$OLED
UNIVERSAL DISPLAY CORP \PA\

2018 Q1 Form 10-Q Financial Statement

#000156459018010659 Filed on May 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $43.57M $55.57M
YoY Change -21.59% 87.07%
Cost Of Revenue $7.458M $12.99M
YoY Change -42.57% 157.07%
Gross Profit $36.11M $42.58M
YoY Change -15.18% 72.73%
Gross Profit Margin 82.88% 76.63%
Selling, General & Admin $10.79M $10.08M
YoY Change 7.09% 51.31%
% of Gross Profit 29.88% 23.67%
Research & Development $12.36M $11.82M
YoY Change 4.56% 12.81%
% of Gross Profit 34.22% 27.76%
Depreciation & Amortization $2.172M $1.210M
YoY Change 79.5% 34.15%
% of Gross Profit 6.01% 2.84%
Operating Expenses $31.60M $30.52M
YoY Change 3.52% 38.07%
Operating Profit $4.519M $12.06M
YoY Change -62.52% 373.61%
Interest Expense $1.300M $700.0K
YoY Change 85.71% 8650.0%
% of Operating Profit 28.77% 5.81%
Other Income/Expense, Net $1.224M $652.0K
YoY Change 87.73% 101.23%
Pretax Income $5.743M $12.71M
YoY Change -54.82% 342.86%
Income Tax -$216.0K $2.345M
% Of Pretax Income -3.76% 18.45%
Net Earnings $5.959M $10.37M
YoY Change -42.51% 431.81%
Net Earnings / Revenue 13.68% 18.65%
Basic Earnings Per Share $0.13 $0.22
Diluted Earnings Per Share $0.13 $0.22
COMMON SHARES
Basic Shares Outstanding 46.78M 46.66M
Diluted Shares Outstanding 46.85M 46.74M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $457.3M $325.0M
YoY Change 40.71% -14.38%
Cash & Equivalents $177.2M $96.12M
Short-Term Investments $280.1M $228.9M
Other Short-Term Assets $14.30M $5.800M
YoY Change 146.57% 23.85%
Inventory $53.64M $16.67M
Prepaid Expenses
Receivables $22.77M $36.32M
Other Receivables $0.00 $0.00
Total Short-Term Assets $548.0M $383.7M
YoY Change 42.81% -11.26%
LONG-TERM ASSETS
Property, Plant & Equipment $58.43M $28.60M
YoY Change 104.29% 27.9%
Goodwill $15.54M
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $14.80M
YoY Change -100.0% -8.07%
Other Assets $2.391M $50.00M
YoY Change -95.22% 7651.94%
Total Long-Term Assets $247.2M $271.7M
YoY Change -9.03% 119.73%
TOTAL ASSETS
Total Short-Term Assets $548.0M $383.7M
Total Long-Term Assets $247.2M $271.7M
Total Assets $795.1M $655.4M
YoY Change 21.32% 17.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.43M $11.10M
YoY Change -6.0% 52.18%
Accrued Expenses $29.03M $10.00M
YoY Change 190.33% 48.24%
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 $99.23M $33.20M
YoY Change 198.88% 32.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $53.30M $57.10M
YoY Change -6.65% -4.83%
Total Long-Term Liabilities $53.30M $57.10M
YoY Change -6.65% -4.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.23M $33.20M
Total Long-Term Liabilities $53.30M $57.10M
Total Liabilities $152.5M $90.30M
YoY Change 68.87% 6.05%
SHAREHOLDERS EQUITY
Retained Earnings $84.36M
YoY Change
Common Stock $486.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.64M
YoY Change
Treasury Stock Shares $1.362M
Shareholders Equity $642.6M $565.2M
YoY Change
Total Liabilities & Shareholders Equity $795.1M $655.4M
YoY Change 21.32% 17.87%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $5.959M $10.37M
YoY Change -42.51% 431.81%
Depreciation, Depletion And Amortization $2.172M $1.210M
YoY Change 79.5% 34.15%
Cash From Operating Activities $38.82M $1.644M
YoY Change 2261.01% 682.86%
INVESTING ACTIVITIES
Capital Expenditures $8.733M $631.0K
YoY Change 1283.99% 22.29%
Acquisitions
YoY Change
Other Investing Activities $23.20M -$39.50M
YoY Change -158.73% -370.55%
Cash From Investing Activities $14.44M -$40.12M
YoY Change -135.99% -384.02%
FINANCING ACTIVITIES
Cash Dividend Paid $2.831M $1.414M
YoY Change 100.21%
Common Stock Issuance & Retirement, Net $276.0K $159.0K
YoY Change 73.58% 60.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.939M -4.772M
YoY Change 87.32% 171.44%
NET CHANGE
Cash From Operating Activities 38.82M 1.644M
Cash From Investing Activities 14.44M -40.12M
Cash From Financing Activities -8.939M -4.772M
Net Change In Cash 44.31M -43.25M
YoY Change -202.46% -443.84%
FREE CASH FLOW
Cash From Operating Activities $38.82M $1.644M
Capital Expenditures $8.733M $631.0K
Free Cash Flow $30.08M $1.013M
YoY Change 2869.6% -431.05%

Facts In Submission

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CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4772000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
44314000
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-43248000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
139365000
CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
96117000
CY2018Q1 us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss
69000
CY2017Q1 us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss
-23000
CY2018Q1 oled Other Significant Non Cash Transaction Increase Decrease In Accounts Payable And Accrued Expenses Related To Purchases Of Property And Equipment
OtherSignificantNonCashTransactionIncreaseDecreaseInAccountsPayableAndAccruedExpensesRelatedToPurchasesOfPropertyAndEquipment
4583000
CY2017Q1 oled Other Significant Non Cash Transaction Increase Decrease In Accounts Payable And Accrued Expenses Related To Purchases Of Property And Equipment
OtherSignificantNonCashTransactionIncreaseDecreaseInAccountsPayableAndAccruedExpensesRelatedToPurchasesOfPropertyAndEquipment
1928000
CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<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 4,500 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>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 including estimates of material unit sales and royalties, 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>
CY2018Q1 oled Number Of Patents Issued And Pending Application
NumberOfPatentsIssuedAndPendingApplication
4500
CY2018Q1 oled License Agreement Extended Option Term
LicenseAgreementExtendedOptionTerm
P2Y
CY2018Q1 oled License Fee Agreement Term Of Agreement
LicenseFeeAgreementTermOfAgreement
P5Y
CY2018Q1 us-gaap Taxes Other
TaxesOther
6000
CY2017Q1 us-gaap Taxes Other
TaxesOther
56000
CY2018Q1 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%.
CY2018Q1 oled Investments Amortized Cost Basis
InvestmentsAmortizedCostBasis
322267000
CY2017Q4 oled Investments Amortized Cost Basis
InvestmentsAmortizedCostBasis
320563000
CY2018Q1 oled Investments Gross Unrealized Gains
InvestmentsGrossUnrealizedGains
7000
CY2017Q4 oled Investments Gross Unrealized Gains
InvestmentsGrossUnrealizedGains
1000
CY2018Q1 oled Investments Gross Unrealized Losses
InvestmentsGrossUnrealizedLosses
327000
CY2017Q4 oled Investments Gross Unrealized Losses
InvestmentsGrossUnrealizedLosses
392000
CY2018Q1 us-gaap Investments
Investments
321947000
CY2017Q4 us-gaap Investments
Investments
320172000
CY2018Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
CY2017 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
20496000
CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
17464000
CY2018Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
8615000
CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2977000
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
24527000
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
15824000
CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
222841000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
20600000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
20500000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
20500000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
20500000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
15800000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
33600000
CY2018Q1 oled Long Term Purchase Commitment Percent Of Services Payable In Cash Or Shares
LongTermPurchaseCommitmentPercentOfServicesPayableInCashOrShares
0.50
CY2018Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
0
CY2017Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
0
CY2018Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of the Company’s common stock entitles the holder to one vote on all matters to be voted upon by the shareholders.
CY2018Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
48574065
CY2018Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
3774
CY2018Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.01
CY2018Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.06
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2800000
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
74000
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-422000
CY2017Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
15000
CY2017Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-299000
CY2018Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
17100000
CY2017Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
14200000
CY2018Q1 us-gaap Noncurrent Assets
NoncurrentAssets
58428000
CY2017Q4 us-gaap Noncurrent Assets
NoncurrentAssets
56450000
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.038
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.185
CY2018Q1 us-gaap Other Assets
OtherAssets
16692000
CY2018Q1 us-gaap Deferred Revenue
DeferredRevenue
79236000
CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
4202000
CY2018Q1 oled Contract Expiration Year
ContractExpirationYear
2022
CY2018Q1 oled Backlog Associated With Committed Purchase Orders From Customers
BacklogAssociatedWithCommittedPurchaseOrdersFromCustomers
6800
CY2017Q4 us-gaap Deferred Revenue
DeferredRevenue
38883000
CY2017Q4 oled Cumulative Effect Of New Accounting Principle In Period Of Adoption For Deferred Revenue
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoptionForDeferredRevenue
-21307000
CY2017Q4 oled Adjusted Balance Deferred Revenue
AdjustedBalanceDeferredRevenue
-60190000
CY2018Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
6490000
CY2018Q1 oled Increases Due To Cash Received
IncreasesDueToCashReceived
30331000
CY2018Q1 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
4795000
CY2018Q1 oled Net Increase Decrease In Deferred Revenue
NetIncreaseDecreaseInDeferredRevenue
-19046000
CY2017Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
70000
CY2017Q4 oled Cumulative Effect Of New Accounting Principle In Period Of Adoption For Unbilled Receivables
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoptionForUnbilledReceivables
307000
CY2017Q4 oled Adjusted Balance Unbilled Receivables
AdjustedBalanceUnbilledReceivables
377000
CY2018Q1 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
1302000
CY2018Q1 oled Unbilled Receivables Increase Decrease Net
UnbilledReceivablesIncreaseDecreaseNet
1302000
CY2018Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
1679000
CY2018Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
87000
CY2017Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
191000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5872000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10174000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
837
CY2017Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2151
CY2018Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
64803
CY2017Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
79184
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2108

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