estimates.</span></p>
us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
Recognized income tax positions are measured at the largest amount of which the likelihood of realization is greater than 50%.
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
187750000
CY2022Q3 oled Cash Equivalents Gross Unrealized Gain
CashEquivalentsGrossUnrealizedGain
0
CY2022Q3 oled Cash Equivalents Gross Unrealized Losses
CashEquivalentsGrossUnrealizedLosses
0
CY2022Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
187750000
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
311993000
CY2021Q4 oled Cash Equivalents Gross Unrealized Gain
CashEquivalentsGrossUnrealizedGain
0
CY2021Q4 oled Cash Equivalents Gross Unrealized Losses
CashEquivalentsGrossUnrealizedLosses
0
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
311993000
CY2022Q3 oled Number Of Minority Investments
NumberOfMinorityInvestments
4
CY2022Q3 oled Minority Investment Carrying Value
MinorityInvestmentCarryingValue
15000000.0
CY2021Q4 oled Minority Investment Carrying Value
MinorityInvestmentCarryingValue
8500000
CY2022Q3 oled Number Of Convertible Note Investments
NumberOfConvertibleNoteInvestments
1
CY2022Q3 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0
CY2021Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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0
CY2022Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
228053000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
223303000
CY2022Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
105349000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
75227000
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
15430000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
16065000
CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
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59415000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
42868000
CY2022Q3 us-gaap Inventory Net
InventoryNet
180194000
CY2021Q4 us-gaap Inventory Net
InventoryNet
134160000
CY2022Q3 us-gaap Inventory Write Down
InventoryWriteDown
1700000
CY2021Q2 us-gaap Inventory Write Down
InventoryWriteDown
1000000.0
us-gaap Inventory Write Down
InventoryWriteDown
2400000
us-gaap Inventory Write Down
InventoryWriteDown
2100000
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
248047000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
221293000
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
110334000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
92461000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
137713000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
128832000
CY2022Q3 us-gaap Depreciation
Depreciation
6500000
CY2021Q3 us-gaap Depreciation
Depreciation
5300000
us-gaap Depreciation
Depreciation
18000000.0
us-gaap Depreciation
Depreciation
14500000
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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Current lease agreements do not contain any residual value guarantees or material restrictive covenants. As of September 30, 2022, the Company did not have any finance leases and had one operating lease that had not yet commenced, related to expansion of the Adesis research facilities in Wilmington, Delaware.
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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