Universal Display Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Universal Display Corp. filed its Q1 2024 10-Q, detailing financial positions and investments as of March 31, 2024.</b>

AI Summary

UNIVERSAL DISPLAY CORP \PA\ (OLED) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Universal Display Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to common stock, treasury stock, and various investment types as of March 31, 2024. Key dates mentioned include March 31, 2024, December 31, 2023, and January 1, 2024. The company's fiscal year ends on December 31. The filing references specific entities such as Visionox Hefei Technology and Fujifilm.

Why It Matters

For investors and stakeholders tracking UNIVERSAL DISPLAY CORP \PA\, this filing contains several important signals. This 10-Q filing provides an updated snapshot of Universal Display Corp.'s financial health and asset allocation as of the end of the first quarter of 2024. The detailed information on investments, stock, and liabilities offers insights into the company's financial strategy and operational status for investors and analysts.

Risk Assessment

Risk Level: low — UNIVERSAL DISPLAY CORP \PA\ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Review the detailed breakdown of investments and liabilities in the 10-Q to understand Universal Display Corp.'s current financial standing and asset management.

Key Numbers

• 2024-03-31 — Reporting Date (As of this date for financial statements)
• 2023-12-31 — Previous Year End (Reference point for comparative data)
• 2024-01-01 — Period Start Date (Beginning of the reporting quarter)

Key Players & Entities

• UNIVERSAL DISPLAY CORP (company) — Filer name
• Visionox Hefei Technology (company) — Mentioned entity
• Fujifilm (company) — Mentioned entity
• 2024-03-31 (date) — Reporting period end date
• 2023-12-31 (date) — Previous year-end date
• 2024-01-01 (date) — Start of reporting period

FAQ

Industry Context

Universal Display Corporation is a leader in the OLED display industry, providing materials and technologies for advanced displays.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Analyze the balance sheet details for changes in assets and liabilities compared to the previous quarter.
2. Examine any disclosures related to customer concentration or significant agreements.
3. Review the footnotes for any new accounting policies or significant events.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC
• 2023-12-31: Previous Fiscal Year End — Reference point for financial comparisons

Year-Over-Year Comparison

This 10-Q filing provides the first quarter financial update for 2024, following the full fiscal year report from December 31, 2023.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value OLED The Nasdaq Stock Mar

Filing Documents

• oled-20240331.htm (10-Q) — 1822KB
• oled-ex31_1.htm (EX-31.1) — 15KB
• oled-ex31_2.htm (EX-31.2) — 14KB
• oled-ex32_1.htm (EX-32.1) — 10KB
• oled-ex32_2.htm (EX-32.2) — 9KB
• img35609618_0.jpg (GRAPHIC) — 105KB
• 0000950170-24-052114.txt (&nbsp;) — 10112KB
• oled-20240331.xsd (EX-101.SCH) — 1567KB
• oled-20240331_htm.xml (XML) — 1883KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Balance Sheets – March 31, 2024 and December 31, 2023 1 Consolidated Statements of Income – Three months ended March 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income – Three months ended March 31, 2024 and 2023 3 Consolidated Statements of Shareholders' Equity – Three months ended March 31, 2024 and 2023 4 Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33

– FINANC IAL INFORMATION

PART I – FINANC IAL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED B ALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 74,012 $ 91,985 Short-term investments 465,293 422,137 Accounts receivable 119,584 139,850 Inventory 172,905 175,795 Other current assets 89,478 87,365 Total current assets 921,272 917,132 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $ 149,062 and $ 143,908 175,896 175,150 ACQUIRED TECHNOLOGY, net of accumulated amortization of $ 191,043 and $ 186,850 86,132 90,325 OTHER INTANGIBLE ASSETS, net of accumulated amortization of $ 10,769 and $ 10,414 6,519 6,874 GOODWILL 15,535 15,535 INVESTMENTS 312,939 299,548 DEFERRED INCOME TAXES 63,040 59,108 OTHER ASSETS 102,382 105,289 TOTAL ASSETS $ 1,683,715 $ 1,668,961 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 12,841 $ 10,933 Accrued expenses 42,099 52,080 Deferred revenue 19,157 47,713 Other current liabilities 20,882 8,096 Total current liabilities 94,979 118,822 DEFERRED REVENUE 13,292 12,006 RETIREMENT PLAN BENEFIT LIABILITY 52,568 52,249 OTHER LIABILITIES 37,976 38,658 Total liabilities 198,815 221,735 COMMITMENTS AND CONTINGENCIES (Note 18) SHAREHOLDERS' EQUITY: Preferred Stock, par value $ 0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $ 7.50 per share or $ 1,500 ) 2 2 Common Stock, par value $ 0.01 per share, 200,000,000 shares authorized, 48,804,964 and 48,731,026 shares issued, and 47,439,316 and 47,365,378 shares outstanding, at March 31, 2024 and December 31, 2023, respectively 488 487 Additional paid-in capital 702,609 699,554 R

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. BUSINESS: 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 and 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, monitor, 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 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. The Company's primary business strategy is to (1) develop new OLED materials and sell existing and new materials to product manufacturers of products for display applications, such as mobile phones, televisions, monitors, wearables, tablets, portable media devices, notebook computers, personal computers and automotive applications, and specialty and general lighting products; and (

View Full Filing

View this 10-Q filing on SEC EDGAR