2020 Q1 Form 10-Q Financial Statement
#000156459020022823 Filed on May 07, 2020
Income Statement
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| Revenue | $112.3M | $87.77M |
| YoY Change | 27.93% | 101.43% |
| Cost Of Revenue | $22.46M | $15.81M |
| YoY Change | 42.02% | 112.04% |
| Gross Profit | $89.82M | $71.95M |
| YoY Change | 24.83% | 99.23% |
| Gross Profit Margin | 80.0% | 81.98% |
| Selling, General & Admin | $17.00M | $11.97M |
| YoY Change | 42.03% | 10.92% |
| % of Gross Profit | 18.93% | 16.63% |
| Research & Development | $19.50M | $15.83M |
| YoY Change | 23.19% | 28.1% |
| % of Gross Profit | 21.71% | 22.0% |
| Depreciation & Amortization | $3.615M | $3.000M |
| YoY Change | 20.5% | 38.12% |
| % of Gross Profit | 4.02% | 4.17% |
| Operating Expenses | $45.31M | $37.59M |
| YoY Change | 20.54% | 18.98% |
| Operating Profit | $44.51M | $34.36M |
| YoY Change | 29.53% | 660.35% |
| Interest Expense | $2.100M | $2.800M |
| YoY Change | -25.0% | 115.38% |
| % of Operating Profit | 4.72% | 8.15% |
| Other Income/Expense, Net | $200.0K | $3.113M |
| YoY Change | -93.58% | 154.33% |
| Pretax Income | $46.90M | $37.47M |
| YoY Change | 25.16% | 552.5% |
| Income Tax | $8.700M | $6.000M |
| % Of Pretax Income | 18.55% | 16.01% |
| Net Earnings | $38.16M | $31.47M |
| YoY Change | 21.23% | 428.18% |
| Net Earnings / Revenue | 33.98% | 35.86% |
| Basic Earnings Per Share | $0.80 | $0.66 |
| Diluted Earnings Per Share | $0.80 | $0.66 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 47.09M | 46.89M |
| Diluted Shares Outstanding | 47.12M | 46.93M |
Balance Sheet
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $639.8M | $526.6M |
| YoY Change | 21.5% | 15.15% |
| Cash & Equivalents | $222.7M | $88.30M |
| Short-Term Investments | $417.0M | $438.2M |
| Other Short-Term Assets | $15.60M | $5.400M |
| YoY Change | 188.89% | -62.24% |
| Inventory | $74.10M | $68.00M |
| Prepaid Expenses | ||
| Receivables | $82.59M | $52.10M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $812.1M | $652.2M |
| YoY Change | 24.52% | 19.02% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $96.40M | $88.60M |
| YoY Change | 8.8% | 51.64% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $5.000M | |
| YoY Change | ||
| Other Assets | $110.1M | $92.50M |
| YoY Change | 19.03% | 3768.67% |
| Total Long-Term Assets | $324.3M | $316.0M |
| YoY Change | 2.63% | 27.84% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $812.1M | $652.2M |
| Total Long-Term Assets | $324.3M | $316.0M |
| Total Assets | $1.136B | $968.2M |
| YoY Change | 17.37% | 21.76% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $10.40M | $7.000M |
| YoY Change | 48.57% | -32.91% |
| Accrued Expenses | $23.00M | $28.80M |
| YoY Change | -20.14% | -0.8% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $136.6M | $131.6M |
| YoY Change | 3.8% | 32.62% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $153.1M | $34.07M |
| YoY Change | 349.34% | -36.08% |
| Total Long-Term Liabilities | $153.1M | $34.07M |
| YoY Change | 349.34% | -36.08% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $136.6M | $131.6M |
| Total Long-Term Liabilities | $153.1M | $34.07M |
| Total Liabilities | $289.7M | $252.0M |
| YoY Change | 14.96% | 65.26% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $846.7M | $716.2M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $1.136B | $968.2M |
| YoY Change | 17.37% | 21.76% |
Cashflow Statement
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $38.16M | $31.47M |
| YoY Change | 21.23% | 428.18% |
| Depreciation, Depletion And Amortization | $3.615M | $3.000M |
| YoY Change | 20.5% | 38.12% |
| Cash From Operating Activities | $5.746M | $34.05M |
| YoY Change | -83.12% | -12.28% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $4.782M | $13.28M |
| YoY Change | -64.0% | 52.1% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $101.8M | $4.600M |
| YoY Change | 2113.04% | -80.17% |
| Cash From Investing Activities | $97.03M | -$9.105M |
| YoY Change | -1165.63% | -163.06% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | $7.098M | $4.717M |
| YoY Change | 50.48% | 66.62% |
| Common Stock Issuance & Retirement, Net | $259.0K | $445.0K |
| YoY Change | -41.8% | 61.23% |
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -11.66M | -10.92M |
| YoY Change | 6.74% | 22.15% |
| NET CHANGE | ||
| Cash From Operating Activities | 5.746M | 34.05M |
| Cash From Investing Activities | 97.03M | -9.105M |
| Cash From Financing Activities | -11.66M | -10.92M |
| Net Change In Cash | 91.12M | 14.03M |
| YoY Change | 549.63% | -68.35% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $5.746M | $34.05M |
| Capital Expenditures | $4.782M | $13.28M |
| Free Cash Flow | $964.0K | $20.77M |
| YoY Change | -95.36% | -30.97% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2020Q1 | oled |
State And Foreign Income Tax Returns Subject To Examination Period Minimum
StateAndForeignIncomeTaxReturnsSubjectToExaminationPeriodMinimum
|
P3Y | |
| CY2018Q4 | oled |
Withholding And Interest For Licencing And Royalty Payments Period
WithholdingAndInterestForLicencingAndRoyaltyPaymentsPeriod
|
P3Y | |
| CY2020Q1 | oled |
Patent Costs
PatentCosts
|
1638000 | |
| CY2020Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P7Y3M18D | |
| CY2019Q4 | us-gaap |
Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
|
30375000 | |
| CY2019Q1 | oled |
Patent Costs
PatentCosts
|
1770000 | |
| CY2019Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
282000 | |
| CY2020Q1 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
22459000 | |
| CY2019Q1 | us-gaap |
Gross Profit
GrossProfit
|
71951000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
13000 | |
| CY2020Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
8700000 | |
| CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
38155000 | |
| CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
31474000 | |
| CY2020Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.80 | |
| CY2019Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.66 | |
| CY2020Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.80 | |
| CY2019Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.66 | |
| CY2020Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
47093033 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
46892914 | |
| CY2020Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
47122829 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
46931999 | |
| CY2020Q1 | us-gaap |
Common Stock Dividends Per Share Declared
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|
0.15 | |
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Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.10 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
525000 | |
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Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
1855000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
47000 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
|
-182000 | |
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Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
|
-175000 | |
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OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
|
638000 | |
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Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
|
634000 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-33000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
33000 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
2460000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
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|
714000 | |
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Comprehensive Income Net Of Tax
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40615000 | |
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Stockholders Equity
StockholdersEquity
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| CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
38155000 | |
| CY2020Q1 | us-gaap |
Dividends Cash
DividendsCash
|
7098000 | |
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Stock Issued During Period Value Share Based Compensation
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|
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Adjustments Related To Tax Withholding For Share Based Compensation
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|
4816000 | |
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Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Value
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|
554000 | |
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Stock Issued During Period Value Employee Stock Purchase Plan
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328000 | |
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Stockholders Equity
StockholdersEquity
|
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Stockholders Equity
StockholdersEquity
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Net Income Loss
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|
31474000 | |
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|
714000 | |
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Dividends Cash
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|
4717000 | |
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Stock Issued During Period Value Share Based Compensation
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3537000 | |
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Adjustments Related To Tax Withholding For Share Based Compensation
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5757000 | |
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Treasury Stock Value Acquired Cost Method
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649000 | |
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Net Income Loss
NetIncomeLoss
|
38155000 | |
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|
40511000 | |
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Depreciation
Depreciation
|
3615000 | |
| CY2019Q1 | us-gaap |
Depreciation
Depreciation
|
2758000 | |
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Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
5490000 | |
| CY2019Q1 | us-gaap |
Amortization Of Intangible Assets
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|
5486000 | |
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Inventory Write Down
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|
611000 | |
| CY2019Q1 | us-gaap |
Inventory Write Down
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|
224000 | |
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Amortization Of Debt Discount Premium
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-2005000 | |
| CY2019Q1 | us-gaap |
Amortization Of Debt Discount Premium
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Share Based Compensation
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5735000 | |
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3610000 | |
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Stock Based Compensation To Board Of Directors And Scientific Advisory Board
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254000 | |
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Stock Based Compensation To Board Of Directors And Scientific Advisory Board
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|
516000 | |
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Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
940000 | |
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Deferred Income Tax Expense Benefit
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|
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Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
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Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
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Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
|
10726000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
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Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
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| CY2019Q1 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
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Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
3245000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
2966000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
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| CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
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| CY2020Q1 | us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
3114000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
3744000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
43685000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
33080000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
2994000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
3132000 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
5746000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
34050000 | |
| CY2020Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
4782000 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
13283000 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
401000 | |
| CY2020Q1 | us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
148592000 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
165471000 | |
| CY2020Q1 | us-gaap |
Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
|
250400000 | |
| CY2019Q1 | us-gaap |
Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
|
170050000 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
97026000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-9105000 | |
| CY2020Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
259000 | |
| CY2019Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
204000 | |
| CY2019Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
649000 | |
| CY2020Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
4816000 | |
| CY2019Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
5757000 | |
| CY2020Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
7098000 | |
| CY2019Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
4717000 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-11655000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-10919000 | |
| CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
91117000 | |
| CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
14026000 | |
| CY2019Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
131627000 | |
| CY2018Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
211022000 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
|
2380000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
|
60000 | |
| CY2020Q1 | oled |
Other Significant Non Cash Transaction Increase Decrease In Accounts Payable And Accrued Expenses Related To Purchases Of Property And Equipment
OtherSignificantNonCashTransactionIncreaseDecreaseInAccountsPayableAndAccruedExpensesRelatedToPurchasesOfPropertyAndEquipment
|
689000 | |
| CY2019Q1 | oled |
Other Significant Non Cash Transaction Increase Decrease In Accounts Payable And Accrued Expenses Related To Purchases Of Property And Equipment
OtherSignificantNonCashTransactionIncreaseDecreaseInAccountsPayableAndAccruedExpensesRelatedToPurchasesOfPropertyAndEquipment
|
-351000 | |
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Nature Of Operations
NatureOfOperations
|
<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <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;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</span></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;"><span style="font-weight:normal;"/><span style="font-size:10pt;">BUSINESS:</span></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 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 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, especially in the mobile phone, television, 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 the Company’s 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.</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) develop new OLED materials and sell existing and any new materials to product manufacturers of products for display applications, such as mobile phones, televisions, wearables, tablets, portable media devices, notebook computers, personal computers, and automotive applications, and specialty and general lighting products; and (2) further develop and license the Company’s proprietary OLED 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 license or have the sole right to sublicense more than 5,000 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 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 technologies and materials for possible use in commercial OLED display and lighting products.</p> | |
| CY2020Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<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’s Use of Estimates</p> <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;">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.</p> | |
| CY2019Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
6000 | |
| CY2020Q1 | 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%. | |
| CY2020Q1 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
222738000 | |
| CY2020Q1 | oled |
Cash Equivalents Gross Unrealized Gain
CashEquivalentsGrossUnrealizedGain
|
7000 | |
| CY2020Q1 | oled |
Cash Equivalents Gross Unrealized Losses
CashEquivalentsGrossUnrealizedLosses
|
1000 | |
| CY2020Q1 | us-gaap |
Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
|
222744000 | |
| CY2019Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
131627000 | |
| CY2019Q4 | us-gaap |
Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
|
131627000 | |
| CY2020Q1 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
414473000 | |
| CY2020Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
2559000 | |
| CY2020Q1 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
417032000 | |
| CY2019Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
514277000 | |
| CY2019Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
514461000 | |
| CY2020Q1 | oled |
Number Of Minority Investments
NumberOfMinorityInvestments
|
1 | |
| CY2020Q1 | oled |
Minority Investment Carrying Value
MinorityInvestmentCarryingValue
|
5000000.0 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
20600000 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
15800000 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
9700000 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
9600000 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
|
14500000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Description
LesseeOperatingLeaseDescription
|
Current lease agreements do not contain any residual value guarantees or material restrictive covenants. As of March 31, 2020, the Company did not have any finance leases and no additional operating leases that have not yet commenced. | |
| CY2020Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
537000 | |
| CY2019Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
430000 | |
| CY2019Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
8273000 | |
| CY2020Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
1400000 | |
| CY2020Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
6600000 | |
| CY2020Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.055 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
1415000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
1252000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
1183000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
1044000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
987000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
3807000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
9688000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
1737000 | |
| CY2020Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
7951000 | |
| CY2020Q1 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
7100000 | |
| CY2020Q1 | us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.15 | |
| CY2020Q1 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.15 | |
| CY2020Q1 | us-gaap |
Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
|
0 | |
| CY2020Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | |
| CY2020Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2020Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
200000000 | |
| CY2020Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2020Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
48910232 | |
| CY2020Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
47544584 | |
| CY2020Q1 | us-gaap |
Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
|
0 | |
| CY2019Q1 | us-gaap |
Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
|
4011 | |
| CY2019Q1 | us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
649000 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
1822000 | |
| CY2020Q1 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
-638000 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
2460000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
80000 | |
| CY2019Q1 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
-634000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
714000 | |
| CY2020Q1 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
-638000 | |
| CY2020Q1 | us-gaap |
Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
|
24900000 | |
| CY2020Q1 | us-gaap |
Revenues
Revenues
|
112277000 | |
| CY2019Q1 | us-gaap |
Revenues
Revenues
|
87765000 | |
| CY2020Q1 | us-gaap |
Noncurrent Assets
NoncurrentAssets
|
88350000 | |
| CY2019Q4 | us-gaap |
Noncurrent Assets
NoncurrentAssets
|
87872000 | |
| CY2019Q1 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.160 | |
| CY2020Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
8700000 | |
| CY2019Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
6000000.0 | |
| CY2018Q4 | oled |
Withholding And Interest For Licensing And Royalty Payments
WithholdingAndInterestForLicensingAndRoyaltyPayments
|
13200000 | |
| CY2020Q1 | oled |
State And Foreign Income Tax Returns Subject To Examination Period Maximum
StateAndForeignIncomeTaxReturnsSubjectToExaminationPeriodMaximum
|
P4Y | |
| CY2020Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
82592000 | |
| CY2020Q1 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
99565000 | |
| CY2020Q1 | us-gaap |
Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
|
49866000 | |
| CY2020Q1 | oled |
Contract Expiration Year
ContractExpirationYear
|
2022 | |
| CY2020Q1 | oled |
Backlog Associated With Committed Purchase Orders From Customers
BacklogAssociatedWithCommittedPurchaseOrdersFromCustomers
|
5200000 | |
| CY2019Q4 | us-gaap |
Unbilled Contracts Receivable
UnbilledContractsReceivable
|
1362000 | |
| CY2019Q4 | us-gaap |
Deferred Revenue
DeferredRevenue
|
144862000 | |
| CY2020Q1 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
38749000 | |
| CY2020Q1 | oled |
Increases Due To Cash Received
IncreasesDueToCashReceived
|
43685000 | |
| CY2020Q1 | us-gaap |
Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
|
367000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
|
1395000 | |
| CY2020Q1 | oled |
Unbilled Receivables Increase Decrease Net
UnbilledReceivablesIncreaseDecreaseNet
|
1395000 | |
| CY2020Q1 | oled |
Net Increase Decrease In Deferred Revenue
NetIncreaseDecreaseInDeferredRevenue
|
-4569000 | |
| CY2020Q1 | us-gaap |
Deferred Revenue
DeferredRevenue
|
149431000 | |
| CY2018Q4 | us-gaap |
Unbilled Contracts Receivable
UnbilledContractsReceivable
|
1020000 | |
| CY2018Q4 | us-gaap |
Deferred Revenue
DeferredRevenue
|
122567000 | |
| CY2019Q1 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
27596000 | |
| CY2019Q1 | oled |
Increases Due To Cash Received
IncreasesDueToCashReceived
|
33080000 | |
| CY2019Q1 | us-gaap |
Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
|
159000 | |
| CY2019Q1 | oled |
Transferred To Receivables From Unbilled Receivables
TransferredToReceivablesFromUnbilledReceivables
|
779000 | |
| CY2019Q1 | oled |
Unbilled Receivables Increase Decrease Net
UnbilledReceivablesIncreaseDecreaseNet
|
-779000 | |
| CY2019Q1 | oled |
Net Increase Decrease In Deferred Revenue
NetIncreaseDecreaseInDeferredRevenue
|
-5325000 | |
| CY2019Q1 | us-gaap |
Unbilled Contracts Receivable
UnbilledContractsReceivable
|
241000 | |
| CY2019Q1 | us-gaap |
Deferred Revenue
DeferredRevenue
|
127892000 | |
| CY2020Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.80 | |
| CY2019Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
31149000 | |
| CY2020Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
47093033 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
46892914 | |
| CY2020Q1 | us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
441 | |
| CY2019Q1 | us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
800 | |
| CY2020Q1 | us-gaap |
Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
|
29355 | |
| CY2019Q1 | us-gaap |
Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
|
38285 | |
| CY2020Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
47122829 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
46931999 | |
| CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
38155000 | |
| CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
31474000 | |
| CY2020Q1 | us-gaap |
Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
|
339000 | |
| CY2019Q1 | us-gaap |
Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
|
325000 | |
| CY2020Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
37816000 | |
| CY2019Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.66 | |
| CY2020Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.80 | |
| CY2019Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.66 | |
| CY2020Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
14112 | |
| CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1157 |
