$OLED
UNIVERSAL DISPLAY CORP \PA\

2018 Q4 Form 10-Q Financial Statement

#000156459018026211 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $70.14M $77.55M $61.68M
YoY Change -39.46% 25.72% 104.15%
Cost Of Revenue $20.30M $16.12M $13.47M
YoY Change 0.0% 19.74% 84.45%
Gross Profit $49.90M $61.43M $48.22M
YoY Change -47.75% 27.39% 110.56%
Gross Profit Margin 71.14% 79.21% 78.17%
Selling, General & Admin $14.30M $12.12M $13.60M
YoY Change -16.37% -10.88% 60.66%
% of Gross Profit 28.66% 19.73% 28.21%
Research & Development $14.80M $13.62M $11.60M
YoY Change -1.33% 17.42% 14.61%
% of Gross Profit 29.66% 22.17% 24.05%
Depreciation & Amortization $8.000M $1.700M $6.700M
YoY Change 17.65% -74.63% 1.52%
% of Gross Profit 16.03% 2.77% 13.9%
Operating Expenses $34.60M $35.40M $32.43M
YoY Change -8.22% 9.15% 74.5%
Operating Profit $15.30M $26.03M $15.79M
YoY Change -73.53% 64.86% 265.76%
Interest Expense $2.500M $2.100M $900.0K
YoY Change 150.0% 133.33% 17900.0%
% of Operating Profit 16.34% 8.07% 5.7%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0%
Pretax Income $17.80M $28.10M $16.66M
YoY Change -69.73% 68.7% -766.28%
Income Tax -$400.0K $5.325M $3.137M
% Of Pretax Income -2.25% 18.95% 18.83%
Net Earnings $19.25M $22.82M $13.52M
YoY Change -41.34% 68.77% -1001.33%
Net Earnings / Revenue 27.44% 29.42% 21.92%
Basic Earnings Per Share $0.40 $0.48 $0.28
Diluted Earnings Per Share $0.40 $0.48 $0.28
COMMON SHARES
Basic Shares Outstanding 47.10M 46.87M 46.80M
Diluted Shares Outstanding 46.91M 46.87M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $515.3M $493.6M $365.4M
YoY Change 22.6% 35.08% 27.81%
Cash & Equivalents $211.0M $101.6M $69.15M
Short-Term Investments $304.3M $392.0M $296.3M
Other Short-Term Assets $6.366M $11.94M $9.200M
YoY Change -38.05% 29.82% -47.73%
Inventory $70.00M $69.03M $32.70M
Prepaid Expenses
Receivables $43.13M $43.21M $43.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $634.8M $617.8M $450.7M
YoY Change 22.28% 37.07% 31.78%
LONG-TERM ASSETS
Property, Plant & Equipment $69.74M $67.47M $49.40M
YoY Change 23.54% 36.57% 91.47%
Goodwill $15.54M $15.54M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00 $14.80M
YoY Change -100.0% -2.63%
Other Assets $64.53M $39.15M $45.00M
YoY Change 10583.11% -13.0% 251.56%
Total Long-Term Assets $298.6M $266.0M $276.5M
YoY Change 14.5% -3.81% 13.88%
TOTAL ASSETS
Total Short-Term Assets $634.8M $617.8M $450.7M
Total Long-Term Assets $298.6M $266.0M $276.5M
Total Assets $933.4M $883.7M $727.2M
YoY Change 19.68% 21.53% 24.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.53M $13.33M $13.80M
YoY Change -23.54% -3.41% 150.91%
Accrued Expenses $36.06M $31.79M $20.70M
YoY Change 2.96% 53.57% 56.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $133.2M $114.3M $46.30M
YoY Change 108.67% 146.82% 51.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $23.90M $18.34M $57.90M
YoY Change -58.15% -68.33% -0.69%
Total Long-Term Liabilities $23.90M $18.34M $57.90M
YoY Change -58.15% -68.33% -0.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $133.2M $114.3M $46.30M
Total Long-Term Liabilities $23.90M $18.34M $57.90M
Total Liabilities $242.9M $208.2M $104.2M
YoY Change 100.92% 99.84% 17.21%
SHAREHOLDERS EQUITY
Retained Earnings $129.6M $112.3M
YoY Change 30.69%
Common Stock $487.0K $487.0K
YoY Change 0.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.64M $40.64M
YoY Change 1.19%
Treasury Stock Shares $1.362M $1.362M
Shareholders Equity $690.5M $675.5M $623.0M
YoY Change
Total Liabilities & Shareholders Equity $933.4M $883.7M $727.2M
YoY Change 19.68% 21.53% 24.35%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $19.25M $22.82M $13.52M
YoY Change -41.34% 68.77% -1001.33%
Depreciation, Depletion And Amortization $8.000M $1.700M $6.700M
YoY Change 17.65% -74.63% 1.52%
Cash From Operating Activities $26.80M $45.00M $14.70M
YoY Change -56.84% 206.12% 258.54%
INVESTING ACTIVITIES
Capital Expenditures -$4.500M -$7.500M -$13.50M
YoY Change -31.82% -44.44% 513.64%
Acquisitions
YoY Change
Other Investing Activities $89.70M -$36.40M -$39.30M
YoY Change 854.26% -7.38% 124.57%
Cash From Investing Activities $85.20M -$43.90M -$52.90M
YoY Change 2837.93% -17.01% 168.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.700M -3.200M -2.000M
YoY Change 107.69% 60.0% -2100.0%
NET CHANGE
Cash From Operating Activities 26.80M 45.00M 14.70M
Cash From Investing Activities 85.20M -43.90M -52.90M
Cash From Financing Activities -2.700M -3.200M -2.000M
Net Change In Cash 109.3M -2.100M -40.20M
YoY Change 71.59% -94.78% 159.35%
FREE CASH FLOW
Cash From Operating Activities $26.80M $45.00M $14.70M
Capital Expenditures -$4.500M -$7.500M -$13.50M
Free Cash Flow $31.30M $52.50M $28.20M
YoY Change -54.44% 86.17% 347.62%

Facts In Submission

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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 4,700 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>
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4700
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0
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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1682
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2438
CY2018Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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43801
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4143
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0

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