第99.1展示文本
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新闻发布 |
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universal display联系方式: |
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Darice Liu |
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investor@oled.com |
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media@oled.com |
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+1 609-964-5123 |
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universal display公司宣布2024年第三季度财务结果
新泽西州尤因 — 2024 年 10 月 30 日 — 环球显示公司 （纳斯达克股票代码：OLED），通过其实现节能显示屏和照明 环球PHOLED® 技术和材料，今天公布了截至2024年9月30日的第三季度财务业绩。
“凭借今年迄今为止强劲的业绩，我们有望在2024年实现创纪录的营业收入、盈利和经营性现金流，继续保持增长轨迹。虽然今年的增长速度预计会比之前预期的要温和一些。随着最近客户对第四季度订单的预期更新，我们将2024年的营业收入预测范围下调至62500万至64500万美元，” universal display公司副总裁兼首席财务官布莱恩·米拉德表示。“我们相信2024年标志着新的oled采用周期的开始，特别是对中等尺寸显示器以及汽车领域。随着领先的平板电脑、笔记本电脑、显示器以及汽车原始设备制造商预计将扩大其oled产品路线图，为这些新兴市场领域正在部署重大的新oled设施投资。作为oled生态系统的领导者，我们正在推动并支持这一长期增长的发展过程。我们世界一流的科技继续树立行业标准，我们的全球合作伙伴关系不断扩大深化，我们继续利用我们无与伦比的专业知识。”
2024年第三季度财务要点
营业收入对比
（以千美元计） |
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截至9月30日的三个月 |
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2024 |
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2023 |
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材料销售 |
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$ |
83,428 |
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$ |
92,492 |
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版税和许可证费 |
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74,590 |
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|
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45,915 |
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合同研究服务 |
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3,609 |
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|
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2,670 |
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总收入 |
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$ |
161,627 |
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$ |
141,077 |
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材料成本比较
（以千美元计） |
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截至9月30日的三个月 |
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2024 |
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2023 |
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物料销售 |
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$ |
83,428 |
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$ |
92,492 |
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物料销售成本 |
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33,172 |
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31,639 |
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物料销售毛利率 |
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50,256 |
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60,853 |
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毛利率占物料销售额的百分比 |
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60 |
% |
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66 |
% |
2024年前9个月的财务摘要
营业收入对比
（以千美元计） |
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截至9月30日的九个月 |
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2024 |
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2023 |
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材料销售 |
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$ |
272,154 |
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$ |
239,789 |
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特许权使用费和许可费 |
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202,409 |
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165,524 |
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合同研究服务 |
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10,828 |
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12,796 |
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总收入 |
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$ |
485,391 |
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$ |
418,109 |
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材料成本比较
（以千美元计） |
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截至9月30日的九个月 |
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2024 |
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2023 |
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材料销售 |
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$ |
272,154 |
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$ |
239,789 |
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材料销售成本 |
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102,759 |
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89,697 |
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材料销售毛利率 |
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169,395 |
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150,092 |
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毛利率占材料销售的百分比 |
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62 |
% |
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63 |
% |
2024 Revised Guidance
The Company now believes that its 2024 revenue will be in the range of $625 million to $645 million. The OLED industry remains at a stage where many variables can have a material impact on results, and the Company thus caveats its financial guidance accordingly.
Dividend
The Company also announced a fourth quarter cash dividend of $0.40 per share on the Company’s common stock. The dividend is payable on December 31, 2024 to all shareholders of record as of the close of business on December 17, 2024.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Wednesday, October 30, 2024 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) 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. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other Company, brand or product names may be trademarks or registered trademarks.
# # #
All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)
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September 30, 2024 |
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December 31, 2023 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
79,559 |
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$ |
91,985 |
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Short-term investments |
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471,993 |
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422,137 |
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Accounts receivable |
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87,693 |
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139,850 |
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Inventory |
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175,958 |
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175,795 |
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Other current assets |
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126,643 |
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87,365 |
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Total current assets |
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941,846 |
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917,132 |
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PROPERTY AND EQUIPMENT, net of accumulated depreciation of $158,992 and $143,908 |
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191,195 |
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175,150 |
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ACQUIRED TECHNOLOGY, net of accumulated amortization of $199,428 and $186,850 |
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77,747 |
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90,325 |
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OTHER INTANGIBLE ASSETS, net of accumulated amortization of $11,484 and $10,414 |
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5,804 |
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6,874 |
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GOODWILL |
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15,535 |
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15,535 |
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INVESTMENTS |
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396,931 |
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299,548 |
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DEFERRED INCOME TAXES |
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72,138 |
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59,108 |
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OTHER ASSETS |
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109,686 |
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105,289 |
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TOTAL ASSETS |
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$ |
1,810,882 |
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$ |
1,668,961 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
24,698 |
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$ |
10,933 |
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Accrued expenses |
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52,955 |
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52,080 |
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Deferred revenue |
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47,393 |
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47,713 |
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Other current liabilities |
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6,119 |
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8,096 |
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Total current liabilities |
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131,165 |
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118,822 |
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DEFERRED REVENUE |
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2,376 |
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12,006 |
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RETIREMENT PLAN BENEFIT LIABILITY |
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54,288 |
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52,249 |
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OTHER LIABILITIES |
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36,303 |
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38,658 |
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Total liabilities |
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224,132 |
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221,735 |
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SHAREHOLDERS’ EQUITY: |
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Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 |
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2 |
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2 |
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Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 48,826,922 |
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488 |
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487 |
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Additional paid-in capital |
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717,190 |
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699,554 |
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Retained earnings |
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907,776 |
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789,553 |
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Accumulated other comprehensive income (loss) |
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2,578 |
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(1,086 |
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Treasury stock, at cost (1,365,648 shares at September 30, 2024 and December 31, 2023) |
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(41,284 |
) |
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(41,284 |
) |
Total shareholders’ equity |
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1,586,750 |
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1,447,226 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
1,810,882 |
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$ |
1,668,961 |
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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except share and per share data)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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REVENUE: |
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Material sales |
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$ |
83,428 |
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$ |
92,492 |
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$ |
272,154 |
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$ |
239,789 |
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Royalty and license fees |
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74,590 |
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45,915 |
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|
202,409 |
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165,524 |
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Contract research services |
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3,609 |
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2,670 |
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10,828 |
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12,796 |
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Total revenue |
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161,627 |
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|
141,077 |
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485,391 |
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|
418,109 |
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COST OF SALES |
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35,812 |
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|
34,248 |
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|
|
111,109 |
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|
99,357 |
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Gross margin |
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125,815 |
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|
106,829 |
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374,282 |
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|
318,752 |
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OPERATING EXPENSES: |
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Research and development |
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36,089 |
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|
|
33,099 |
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|
|
110,900 |
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|
|
96,840 |
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Selling, general and administrative |
|
|
15,664 |
|
|
|
18,084 |
|
|
|
54,757 |
|
|
|
50,557 |
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Amortization of acquired technology and other intangible assets |
|
|
4,551 |
|
|
|
4,557 |
|
|
|
13,648 |
|
|
|
11,442 |
|
Patent costs |
|
|
2,352 |
|
|
|
2,572 |
|
|
|
6,735 |
|
|
|
7,056 |
|
Royalty and license expense |
|
|
154 |
|
|
|
81 |
|
|
|
1,928 |
|
|
|
414 |
|
Total operating expenses |
|
|
58,810 |
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|
|
58,393 |
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|
|
187,968 |
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|
166,309 |
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OPERATING INCOME |
|
|
67,005 |
|
|
|
48,436 |
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|
186,314 |
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|
152,443 |
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Interest income, net |
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10,592 |
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|
7,136 |
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|
30,073 |
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|
20,301 |
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Other income (loss), net |
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3,819 |
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|
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(1,693 |
) |
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|
416 |
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|
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(3,180 |
) |
Interest and other income, net |
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|
14,411 |
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|
|
5,443 |
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|
30,489 |
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|
17,121 |
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INCOME BEFORE INCOME TAXES |
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81,416 |
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53,879 |
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|
216,803 |
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|
169,564 |
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INCOME TAX EXPENSE |
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(14,546 |
) |
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(2,363 |
) |
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(40,743 |
) |
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(28,531 |
) |
NET INCOME |
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$ |
66,870 |
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$ |
51,516 |
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$ |
176,060 |
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$ |
141,033 |
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NET INCOME PER COMMON SHARE: |
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BASIC |
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$ |
1.40 |
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$ |
1.08 |
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$ |
3.69 |
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$ |
2.95 |
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DILUTED |
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$ |
1.40 |
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$ |
1.08 |
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$ |
3.69 |
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$ |
2.95 |
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WEIGHTED AVERAGE SHARES USED IN COMPUTING NET |
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BASIC |
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47,542,114 |
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47,570,099 |
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47,549,976 |
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47,555,734 |
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DILUTED |
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47,669,439 |
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47,632,431 |
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47,644,026 |
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47,609,692 |
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CASH DIVIDENDS DECLARED PER COMMON SHARE |
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$ |
0.40 |
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$ |
0.35 |
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$ |
1.20 |
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$ |
1.05 |
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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
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Nine Months Ended September 30, |
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2024 |
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2023 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
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$ |
176,060 |
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$ |
141,033 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation |
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19,488 |
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|
20,128 |
|
Amortization of intangibles |
|
|
13,648 |
|
|
|
11,442 |
|
Amortization of premium and discount on investments, net |
|
|
(5,930 |
) |
|
|
(9,436 |
) |
Stock-based compensation |
|
|
23,812 |
|
|
|
18,623 |
|
Deferred income tax (benefit) expense |
|
|
(12,878 |
) |
|
|
7,556 |
|
Retirement plan expense, net of benefit payments |
|
|
1,385 |
|
|
|
2,347 |
|
Decrease (increase) in assets: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
52,157 |
|
|
|
(29,528 |
) |
Inventory |
|
|
(163 |
) |
|
|
1,814 |
|
Other current assets |
|
|
(39,278 |
) |
|
|
(37,653 |
) |
Other assets |
|
|
(4,397 |
) |
|
|
8,292 |
|
Increase (decrease) in liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
9,405 |
|
|
|
(32 |
) |
Other current liabilities |
|
|
(1,977 |
) |
|
|
(24,186 |
) |
Deferred revenue |
|
|
(9,950 |
) |
|
|
11,809 |
|
Other liabilities |
|
|
(2,355 |
) |
|
|
(4,502 |
) |
Net cash provided by operating activities |
|
|
219,027 |
|
|
|
117,707 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(29,960 |
) |
|
|
(52,208 |
) |
Purchases of intangibles |
|
|
— |
|
|
|
(66,563 |
) |
Purchases of investments |
|
|
(337,949 |
) |
|
|
(303,004 |
) |
Proceeds from sale and maturity of investments |
|
|
200,768 |
|
|
|
346,407 |
|
Net cash used in investing activities |
|
|
(167,141 |
) |
|
|
(75,368 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from issuance of common stock |
|
|
1,776 |
|
|
|
1,532 |
|
Payment of withholding taxes related to stock-based compensation to employees |
|
|
(8,251 |
) |
|
|
(7,895 |
) |
Cash dividends paid |
|
|
(57,837 |
) |
|
|
(50,083 |
) |
Net cash used in financing activities |
|
|
(64,312 |
) |
|
|
(56,446 |
) |
DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(12,426 |
) |
|
|
(14,107 |
) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
91,985 |
|
|
|
93,430 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
79,559 |
|
|
$ |
79,323 |
|
SUPPLEMENTAL DISCLOSURES: |
|
|
|
|
|
|
||
Unrealized gain on available-for-sale securities |
|
$ |
4,117 |
|
|
$ |
3,304 |
|
Common stock issued to Board of Directors and Scientific Advisory Board that was |
|
|
300 |
|
|
|
300 |
|
Net change in accounts payable and accrued expenses related to purchases of property |
|
|
(5,573 |
) |
|
|
887 |
|
Cash paid for income taxes, net of refunds |
|
|
60,772 |
|
|
|
81,132 |
|