$OLED
UNIVERSAL DISPLAY CORP \PA\

2017 Q2 Form 10-Q Financial Statement

#000156459017015323 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $102.5M $64.39M
YoY Change 59.2% 10.84%
Cost Of Revenue $14.30M $5.684M
YoY Change 151.58% -85.46%
Gross Profit $91.20M $58.71M
YoY Change 55.35% 208.89%
Gross Profit Margin 88.97% 91.17%
Selling, General & Admin $9.839M $7.688M
YoY Change 27.98% 14.66%
% of Gross Profit 10.79% 13.1%
Research & Development $10.70M $11.00M
YoY Change -2.73% 3.32%
% of Gross Profit 11.73% 18.74%
Depreciation & Amortization $6.700M $3.700M
YoY Change 81.08% 8.82%
% of Gross Profit 7.35% 6.3%
Operating Expenses $30.68M $24.68M
YoY Change 24.31% -60.55%
Operating Profit $60.52M $34.03M
YoY Change 77.87% -859.32%
Interest Expense $800.0K $8.000K
YoY Change 9900.0% -33.33%
% of Operating Profit 1.32% 0.02%
Other Income/Expense, Net $802.0K -$1.176M
YoY Change -168.2%
Pretax Income $61.32M $32.85M
YoY Change 86.68% -863.04%
Income Tax $14.13M $11.05M
% Of Pretax Income 23.05% 33.63%
Net Earnings $47.19M $21.80M
YoY Change 116.43% -285.22%
Net Earnings / Revenue 46.03% 33.86%
Basic Earnings Per Share $0.99 $0.46
Diluted Earnings Per Share $0.99 $0.46
COMMON SHARES
Basic Shares Outstanding 46.74M 46.93M
Diluted Shares Outstanding 46.81M 47.04M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $365.6M $316.2M
YoY Change 15.62% -11.23%
Cash & Equivalents $109.4M $69.93M
Short-Term Investments $256.1M $246.3M
Other Short-Term Assets $7.200M $15.70M
YoY Change -54.14% 228.93%
Inventory $24.40M $16.47M
Prepaid Expenses
Receivables $39.70M $18.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $436.9M $366.3M
YoY Change 19.27% -10.71%
LONG-TERM ASSETS
Property, Plant & Equipment $38.70M $22.60M
YoY Change 71.24% 8.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.80M $15.80M
YoY Change -6.33% 305.13%
Other Assets $44.40M $543.0K
YoY Change 8076.8% 57.39%
Total Long-Term Assets $270.7M $213.7M
YoY Change 26.67% 85.91%
TOTAL ASSETS
Total Short-Term Assets $436.9M $366.3M
Total Long-Term Assets $270.7M $213.7M
Total Assets $707.6M $580.0M
YoY Change 22.0% 10.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.80M $6.368M
YoY Change 179.52% -4.33%
Accrued Expenses $12.40M $10.70M
YoY Change 15.88% -34.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $41.42M $27.72M
YoY Change 49.4% -38.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $58.40M $58.40M
YoY Change 0.0% 49.36%
Total Long-Term Liabilities $58.40M $58.40M
YoY Change 0.0% 49.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.42M $27.72M
Total Long-Term Liabilities $58.40M $58.40M
Total Liabilities $99.82M $86.08M
YoY Change 15.96% 2.19%
SHAREHOLDERS EQUITY
Retained Earnings $55.62M -$49.88M
YoY Change -211.51% -49.5%
Common Stock $484.0K $483.0K
YoY Change 0.21% 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.16M $40.16M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $607.8M $493.9M
YoY Change
Total Liabilities & Shareholders Equity $707.6M $580.0M
YoY Change 22.01% 10.44%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $47.19M $21.80M
YoY Change 116.43% -285.22%
Depreciation, Depletion And Amortization $6.700M $3.700M
YoY Change 81.08% 8.82%
Cash From Operating Activities $55.00M $36.00M
YoY Change 52.78% 27.66%
INVESTING ACTIVITIES
Capital Expenditures -$9.100M -$97.70M
YoY Change -90.69% 8781.82%
Acquisitions
YoY Change
Other Investing Activities -$26.40M $24.20M
YoY Change -209.09% -155.76%
Cash From Investing Activities -$35.50M -$73.50M
YoY Change -51.7% 64.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.200M -2.600M
YoY Change 138.46% -620.0%
NET CHANGE
Cash From Operating Activities 55.00M 36.00M
Cash From Investing Activities -35.50M -73.50M
Cash From Financing Activities -6.200M -2.600M
Net Change In Cash 13.30M -40.10M
YoY Change -133.17% 152.2%
FREE CASH FLOW
Cash From Operating Activities $55.00M $36.00M
Capital Expenditures -$9.100M -$97.70M
Free Cash Flow $64.10M $133.7M
YoY Change -52.06% 356.31%

Facts In Submission

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us-gaap Nature Of Operations
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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;"><font style="font-weight:normal;"></font><font style="font-size:10pt;">BUSINESS:</font></p></td></tr></table></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Universal Display Corporation (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.&#160;OLEDs are thin, lightweight and power-efficient solid-state devices that emit light that 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.&#160;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.&#160;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.&#160;The Company's technology leadership and intellectual property position should enable it to share in the revenues from OLED displays and lighting products as they enter mainstream consumer and other markets.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company's primary business strategy is to (1) further develop and license its proprietary OLED technologies to manufacturers of products for display applications, such as mobile phones, televisions, tablets, wearables, portable media devices, notebook computers, personal computers, and automotive interiors, and specialty and general lighting products;&#160;and (2) develop new OLED materials and sell existing and any new materials to those product manufacturers.&#160;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 its relationships with world-class partners such as Princeton University (Princeton), the University of Southern California (USC), the University of Michigan (Michigan) and PPG Industries, Inc. (PPG Industries). The Company currently owns, exclusively licenses or has the sole right to sublicense more than 4,200 patents issued and pending worldwide.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company sells its proprietary OLED materials to customers for evaluation and use in commercial OLED products.&#160;The Company also enters into agreements with manufacturers of OLED display and lighting products under which it grants them licenses to practice under its patents and to use the Company's proprietary know-how.&#160;At the same time, the Company works with these and other companies who are evaluating the Company's OLED technologies and materials for possible use in commercial OLED display and lighting products.</p></div>
us-gaap Use Of Estimates
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Management&#8217;s Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with U.S.&#160;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 for license agreements, the useful life of acquired intangibles, the use and recoverability of inventories, intangibles and income taxes including realization of deferred tax assets, stock-based compensation and retirement benefit plan liabilities. Actual results could differ from those estimates.</p></div>
CY2017Q2 oled Number Of Patents Issued And Pending Application
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4200
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P6Y4M24D
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151000
us-gaap Taxes Other
TaxesOther
207000
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%.
CY2017Q2 oled Investments Gross Unrealized Gains
InvestmentsGrossUnrealizedGains
19000
CY2016Q4 oled Investments Gross Unrealized Gains
InvestmentsGrossUnrealizedGains
10000
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InvestmentsGrossUnrealizedLosses
250000
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382000
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Investments
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Investments
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OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
CY2016 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
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222841000
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20600000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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20600000
CY2017Q2 oled Long Term Purchase Commitment Percent Of Services Payable In Cash Or Shares
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0.50
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us-gaap Debt Conversion Converted Instrument Shares Issued1
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CY2016Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
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us-gaap Common Stock Voting Rights
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Each share of the Company’s common stock entitles the holder to one vote on all matters to be voted upon by the shareholders.
CY2017Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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us-gaap Common Stock Dividends Per Share Cash Paid
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us-gaap Dividends Payable Date Declared Day Month And Year
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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46460000
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115000
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CY2016Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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CY2017Q2 us-gaap Noncurrent Assets
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27203000
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.230
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21802000
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23719000
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0.223
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EffectiveIncomeTaxRateContinuingOperations
0.336
us-gaap Effective Income Tax Rate Continuing Operations
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0.335
CY2017Q2 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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972000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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1450
CY2016Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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2324
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
6914
CY2017Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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66042
CY2016Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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110260
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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116261
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
99

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