EWING, N.J.--(BUSINESS WIRE)--
Universal
Display Corporation (Nasdaq: OLED), enabling energy-efficient
displays and lighting with its UniversalPHOLED®
technology and materials, today reported financial results for the
second quarter ended June 30, 2018.
“In the second quarter, we saw material sales improving off what we
believed to be a first quarter ‘bottom’ for material shipments,” said
Sidney D. Rosenblatt, Executive Vice President and Chief Financial
Officer of Universal Display. “With anticipated new OLED product
launches from leading OEMs around the world, we continue to expect an
additional pick-up in orders and revenues in the second half of the
year. As we look to 2019, we continue to anticipate it to be a
meaningful year of growth.”
Rosenblatt continued, “We believe that 2019 is poised to be a pivotal
year for the OLED industry. With the multi-year OLED capex growth cycle
of new production lines, the landscape of OLED capacity is expected to
significantly widen. This, we believe, will drive broader adoption of
OLEDs across the consumer electronics market, and fuel substantial
growth in the OLED industry. Additionally, we expect the long-awaited
introduction of the world’s first foldable OLED product next year to
pave the cutting-edge and innovative form factor path. From conformable,
to foldable, to rollable, the disruptive and exciting force of OLEDs
promises to enlarge the industry with new applications and new markets
the imagination has yet to devise.”
Financial Highlights for the Second Quarter of
2018
Effective January 1, 2018, we adopted ASC Topic 606 using the “modified
retrospective” approach, meaning the standard was applied only to the
financial results of the first quarter of 2018 with a cumulative
adjustment to retained earnings. Under this transition method, we
applied the standard only to contracts that were not complete at the
initial adoption date.
-
Total revenue decreased 45% to $56.1 million in the second quarter of
2018, compared with $102.5 million in the second quarter of 2017.
Total revenue for the second quarter of 2018 would have been $73.6
million, or $17.5 million higher without the impact of ASC Topic 606.
Under ASC Topic 606, license fee revenue is recognized on a per gram
sales basis, whereas under the previous rules, revenue was recognized
for license payments upon receipt or on a straight-line basis over the
term of the contract. In the previous year, a $45.0 million
semi-annual license fee payment was receipted from SDC in the second
quarter of 2017 and included in the prior year’s revenue.
-
Revenue from material sales decreased 21% to $36.8 million in the
second quarter of 2018, compared with $46.8 million in the second
quarter of 2017. The Company believes that the decline in material
sales was due to weak OLED panel demand resulting from the softness in
the premium smartphone market, and material inventory pre-purchases
that occurred in 2017.
-
Revenue from royalty and license fees decreased 71% to $15.5 million
in the second quarter of 2018, compared with $53.7 million in the
second quarter of 2017. Revenue from royalty and license fees for the
second quarter of 2018 would have been $33.9 million, or $18.4 million
higher without the impact of ASC Topic 606.
-
Cost of materials decreased 6% to $9.3 million in the second quarter
of 2018, compared with $9.9 million in the second quarter of 2017.
-
Operating income decreased by $49.6 million to $10.9 million in the
second quarter of 2018, compared with $60.5 million in the second
quarter of 2017.
-
Net income decreased by $36.4 million to $10.8 million or $0.23 per
diluted share in the second quarter of 2018, compared with $47.2
million or $0.99 per diluted share in the second quarter of 2017.
|
Revenue Comparison
|
|
($ in thousands)
|
|
|
Three Months Ended June 30,
|
|
|
|
2018
|
|
|
2017
|
Material sales
|
|
|
$
|
36,833
|
|
|
$
|
46,828
|
Royalty and license fees
|
|
|
|
15,523
|
|
|
|
53,667
|
Contract research services
|
|
|
|
3,793
|
|
|
|
2,018
|
Total revenue
|
|
|
$
|
56,149
|
|
|
$
|
102,513
|
|
|
|
|
|
|
|
|
|
|
Cost of Materials Comparison
|
|
($ thousands)
|
|
|
Three Months Ended June 30,
|
|
|
|
|
2018
|
|
|
2017
|
|
Material sales
|
|
|
$
|
36,833
|
|
|
$
|
46,828
|
|
Cost of material sales
|
|
|
|
9,284
|
|
|
|
9,894
|
|
Gross margin on material sales
|
|
|
|
27,549
|
|
|
|
36,934
|
|
Gross margin as a % of material sales
|
|
|
|
75
|
%
|
|
|
79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Topic 606 versus 605 Adjusted Results
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, 2018 (in thousands)
|
|
|
As reported
|
|
|
Adjustment
|
|
|
Balances without
adoption of Topic
606
|
Revenue
|
|
|
$
|
56,149
|
|
|
$
|
17,470
|
|
|
$
|
73,619
|
Gross margin
|
|
|
|
44,514
|
|
|
|
17,470
|
|
|
|
61,984
|
Operating income
|
|
|
|
10,911
|
|
|
|
17,470
|
|
|
|
28,381
|
Net income
|
|
|
|
10,814
|
|
|
|
14,290
|
|
|
|
25,104
|
Diluted earnings per share
|
|
|
$
|
0.23
|
|
|
$
|
0.31
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights for the First Half of 2018
-
Total revenue decreased 37% to $99.7 million in the first half of
2018, compared with $158.1 million in the first half of 2017. Total
revenue would have been $141.8 million in the 2018 period, or $42.1
million higher, without the impact of ASC Topic 606.
-
Revenue from material sales decreased 34% to $62.1 million in the
first half of 2018, compared with $93.5 million in the first half of
2017. The Company believes that the decline in material sales was due
to weak OLED panel demand resulting from the softness in the premium
smartphone market, and material inventory pre-purchases that occurred
in 2017.
-
Revenue from royalty and license fees decreased 48% to $31.4 million
in the first half of 2018, compared with $60.7 million in the first
half of 2017. Revenue from royalty and license fees would have been
$71.0 million in the 2018 period, or $39.6 million higher without the
impact of ASC Topic 606.
-
Cost of materials decreased 32% to $15.0 million in the first half of
2018, compared with $22.0 million in the first half of 2017.
-
Operating income decreased by $57.2 million to $15.4 million in the
first half of 2018, compared with $72.6 million in the first half of
2017.
-
Net income decreased by $40.8 million to $16.8 million or $0.35 per
diluted share in the first half of 2018, compared with $57.6 million
or $1.21 per diluted share in the first half of 2017.
|
Revenue Comparison
|
|
($ in thousands)
|
|
|
Six Months Ended June 30,
|
|
|
|
2018
|
|
|
2017
|
Material sales
|
|
|
$
|
62,083
|
|
|
$
|
93,465
|
Royalty and license fees
|
|
|
|
31,434
|
|
|
|
60,692
|
Contract research services
|
|
|
|
6,204
|
|
|
|
3,922
|
Total revenue
|
|
|
$
|
99,721
|
|
|
$
|
158,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Materials Comparison
|
|
|
|
|
|
($ thousands)
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2018
|
|
|
2017
|
|
Material sales
|
|
|
$
|
62,083
|
|
|
$
|
93,465
|
|
Cost of material sales
|
|
|
|
14,974
|
|
|
|
21,993
|
|
Gross margin on material sales
|
|
|
|
47,109
|
|
|
|
71,472
|
|
Gross margin as a % of material sales
|
|
|
|
76
|
%
|
|
|
76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Topic 606 versus 605 Adjusted Results
|
|
For the six months ended June 30, 2018 (in thousands)
|
|
|
As reported
|
|
|
Adjustment
|
|
|
Balances without
adoption of Topic
606
|
Revenue
|
|
|
$
|
99,721
|
|
|
$
|
42,123
|
|
|
$
|
141,844
|
Gross margin
|
|
|
|
80,628
|
|
|
|
42,123
|
|
|
|
122,751
|
Operating income
|
|
|
|
15,430
|
|
|
|
42,123
|
|
|
|
57,553
|
Net income
|
|
|
|
16,773
|
|
|
|
34,259
|
|
|
|
51,032
|
Diluted earnings per share
|
|
|
$
|
0.35
|
|
|
$
|
0.74
|
|
|
$
|
1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 Guidance
Although the OLED industry is still at an early state where many
variables can have a material impact on its growth, and the Company thus
caveats its financial guidance accordingly, the Company continues to
expect that its 2018 revenues will be in the range of $280 million to
$310 million. The guidance was prepared utilizing accounting standard
ASC Topic 606; under the prior accounting standard ASC Topic 605, the
Company estimates that its 2018 revenues would be approximately 10% to
15% higher than the revenue guidance range.
Dividend
The Company also announced a third quarter cash dividend of $0.06 per
share on the Company’s common stock. The dividend is payable on
September 28, 2018 to all shareholders of record on September 15, 2018.
Conference Call Information
In conjunction with this release, Universal Display will host a
conference call on Thursday, August 9, 2018 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, and reference conference ID 13681536.
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 developing
and delivering state-of-the-art, organic light emitting diode (OLED)
technologies, materials and services to the display and lighting
industries. Founded in 1994, the Company currently owns or has
exclusive, co-exclusive or sole license rights with respect to more than
4,700 issued and pending patents worldwide. Universal Display licenses
its proprietary technologies, including its breakthrough high-efficiency
UniversalPHOLED® phosphorescent OLED technology that can enable the
development of low power 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.
Headquartered in Ewing, New Jersey, with international offices in China,
Hong Kong, Ireland, Japan, South Korea, and Taiwan, and wholly-owned
subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display
works and partners with a network of world-class organizations,
including Princeton University, the University of Southern California,
the University of Michigan, and PPG Industries, Inc. The Company has
also established relationships with companies such as AU Optronics
Corporation, BOE Technology, DuPont Displays, Inc., EverDisplay
Optronics (Shanghai) Limited, Govisionox Optoelectronics, Innolux
Corporation, Japan Display Inc., Kaneka Corporation, Konica Minolta
Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., OLEDWorks
LLC, OSRAM, Pioneer Corporation, Royole Corporation, Samsung Display
Co., Ltd., Sharp Corporation, Sumitomo Chemical Company, Ltd., Tianma
Micro-electronics, Tohoku Pioneer Corporation, and Visionox Technology.
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 Universal Display Corporation’s technologies and
potential applications of those technologies, the Company’s expected
results and future declaration of dividends, 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, 2017.
Universal Display Corporation disclaims any obligation to update any
forward-looking statement contained in this document.
Follow Universal Display Corporation
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(OLED-C)
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
(in thousands, except share and per share data)
|
|
|
|
|
June 30, 2018
|
|
|
|
December 31, 2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
103,777
|
|
|
|
$
|
132,840
|
|
Short-term investments
|
|
|
|
353,651
|
|
|
|
|
287,446
|
|
Accounts receivable
|
|
|
|
35,583
|
|
|
|
|
52,355
|
|
Inventory
|
|
|
|
56,043
|
|
|
|
|
36,265
|
|
Other current assets
|
|
|
|
20,311
|
|
|
|
|
10,276
|
|
Total current assets
|
|
|
|
569,365
|
|
|
|
|
519,182
|
|
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $40,769
and $36,368
|
|
|
|
62,348
|
|
|
|
|
56,450
|
|
ACQUIRED TECHNOLOGY, net of accumulated amortization of $101,611 and
$91,312
|
|
|
|
121,230
|
|
|
|
|
131,529
|
|
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $2,687
and $2,000
|
|
|
|
14,153
|
|
|
|
|
14,840
|
|
GOODWILL
|
|
|
|
15,535
|
|
|
|
|
15,535
|
|
INVESTMENTS
|
|
|
|
—
|
|
|
|
|
14,794
|
|
DEFERRED INCOME TAXES
|
|
|
|
10,534
|
|
|
|
|
27,022
|
|
OTHER ASSETS
|
|
|
|
40,084
|
|
|
|
|
604
|
|
TOTAL ASSETS
|
|
|
$
|
833,249
|
|
|
|
$
|
779,956
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
7,863
|
|
|
|
$
|
13,774
|
|
Accrued expenses
|
|
|
|
24,405
|
|
|
|
|
35,019
|
|
Deferred revenue
|
|
|
|
69,247
|
|
|
|
|
14,981
|
|
Other current liabilities
|
|
|
|
25
|
|
|
|
|
50
|
|
Total current liabilities
|
|
|
|
101,540
|
|
|
|
|
63,824
|
|
DEFERRED REVENUE
|
|
|
|
28,344
|
|
|
|
|
23,902
|
|
RETIREMENT PLAN BENEFIT LIABILITY
|
|
|
|
34,350
|
|
|
|
|
33,176
|
|
OTHER LIABILITIES
|
|
|
|
18,334
|
|
|
|
|
—
|
|
Total liabilities
|
|
|
|
182,568
|
|
|
|
|
120,902
|
|
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, 48,650,696 and 48,476,034 shares issued, and
47,289,059 and 47,118,171 shares outstanding, at June 30, 2018 and
December 31, 2017, respectively
|
|
|
|
487
|
|
|
|
|
485
|
|
Additional paid-in capital
|
|
|
|
608,932
|
|
|
|
|
611,063
|
|
Retained earnings
|
|
|
|
92,346
|
|
|
|
|
99,126
|
|
Accumulated other comprehensive loss
|
|
|
|
(10,451
|
)
|
|
|
|
(11,464
|
)
|
Treasury stock, at cost (1,361,637 and 1,357,863 shares at June
30, 2018 and December 31, 2017, respectively)
|
|
|
|
(40,635
|
)
|
|
|
|
(40,158
|
)
|
Total shareholders’ equity
|
|
|
|
650,681
|
|
|
|
|
659,054
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
$
|
833,249
|
|
|
|
$
|
779,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED)
|
(in thousands, except share and per share data)
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
REVENUE
|
|
|
$
|
56,149
|
|
|
|
$
|
102,513
|
|
|
|
$
|
99,721
|
|
|
|
$
|
158,079
|
|
COST OF SALES
|
|
|
|
11,635
|
|
|
|
|
11,310
|
|
|
|
|
19,093
|
|
|
|
|
24,297
|
|
Gross margin
|
|
|
|
44,514
|
|
|
|
|
91,203
|
|
|
|
|
80,628
|
|
|
|
|
133,782
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
12,949
|
|
|
|
|
10,685
|
|
|
|
|
25,306
|
|
|
|
|
22,503
|
|
Selling, general and administrative
|
|
|
|
11,562
|
|
|
|
|
9,839
|
|
|
|
|
22,353
|
|
|
|
|
19,916
|
|
Amortization of acquired technology and other intangible assets
|
|
|
|
5,495
|
|
|
|
|
5,495
|
|
|
|
|
10,986
|
|
|
|
|
10,987
|
|
Patent costs
|
|
|
|
2,029
|
|
|
|
|
1,674
|
|
|
|
|
3,754
|
|
|
|
|
3,221
|
|
Royalty and license expense
|
|
|
|
1,568
|
|
|
|
|
2,991
|
|
|
|
|
2,799
|
|
|
|
|
4,578
|
|
Total operating expenses
|
|
|
|
33,603
|
|
|
|
|
30,684
|
|
|
|
|
65,198
|
|
|
|
|
61,205
|
|
OPERATING INCOME
|
|
|
|
10,911
|
|
|
|
|
60,519
|
|
|
|
|
15,430
|
|
|
|
|
72,577
|
|
Interest income, net
|
|
|
|
1,766
|
|
|
|
|
796
|
|
|
|
|
3,037
|
|
|
|
|
1,467
|
|
Other (expense) income, net
|
|
|
|
(12
|
)
|
|
|
|
6
|
|
|
|
|
(59
|
)
|
|
|
|
(13
|
)
|
Interest and other (expense) income, net
|
|
|
|
1,754
|
|
|
|
|
802
|
|
|
|
|
2,978
|
|
|
|
|
1,454
|
|
INCOME BEFORE INCOME TAXES
|
|
|
|
12,665
|
|
|
|
|
61,321
|
|
|
|
|
18,408
|
|
|
|
|
74,031
|
|
INCOME TAX EXPENSE
|
|
|
|
(1,851
|
)
|
|
|
|
(14,134
|
)
|
|
|
|
(1,635
|
)
|
|
|
|
(16,479
|
)
|
NET INCOME
|
|
|
$
|
10,814
|
|
|
|
$
|
47,187
|
|
|
|
$
|
16,773
|
|
|
|
$
|
57,552
|
|
NET INCOME PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
$
|
0.23
|
|
|
|
$
|
0.99
|
|
|
|
$
|
0.35
|
|
|
|
$
|
1.21
|
|
DILUTED
|
|
|
$
|
0.23
|
|
|
|
$
|
0.99
|
|
|
|
$
|
0.35
|
|
|
|
$
|
1.21
|
|
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
46,868,999
|
|
|
|
|
46,742,746
|
|
|
|
|
46,826,314
|
|
|
|
|
46,702,376
|
|
DILUTED
|
|
|
|
46,901,098
|
|
|
|
|
46,810,238
|
|
|
|
|
46,873,109
|
|
|
|
|
46,781,120
|
|
CASH DIVIDENDS DECLARED PER COMMON SHARE
|
|
|
$
|
0.06
|
|
|
|
$
|
0.03
|
|
|
|
$
|
0.12
|
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
(in thousands)
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2018
|
|
|
|
2017
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
16,773
|
|
|
|
$
|
57,552
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Amortization of deferred revenue and recognition of unbilled
receivables
|
|
|
|
(29,266
|
)
|
|
|
|
(4,873
|
)
|
Depreciation
|
|
|
|
4,422
|
|
|
|
|
2,398
|
|
Amortization of intangibles
|
|
|
|
10,986
|
|
|
|
|
10,987
|
|
Amortization of premium and discount on investments, net
|
|
|
|
(2,329
|
)
|
|
|
|
(1,260
|
)
|
Stock-based compensation to employees
|
|
|
|
6,163
|
|
|
|
|
5,404
|
|
Stock-based compensation to Board of Directors and Scientific
Advisory Board
|
|
|
|
2,003
|
|
|
|
|
1,328
|
|
Earnout liability recorded for Adesis acquisition
|
|
|
|
—
|
|
|
|
|
469
|
|
Deferred income tax expense
|
|
|
|
19,312
|
|
|
|
|
7,408
|
|
Retirement plan expense
|
|
|
|
2,252
|
|
|
|
|
2,088
|
|
Decrease (increase) in assets:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
16,772
|
|
|
|
|
(14,708
|
)
|
Inventory
|
|
|
|
(19,778
|
)
|
|
|
|
(7,123
|
)
|
Other current assets
|
|
|
|
(9,058
|
)
|
|
|
|
(799
|
)
|
Other assets
|
|
|
|
(37,909
|
)
|
|
|
|
(10
|
)
|
Increase (decrease) in liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
|
(13,123
|
)
|
|
|
|
(1,916
|
)
|
Other current liabilities
|
|
|
|
(25
|
)
|
|
|
|
(821
|
)
|
Deferred revenue
|
|
|
|
64,423
|
|
|
|
|
505
|
|
Other liabilities
|
|
|
|
18,334
|
|
|
|
|
—
|
|
Net cash provided by operating activities
|
|
|
|
49,952
|
|
|
|
|
56,629
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
(13,420
|
)
|
|
|
|
(9,717
|
)
|
Purchases of investments
|
|
|
|
(260,711
|
)
|
|
|
|
(255,224
|
)
|
Proceeds from sale of investments
|
|
|
|
211,847
|
|
|
|
|
189,335
|
|
Net cash used in investing activities
|
|
|
|
(62,284
|
)
|
|
|
|
(75,606
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
|
436
|
|
|
|
|
349
|
|
Repurchase of common stock
|
|
|
|
(477
|
)
|
|
|
|
—
|
|
Proceeds from the exercise of common stock options
|
|
|
|
—
|
|
|
|
|
30
|
|
Payment of withholding taxes related to stock-based compensation
to employees
|
|
|
|
(11,031
|
)
|
|
|
|
(8,501
|
)
|
Cash dividends paid
|
|
|
|
(5,659
|
)
|
|
|
|
(2,828
|
)
|
Net cash used in financing activities
|
|
|
|
(16,731
|
)
|
|
|
|
(10,950
|
)
|
DECREASE IN CASH AND CASH EQUIVALENTS
|
|
|
|
(29,063
|
)
|
|
|
|
(29,927
|
)
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
|
|
|
132,840
|
|
|
|
|
139,365
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
|
|
$
|
103,777
|
|
|
|
$
|
109,438
|
|
The following non-cash activities occurred:
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on available-for-sale securities
|
|
|
$
|
219
|
|
|
|
$
|
140
|
|
Common stock issued to Board of Directors and Scientific Advisory
Board that was earned and accrued for in a previous period
|
|
|
|
300
|
|
|
|
|
300
|
|
Common stock issued to employees that was earned and accrued for in
a previous period
|
|
|
|
—
|
|
|
|
|
174
|
|
Net change in accounts payable and accrued expenses related to
purchases of property and equipment
|
|
|
|
3,100
|
|
|
|
|
4,169
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180809005755/en/
Universal Display Corporation
Darice Liu, 609-671-0980 x570
investor@oled.com
media@oled.com
Source: Universal Display Corporation