Universal Display Corp Files Q2 2024 10-Q

TL;DR

UDC dropped its Q2 10-Q. Check financials.

AI Summary

Universal Display Corporation filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and provided updates on its business operations. Key financial figures and operational details are disclosed in this quarterly report.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Universal Display Corp, a key player in OLED technology.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• UNIVERSAL DISPLAY CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240801 (date) — Filing Date
• EWING, NJ (location) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• oled-20240630.htm (10-Q) — 2321KB
• oled-ex31_1.htm (EX-31.1) — 15KB
• oled-ex31_2.htm (EX-31.2) — 14KB
• oled-ex32_1.htm (EX-32.1) — 11KB
• oled-ex32_2.htm (EX-32.2) — 9KB
• img35612500_0.jpg (GRAPHIC) — 105KB
• 0000950170-24-089283.txt ( ) — 11186KB
• oled-20240630.xsd (EX-101.SCH) — 1538KB
• oled-20240630_htm.xml (XML) — 2202KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Balance Sheets – June 30, 2024 and December 31, 2023 1 Consolidated Statements of Income – Three and six months ended June 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income – Three and six months ended June 30, 2024 and 2023 3 Consolidated Statements of Shareholders' Equity – Three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows – Six months ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

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 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36

– 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) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 92,856 $ 91,985 Short-term investments 437,667 422,137 Accounts receivable 124,386 139,850 Inventory 171,843 175,795 Other current assets 132,729 87,365 Total current assets 959,481 917,132 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $ 153,523 and $ 143,908 185,474 175,150 ACQUIRED TECHNOLOGY, net of accumulated amortization of $ 195,235 and $ 186,850 81,940 90,325 OTHER INTANGIBLE ASSETS, net of accumulated amortization of $ 11,125 and $ 10,414 6,163 6,874 GOODWILL 15,535 15,535 INVESTMENTS 362,459 299,548 DEFERRED INCOME TAXES 66,664 59,108 OTHER ASSETS 98,845 105,289 TOTAL ASSETS $ 1,776,561 $ 1,668,961 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 23,636 $ 10,933 Accrued expenses 58,624 52,080 Deferred revenue 63,784 47,713 Other current liabilities 5,955 8,096 Total current liabilities 151,999 118,822 DEFERRED REVENUE 6,732 12,006 RETIREMENT PLAN BENEFIT LIABILITY 53,870 52,249 OTHER LIABILITIES 37,122 38,658 Total liabilities 249,723 221,735 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, 48,814,273 and 48,731,026 shares issued, and 47,448,625 and 47,365,378 shares outstanding, at June 30, 2024 and December 31, 2023, respectively 488 487 Additional paid-in capital 712,234 699,554 Reta

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 (

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View this 10-Q filing on SEC EDGAR