$OLED
UNIVERSAL DISPLAY CORP \PA\

2023 Q3 Form 10-Q Financial Statement

#000095017023037976 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $141.1M $146.6M
YoY Change -12.13% 7.33%
Cost Of Revenue $34.25M $32.31M
YoY Change -8.42% 18.61%
Gross Profit $106.8M $114.3M
YoY Change -13.26% 4.51%
Gross Profit Margin 75.72% 77.96%
Selling, General & Admin $18.08M $19.31M
YoY Change -1.94% -2.83%
% of Gross Profit 16.93% 16.9%
Research & Development $33.10M $32.32M
YoY Change 8.83% 14.62%
% of Gross Profit 30.98% 28.29%
Depreciation & Amortization $6.900M $10.71M
YoY Change 6.15% 81.44%
% of Gross Profit 6.46% 9.37%
Operating Expenses $58.39M $55.62M
YoY Change 6.76% -0.7%
Operating Profit $48.44M $58.64M
YoY Change -29.25% 9.99%
Interest Expense $7.100M $6.198M
YoY Change 191.94% 291.54%
% of Operating Profit 14.66% 10.57%
Other Income/Expense, Net $5.443M -$784.0K
YoY Change 234.34% -146.89%
Pretax Income $53.88M $64.05M
YoY Change -23.13% 16.49%
Income Tax $2.400M $14.38M
% Of Pretax Income 4.45% 22.44%
Net Earnings $51.52M $49.43M
YoY Change -3.63% 19.1%
Net Earnings / Revenue 36.52% 33.72%
Basic Earnings Per Share $1.08 $1.04
Diluted Earnings Per Share $1.08 $1.04
COMMON SHARES
Basic Shares Outstanding 47.35M 47.33M
Diluted Shares Outstanding 47.63M 47.62M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $491.7M $559.1M
YoY Change -28.62% -14.42%
Cash & Equivalents $79.32M $93.47M
Short-Term Investments $412.4M $465.7M
Other Short-Term Assets $83.44M $33.75M
YoY Change 178.1% -11.74%
Inventory $181.4M $175.9M
Prepaid Expenses
Receivables $122.2M $109.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $878.7M $878.1M
YoY Change -10.08% -5.79%
LONG-TERM ASSETS
Property, Plant & Equipment $174.6M $187.1M
YoY Change 26.81% 35.52%
Goodwill $15.54M $15.54M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $301.2M $211.4M
YoY Change 73.23% 5.61%
Other Assets $101.4M $143.0M
YoY Change -23.97% 11.52%
Total Long-Term Assets $744.2M $662.7M
YoY Change 34.54% 16.82%
TOTAL ASSETS
Total Short-Term Assets $878.7M $878.1M
Total Long-Term Assets $744.2M $662.7M
Total Assets $1.623B $1.541B
YoY Change 6.05% 2.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.62M $7.330M
YoY Change 54.41% -47.82%
Accrued Expenses $38.50M $38.83M
YoY Change -22.96% 0.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $131.3M $80.73M
YoY Change -4.96% -47.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $39.18M $121.4M
YoY Change -54.56% 50.37%
Total Long-Term Liabilities $39.18M $121.4M
YoY Change -54.56% 50.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $131.3M $80.73M
Total Long-Term Liabilities $39.18M $121.4M
Total Liabilities $240.6M $202.1M
YoY Change -24.47% -39.52%
SHAREHOLDERS EQUITY
Retained Earnings $744.2M $709.4M
YoY Change 23.54% 25.96%
Common Stock $487.0K $487.0K
YoY Change -0.81% -0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $41.28M $41.28M
YoY Change 0.0% 0.0%
Treasury Stock Shares $1.366M
Shareholders Equity $1.382B $1.339B
YoY Change
Total Liabilities & Shareholders Equity $1.623B $1.541B
YoY Change 6.05% 2.76%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $51.52M $49.43M
YoY Change -3.63% 19.1%
Depreciation, Depletion And Amortization $6.900M $10.71M
YoY Change 6.15% 81.44%
Cash From Operating Activities $60.30M $9.777M
YoY Change 58.5% -70.83%
INVESTING ACTIVITIES
Capital Expenditures $25.50M $84.19M
YoY Change -275.47% -895.35%
Acquisitions
YoY Change
Other Investing Activities -$32.50M $26.03M
YoY Change -8.46% -117.16%
Cash From Investing Activities -$57.90M -$58.15M
YoY Change 15.71% -64.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.50M -16.45M
YoY Change 16.58% 11.5%
NET CHANGE
Cash From Operating Activities 60.30M 9.777M
Cash From Investing Activities -57.90M -58.15M
Cash From Financing Activities -16.50M -16.45M
Net Change In Cash -14.10M -64.82M
YoY Change -46.07% -54.84%
FREE CASH FLOW
Cash From Operating Activities $60.30M $9.777M
Capital Expenditures $25.50M $84.19M
Free Cash Flow $34.80M -$74.41M
YoY Change -33.81% -268.71%

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NetIncomeLoss
49678000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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EarningsPerShareBasic
1.04
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.87
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.87
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.92
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.04
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.87
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.87
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.92
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47393830
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47548404
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47618115
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47457892
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47593657
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47451354
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.35
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.30
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.70
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.60
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
49678000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
41502000
us-gaap Net Income Loss
NetIncomeLoss
89517000
us-gaap Net Income Loss
NetIncomeLoss
91472000
CY2023Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
296000
CY2022Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
450000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
1547000
CY2023Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1059000
CY2022Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1568000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-5551000
CY2023Q2 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
71000
CY2022Q2 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
142000
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
142000
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
285000
CY2023Q2 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
253000
CY2022Q2 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
509000
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
506000
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
1018000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
1165309000
us-gaap Net Income Loss
NetIncomeLoss
89517000
us-gaap Net Income Loss
NetIncomeLoss
91472000
us-gaap Depreciation
Depreciation
13207000
CY2023Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-29000
CY2022Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-176000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
66000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-410000
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-835000
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1283000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2140000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4943000
CY2023Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
48843000
CY2022Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
40219000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
91657000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
86529000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
1299465000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
49678000
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-835000
CY2023Q2 us-gaap Dividends Cash
DividendsCash
16653000
CY2023Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
6355000
CY2023Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
248000
CY2023Q2 oled Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Value
IssuanceOfCommonStockToBoardOfDirectorsAndScientificAdvisoryBoardValue
418000
CY2023Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
586000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
1338766000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
1275369000
us-gaap Net Income Loss
NetIncomeLoss
89517000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2140000
us-gaap Dividends Cash
DividendsCash
33422000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
10209000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
7429000
oled Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Value
IssuanceOfCommonStockToBoardOfDirectorsAndScientificAdvisoryBoardValue
1141000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1241000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
1338766000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
1131300000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
41502000
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1283000
CY2022Q2 us-gaap Dividends Cash
DividendsCash
14247000
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7959000
CY2022Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
948000
CY2022Q2 oled Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Value
IssuanceOfCommonStockToBoardOfDirectorsAndScientificAdvisoryBoardValue
344000
CY2022Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
682000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
1165309000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
1099914000
us-gaap Net Income Loss
NetIncomeLoss
91472000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4943000
us-gaap Dividends Cash
DividendsCash
28493000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
13938000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
8844000
oled Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Value
IssuanceOfCommonStockToBoardOfDirectorsAndScientificAdvisoryBoardValue
1074000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1191000
us-gaap Depreciation
Depreciation
11529000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6885000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11000000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-6845000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-1027000
us-gaap Share Based Compensation
ShareBasedCompensation
10479000
us-gaap Share Based Compensation
ShareBasedCompensation
14282000
oled Stock Based Compensation To Board Of Directors And Scientific Advisory Board
StockBasedCompensationToBoardOfDirectorsAndScientificAdvisoryBoard
841000
oled Stock Based Compensation To Board Of Directors And Scientific Advisory Board
StockBasedCompensationToBoardOfDirectorsAndScientificAdvisoryBoard
774000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-12782000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2282000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
1397000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
2718000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
16726000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-32706000
us-gaap Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
-7365000
us-gaap Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
31475000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-12038000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
17296000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-7665000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-7522000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-17651000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-7126000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-20811000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-3343000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-15736000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-27954000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-1445000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
4630000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
57398000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
86130000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
27274000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21336000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
66063000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
12000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
115048000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
287919000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
190907000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
161530000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17478000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-147737000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
971000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
847000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7429000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
8844000
us-gaap Payments Of Dividends
PaymentsOfDividends
33422000
us-gaap Payments Of Dividends
PaymentsOfDividends
28493000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-39880000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-36490000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
40000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-98097000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93430000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
311993000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93470000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
213896000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
1848000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-7095000
oled Other Significant Non Cash Transaction Increase Decrease In Accounts Payable And Accrued Expenses Related To Purchases Of Property And Equipment
OtherSignificantNonCashTransactionIncreaseDecreaseInAccountsPayableAndAccruedExpensesRelatedToPurchasesOfPropertyAndEquipment
-54000
oled Other Significant Non Cash Transaction Increase Decrease In Accounts Payable And Accrued Expenses Related To Purchases Of Property And Equipment
OtherSignificantNonCashTransactionIncreaseDecreaseInAccountsPayableAndAccruedExpensesRelatedToPurchasesOfPropertyAndEquipment
611000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
59849000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
25949000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:-24.5pt;padding-left:24.5pt;font-size:10.0pt;margin-top:12.0pt;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:24.5pt;font-size:10.0pt;margin-top:6.0pt;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, monitor, 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:24.5pt;font-size:10.0pt;margin-top:12.0pt;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, monitors, 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;">6,000</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:24.5pt;font-size:10.0pt;margin-top:12.0pt;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>
CY2023Q2 oled Number Of Patents Issued And Pending Application
NumberOfPatentsIssuedAndPendingApplication
6000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:18.0pt;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;">Reclassification of Prior Year Presentation</span></p><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:6.0pt;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;">Certain prior year adjustments to reconcile net income to net cash provided by operating activities have been reclassified on the Consolidated Statements of Cash Flows to conform to the current year presentation. These adjustments have been consolidated into their respective operating assets and liabilities accounts, specifically, inventory, other current assets, other assets and deferred revenue.</span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:18.0pt;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:24.5pt;font-size:10.0pt;margin-top:6.0pt;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%
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
93470000
CY2023Q2 oled Cash Equivalents Gross Unrealized Gain
CashEquivalentsGrossUnrealizedGain
0
CY2023Q2 oled Cash Equivalents Gross Unrealized Losses
CashEquivalentsGrossUnrealizedLosses
0
CY2023Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
93470000
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us-gaap Lessee Operating Lease Description
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0.50
us-gaap Debt Conversion Converted Instrument Shares Issued1
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796000
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CY2023Q2 us-gaap Preferred Stock Shares Authorized
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CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
oled Number Of Board Members Elected By Class Shareholders
NumberOfBoardMembersElectedByClassShareholders
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CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2022Q2 us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.35
CY2023Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
16700000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
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us-gaap Payments Of Dividends Common Stock
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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PurchaseCommitmentRemainingMinimumAmountCommitted
27600000
CY2022Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
31900000
CY2023Q2 us-gaap Revenues
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146565000
CY2022Q2 us-gaap Revenues
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136561000
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277032000
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Revenues
287031000
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oled Number Of Suppliers From Which Chemical Materials Were Purchased
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0.245
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0.226
us-gaap Effective Income Tax Rate Continuing Operations
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14400000
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13500000
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18800000
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13263000
CY2023Q2 us-gaap Other Short Term Investments
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2585000
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23900000
CY2022Q4 us-gaap Unbilled Contracts Receivable
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CY2022Q4 us-gaap Deferred Revenue
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
100242000
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us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
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us-gaap Increase Decrease In Contract With Customer Asset
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CY2023Q2 oled Contract Assets Recorded
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CY2023Q2 us-gaap Unbilled Contracts Receivable
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10672000
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6600000
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ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangesInEstimateOfTransactionPrice
10700000
CY2023Q2 us-gaap Net Income Loss
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49678000
CY2022Q2 us-gaap Net Income Loss
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41502000
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NetIncomeLoss
89517000
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CY2023Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
250000
CY2022Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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465000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
557000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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49428000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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89052000
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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47572971
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47393830
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47548404
us-gaap Weighted Average Number Of Shares Outstanding Basic
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47381864
CY2023Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
325
CY2022Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
894
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
44819
CY2022Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
63168
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
43988
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
68405
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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47457892
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47593657
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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47451354
CY2023Q2 us-gaap Earnings Per Share Basic
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1.04
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0.87
us-gaap Earnings Per Share Basic
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1.87
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CY2023Q2 us-gaap Earnings Per Share Diluted
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CY2022Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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173707
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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31578
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
57508

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