第99.1展示文本
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新聞發佈 |
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universal display聯繫方式: |
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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公司宣佈2024年第三季度財務結果
新澤西州尤因 — 2024 年 10 月 30 日 — 環球顯示公司 （納斯達克股票代碼：OLED），通過其實現節能顯示屏和照明 環球PHOLED® 技術和材料，今天公佈了截至2024年9月30日的第三季度財務業績。
「憑藉今年迄今爲止強勁的業績，我們有望在2024年實現創紀錄的營業收入、盈利和經營性現金流，繼續保持增長軌跡。雖然今年的增長速度預計會比之前預期的要溫和一些。隨着最近客戶對第四季度訂單的預期更新，我們將2024年的營業收入預測範圍下調至62500萬至64500萬美元，」 universal display公司副總裁兼首席財務官布萊恩·米拉德表示。「我們相信2024年標誌着新的oled採用週期的開始，特別是對中等尺寸顯示器以及汽車領域。隨着領先的平板電腦、筆記本電腦、顯示器以及汽車原始設備製造商預計將擴大其oled產品路線圖，爲這些新興市場領域正在部署重大的新oled設施投資。作爲oled生態系統的領導者，我們正在推動並支持這一長期增長的發展過程。我們世界一流的科技繼續樹立行業標準，我們的全球合作伙伴關係不斷擴大深化，我們繼續利用我們無與倫比的專業知識。」
2024年第三季度財務要點
營業收入對比
（以千美元計） |
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截至9月30日的三個月 |
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2024 |
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2023 |
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材料銷售 |
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$ |
83,428 |
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$ |
92,492 |
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版稅和許可證費 |
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74,590 |
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|
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45,915 |
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合同研究服務 |
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3,609 |
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|
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2,670 |
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總收入 |
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$ |
161,627 |
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$ |
141,077 |
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材料成本比較
（以千美元計） |
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截至9月30日的三個月 |
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|||||
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2024 |
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2023 |
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物料銷售 |
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$ |
83,428 |
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$ |
92,492 |
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物料銷售成本 |
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33,172 |
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31,639 |
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物料銷售毛利率 |
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50,256 |
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60,853 |
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毛利率佔物料銷售額的百分比 |
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60 |
% |
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66 |
% |
2024年前9個月的財務摘要
營業收入對比
（以千美元計） |
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截至9月30日的九個月 |
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2024 |
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2023 |
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材料銷售 |
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$ |
272,154 |
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$ |
239,789 |
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特許權使用費和許可費 |
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202,409 |
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165,524 |
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合同研究服務 |
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10,828 |
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12,796 |
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總收入 |
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$ |
485,391 |
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$ |
418,109 |
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材料成本比較
（以千美元計） |
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截至9月30日的九個月 |
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2024 |
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2023 |
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材料銷售 |
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$ |
272,154 |
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$ |
239,789 |
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材料銷售成本 |
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102,759 |
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89,697 |
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材料銷售毛利率 |
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169,395 |
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150,092 |
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毛利率佔材料銷售的百分比 |
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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 $0.01 per share, 200,000,000 shares authorized, 48,826,922 |
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488 |
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487 |
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Additional paid-in capital |
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717,190 |
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699,554 |
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Retained earnings |
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907,776 |
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789,553 |
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Accumulated other comprehensive income (loss) |
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2,578 |
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(1,086 |
) |
Treasury stock, at cost (1,365,648 shares at September 30, 2024 and December 31, 2023) |
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(41,284 |
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(41,284 |
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Total shareholders’ equity |
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1,586,750 |
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1,447,226 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
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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|
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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 |
|
Royalty and license fees |
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|
74,590 |
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|
|
45,915 |
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|
|
202,409 |
|
|
|
165,524 |
|
Contract research services |
|
|
3,609 |
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|
|
2,670 |
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|
|
10,828 |
|
|
|
12,796 |
|
Total revenue |
|
|
161,627 |
|
|
|
141,077 |
|
|
|
485,391 |
|
|
|
418,109 |
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COST OF SALES |
|
|
35,812 |
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|
|
34,248 |
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|
|
111,109 |
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|
|
99,357 |
|
Gross margin |
|
|
125,815 |
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|
|
106,829 |
|
|
|
374,282 |
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|
|
318,752 |
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OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
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Research and development |
|
|
36,089 |
|
|
|
33,099 |
|
|
|
110,900 |
|
|
|
96,840 |
|
Selling, general and administrative |
|
|
15,664 |
|
|
|
18,084 |
|
|
|
54,757 |
|
|
|
50,557 |
|
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 |
|
|
|
166,309 |
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OPERATING INCOME |
|
|
67,005 |
|
|
|
48,436 |
|
|
|
186,314 |
|
|
|
152,443 |
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Interest income, net |
|
|
10,592 |
|
|
|
7,136 |
|
|
|
30,073 |
|
|
|
20,301 |
|
Other income (loss), net |
|
|
3,819 |
|
|
|
(1,693 |
) |
|
|
416 |
|
|
|
(3,180 |
) |
Interest and other income, net |
|
|
14,411 |
|
|
|
5,443 |
|
|
|
30,489 |
|
|
|
17,121 |
|
INCOME BEFORE INCOME TAXES |
|
|
81,416 |
|
|
|
53,879 |
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|
|
216,803 |
|
|
|
169,564 |
|
INCOME TAX EXPENSE |
|
|
(14,546 |
) |
|
|
(2,363 |
) |
|
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(40,743 |
) |
|
|
(28,531 |
) |
NET INCOME |
|
$ |
66,870 |
|
|
$ |
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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|
|
|
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BASIC |
|
$ |
1.40 |
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|
$ |
1.08 |
|
|
$ |
3.69 |
|
|
$ |
2.95 |
|
DILUTED |
|
$ |
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 |
|
|
|
47,555,734 |
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DILUTED |
|
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47,669,439 |
|
|
|
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 |
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
1.20 |
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$ |
1.05 |
|
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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|
|
|
|
|
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Net income |
|
$ |
176,060 |
|
|
$ |
141,033 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
19,488 |
|
|
|
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 |
|