$OLED
UNIVERSAL DISPLAY CORP \PA\

2024 Q4 Form 10-Q Financial Statement

#000095017024118989 Filed on October 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $161.6M
YoY Change 14.57%
Cost Of Revenue $35.81M
YoY Change 4.57%
Gross Profit $125.8M
YoY Change 17.77%
Gross Profit Margin 77.84%
Selling, General & Admin $15.66M
YoY Change -13.38%
% of Gross Profit 12.45%
Research & Development $36.09M
YoY Change 9.03%
% of Gross Profit 28.68%
Depreciation & Amortization $6.400M
YoY Change -7.25%
% of Gross Profit 5.09%
Operating Expenses $58.81M
YoY Change 0.71%
Operating Profit $67.01M
YoY Change 38.34%
Interest Expense $10.59M
YoY Change 49.18%
% of Operating Profit 15.81%
Other Income/Expense, Net $14.41M
YoY Change 164.76%
Pretax Income $81.42M
YoY Change 51.11%
Income Tax $14.50M
% Of Pretax Income 17.81%
Net Earnings $66.87M
YoY Change 29.8%
Net Earnings / Revenue 41.37%
Basic Earnings Per Share $1.40
Diluted Earnings Per Share $1.40
COMMON SHARES
Basic Shares Outstanding 47.46M 47.45M
Diluted Shares Outstanding 47.67M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $551.6M
YoY Change 12.17%
Cash & Equivalents $79.56M
Short-Term Investments $472.0M
Other Short-Term Assets $126.6M
YoY Change 51.77%
Inventory $176.0M
Prepaid Expenses
Receivables $87.69M
Other Receivables $0.00
Total Short-Term Assets $941.8M
YoY Change 7.18%
LONG-TERM ASSETS
Property, Plant & Equipment $191.2M
YoY Change 9.48%
Goodwill $15.54M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $396.9M
YoY Change 31.78%
Other Assets $109.7M
YoY Change 8.12%
Total Long-Term Assets $869.0M
YoY Change 16.77%
TOTAL ASSETS
Total Short-Term Assets $941.8M
Total Long-Term Assets $869.0M
Total Assets $1.811B
YoY Change 11.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.70M
YoY Change 19.75%
Accrued Expenses $52.96M
YoY Change 37.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $131.2M
YoY Change -0.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $36.30M
YoY Change -7.35%
Total Long-Term Liabilities $36.30M
YoY Change -7.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $131.2M
Total Long-Term Liabilities $36.30M
Total Liabilities $224.1M
YoY Change -6.83%
SHAREHOLDERS EQUITY
Retained Earnings $907.8M
YoY Change 21.98%
Common Stock $488.0K
YoY Change 0.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $41.28M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $1.587B
YoY Change
Total Liabilities & Shareholders Equity $1.811B
YoY Change 11.58%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $66.87M
YoY Change 29.8%
Depreciation, Depletion And Amortization $6.400M
YoY Change -7.25%
Cash From Operating Activities $79.86M
YoY Change 32.43%
INVESTING ACTIVITIES
Capital Expenditures $13.63M
YoY Change -46.56%
Acquisitions
YoY Change
Other Investing Activities -$60.04M
YoY Change 84.75%
Cash From Investing Activities -$73.67M
YoY Change 27.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.49M
YoY Change 18.09%
NET CHANGE
Cash From Operating Activities 79.86M
Cash From Investing Activities -73.67M
Cash From Financing Activities -19.49M
Net Change In Cash -13.30M
YoY Change -5.7%
FREE CASH FLOW
Cash From Operating Activities $79.86M
Capital Expenditures $13.63M
Free Cash Flow $66.23M
YoY Change 90.32%

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3.69
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.95
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47542114
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47570099
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47549976
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47555734
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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47669439
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47644026
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2024Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.35
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.2
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.05
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
66870000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
51516000
us-gaap Net Income Loss
NetIncomeLoss
176060000
us-gaap Net Income Loss
NetIncomeLoss
141033000
CY2024Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-0
CY2023Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-318000
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
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CY2024Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
7093000
CY2023Q3 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
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4117000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2706000
CY2024Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
0
CY2023Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
0
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
232000
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
0
CY2024Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
0
CY2023Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
0
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
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us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
0
CY2024Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
-3000
CY2023Q3 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
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
-79000
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
-212000
CY2024Q3 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
4000
CY2023Q3 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
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
260000
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
759000
CY2024Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
141000
CY2023Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-44000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
48000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
22000
CY2024Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
7238000
CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1347000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3664000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3487000
CY2024Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
74108000
CY2023Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
52863000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
179724000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
144520000
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
1526838000
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
66870000
CY2024Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
7238000
CY2024Q3 us-gaap Dividends Cash
DividendsCash
19152000
CY2024Q3 oled Stock Based Compensation And Espp Activity Net Of Taxes Withheld
StockBasedCompensationAndEsppActivityNetOfTaxesWithheld
4956000
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
1586750000
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
1447226000
us-gaap Net Income Loss
NetIncomeLoss
176060000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3664000
us-gaap Dividends Cash
DividendsCash
57837000
oled Stock Based Compensation And Espp Activity Net Of Taxes Withheld
StockBasedCompensationAndEsppActivityNetOfTaxesWithheld
17637000
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
1586750000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
1338766000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
51516000
CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1347000
CY2023Q3 us-gaap Dividends Cash
DividendsCash
16661000
CY2023Q3 oled Stock Based Compensation And Espp Activity Net Of Taxes Withheld
StockBasedCompensationAndEsppActivityNetOfTaxesWithheld
7398000
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
1382366000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
1275369000
us-gaap Net Income Loss
NetIncomeLoss
141033000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3487000
us-gaap Dividends Cash
DividendsCash
50083000
oled Stock Based Compensation And Espp Activity Net Of Taxes Withheld
StockBasedCompensationAndEsppActivityNetOfTaxesWithheld
12560000
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
1382366000
us-gaap Net Income Loss
NetIncomeLoss
176060000
us-gaap Net Income Loss
NetIncomeLoss
141033000
us-gaap Depreciation
Depreciation
19488000
us-gaap Depreciation
Depreciation
20128000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13648000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11442000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-5930000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-9436000
us-gaap Share Based Compensation
ShareBasedCompensation
23812000
us-gaap Share Based Compensation
ShareBasedCompensation
18623000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-12878000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
7556000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
1385000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
2347000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-52157000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
29528000
us-gaap Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
163000
us-gaap Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
-1814000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
39278000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
37653000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
4397000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-8292000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
9405000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-32000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-1977000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-24186000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-9950000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
11809000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-2355000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-4502000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
219027000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
117707000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29960000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
52208000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
66563000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
337949000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
303004000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
200768000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
346407000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-167141000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-75368000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1776000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1532000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
8251000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7895000
us-gaap Payments Of Dividends
PaymentsOfDividends
57837000
us-gaap Payments Of Dividends
PaymentsOfDividends
50083000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-64312000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-56446000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12426000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-14107000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
91985000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93430000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
79559000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
79323000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
4117000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
3304000
oled Other Significant Non Cash Transaction Increase Decrease In Accounts Payable And Accrued Expenses Related To Purchases Of Property And Equipment
OtherSignificantNonCashTransactionIncreaseDecreaseInAccountsPayableAndAccruedExpensesRelatedToPurchasesOfPropertyAndEquipment
-5573000
oled Other Significant Non Cash Transaction Increase Decrease In Accounts Payable And Accrued Expenses Related To Purchases Of Property And Equipment
OtherSignificantNonCashTransactionIncreaseDecreaseInAccountsPayableAndAccruedExpensesRelatedToPurchasesOfPropertyAndEquipment
887000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
60772000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
81132000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:-4.749%;padding-left:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. BUSINESS:</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> patents issued and pending worldwide.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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>
CY2024Q3 oled Number Of Patents Issued And Pending Application
NumberOfPatentsIssuedAndPendingApplication
6000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reclassification of Prior Year Presentation</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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. Stock-based compensation activity has been consolidated and includes stock-based compensation to employees, Board of Directors, and Scientific Advisory Board.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain prior year adjustments have been reclassified on the Consolidated Statements of Shareholders' Equity to conform to the current year presentation. Stock-based compensation and ESPP activity, net of taxes withheld has been consolidated and includes issuance of common stock to employees, shares withheld for employee taxes, issuance of common stock to Board of Directors and Scientific Advisory Board, cancellation of restricted stock units and issuance of common stock to employees under an ESPP.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Management’s Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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%
CY2024Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
79559000
CY2024Q3 oled Cash Equivalents Gross Unrealized Gain
CashEquivalentsGrossUnrealizedGain
0
CY2024Q3 oled Cash Equivalents Gross Unrealized Losses
CashEquivalentsGrossUnrealizedLosses
0
CY2024Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
79559000
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
91985000
CY2023Q4 oled Cash Equivalents Gross Unrealized Gain
CashEquivalentsGrossUnrealizedGain
0
CY2023Q4 oled Cash Equivalents Gross Unrealized Losses
CashEquivalentsGrossUnrealizedLosses
0
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
91985000
CY2024Q3 oled Minority Investment Carrying Value
MinorityInvestmentCarryingValue
18100000
CY2023Q4 oled Minority Investment Carrying Value
MinorityInvestmentCarryingValue
14000000
CY2024Q3 oled Credit Losses On Debt Investments
CreditLossesOnDebtInvestments
0
CY2023Q4 oled Credit Losses On Debt Investments
CreditLossesOnDebtInvestments
0
CY2024Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
104790000
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
113400000
CY2024Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
28930000
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
9433000
CY2024Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
42238000
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
52962000
CY2024Q3 us-gaap Inventory Net
InventoryNet
175958000
CY2023Q4 us-gaap Inventory Net
InventoryNet
175795000
CY2024Q3 us-gaap Inventory Write Down
InventoryWriteDown
2300000
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us-gaap Inventory Write Down
InventoryWriteDown
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us-gaap Inventory Write Down
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us-gaap Lessee Operating Lease Description
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As of September 30, 2024, the Company did not have any finance leases and no additional operating leases that have not yet commenced.
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1074000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4321000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4401000
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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5948000
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52955000
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52080000
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20112000
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ResearchAndDevelopmentExpenseCredit
12500000
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CY2024Q3 us-gaap Preferred Stock Shares Authorized
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CY2024Q3 us-gaap Common Stock Shares Authorized
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CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
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CY2024Q3 us-gaap Common Stock Shares Issued
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CY2024Q3 us-gaap Common Stock Shares Outstanding
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CY2024Q3 us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Shares Acquired
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CY2023Q3 us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2024Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.4
CY2024Q3 us-gaap Payments Of Dividends Common Stock
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19200000
us-gaap Common Stock Dividends Per Share Cash Paid
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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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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CY2024Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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47700000
CY2023Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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29800000
CY2024Q3 us-gaap Revenues
Revenues
161627000
CY2023Q3 us-gaap Revenues
Revenues
141077000
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Revenues
485391000
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oled Number Of Suppliers From Which Chemical Materials Were Purchased
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1
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CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.044
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EffectiveIncomeTaxRateContinuingOperations
0.188
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0.168
CY2024Q3 us-gaap Income Tax Expense Benefit
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40700000
us-gaap Income Tax Expense Benefit
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28500000
us-gaap Available For Sale Debt Securities Gross Unrealized Gain
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4100000
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DeferredTaxAssetsValuationAllowance
1700000
oled State And Foreign Income Tax Returns Subject To Examination Period Maximum
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P4Y
CY2023Q3 oled Percentage Of Revenue Recorded From Sale Of Materials
PercentageOfRevenueRecordedFromSaleOfMaterials
0.98
CY2024Q3 oled Percentage Of Revenue Recorded From Sale Of Materials
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CY2024Q3 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date
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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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CY2024Q3 us-gaap Unbilled Contracts Receivable
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CY2024Q3 us-gaap Deferred Revenue
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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 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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29094000
CY2023Q3 oled Contract Assets Recorded
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oled Transferred To Receivables From Unbilled Receivables
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6100000
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ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueIncreasedInEstimateOfTransactionPrice
5100000
CY2024Q3 us-gaap Net Income Loss
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66870000
CY2023Q3 us-gaap Net Income Loss
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51516000
us-gaap Net Income Loss
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176060000
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CY2023Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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CY2024Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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