Universal Display Corporation Announces Third Quarter 2018 Financial Results
Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its
UniversalPHOLED® technology and materials, today reported financial results for the third quarter ended September
30, 2018.
“During the quarter, we saw a pick-up in the smartphone market, driven by a number of new OLED display launches, including
mobile products from Apple, Google, Huawei, LG, Samsung and others,” said Sidney D. Rosenblatt, Executive Vice President and Chief
Financial Officer of Universal Display. “We believe that these launches are indicative of the increasing demand and value of OLEDs
in leading OEM product roadmaps, and reinforces the strong secular OLED growth story. However, the magnitude of the second-half
pick-up in our material sales is not shaping up to the degree that we had earlier forecasted.”
Rosenblatt continued, “As we look to 2019, we anticipate it to be a meaningful year of growth. With the continued proliferation
of OLEDs across the consumer electronics market, the introduction of new form factors that will pave the way for new ideas and
applications, and new production capacity that is expected to expand the panel maker landscape, coupled with billions of dollars
committed to advancing the commercialization of OLEDs, we believe that OLEDs are poised to become the dominant display technology
in the long-term.”
Financial Highlights for the Third 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 commencing with 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 increased 26% to $77.6 million in the third quarter of 2018, compared with $61.7
million in the third quarter of 2017. Total revenue for the third quarter of 2018 would have been $91.6 million 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.
- Revenue from material sales increased 9% to $51.2 million in the third quarter of 2018, compared with
$47.0 million in the third quarter of 2017. The increase in material sales was due to increasing OLED panel demand.
- Revenue from royalty and license fees increased 94% to $23.3 million in the third quarter of 2018,
compared with $12.0 million in the third quarter of 2017. Revenue from royalty and license fees for the third quarter of 2018
would have been $36.9 million, or $13.6 million higher without the impact of ASC Topic 606.
- Cost of materials increased 17% to $13.8 million in the third quarter of 2018, compared with $11.8
million in the third quarter of 2017.
- Operating income increased by $10.2 million to $26.0 million in the third quarter of 2018, compared
with $15.8 million in the third quarter of 2017.
- Net income increased by $9.3 million to $22.8 million or $0.48 per diluted share in the third quarter
of 2018, compared with $13.5 million or $0.28 per diluted share in the third quarter of 2017.
|
|
|
|
|
Revenue Comparison
|
|
|
|
|
| ($ in thousands) |
|
|
Three Months Ended September 30, |
|
|
|
2018 |
|
|
2017 |
| Material sales |
|
|
$ |
51,242 |
|
|
$ |
47,041 |
| Royalty and license fees |
|
|
|
23,325 |
|
|
|
12,013 |
| Contract research services |
|
|
|
2,983 |
|
|
|
2,629 |
| Total revenue |
|
|
$ |
77,550 |
|
|
$ |
61,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Materials Comparison
|
|
|
|
|
|
| ($ thousands) |
|
|
Three Months Ended September 30, |
|
|
|
|
2018 |
|
|
2017 |
|
| Material sales |
|
|
$ |
51,242 |
|
|
$ |
47,041 |
|
| Cost of material sales |
|
|
|
13,808 |
|
|
|
11,755 |
|
| Gross margin on material sales |
|
|
|
37,434 |
|
|
|
35,286 |
|
| Gross margin as a % of material sales |
|
|
|
73 |
% |
|
|
75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Topic 606 versus 605 Adjusted Results
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, 2018 (in thousands)
|
|
|
As reported |
|
|
Adjustment |
|
|
Balances without
adoption of Topic
606
|
| Revenue |
|
|
$ |
77,550 |
|
|
$ |
14,054 |
|
|
$ |
91,604 |
| Gross margin |
|
|
|
61,427 |
|
|
|
14,054 |
|
|
|
75,481 |
| Operating income |
|
|
|
26,032 |
|
|
|
14,054 |
|
|
|
40,086 |
| Net income |
|
|
|
22,818 |
|
|
|
11,384 |
|
|
|
34,202 |
| Diluted earnings per share |
|
|
$ |
0.48 |
|
|
$ |
0.24 |
|
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights for the First Nine Months of 2018
- Total revenue decreased 19% to $177.3 million in the first nine months of 2018, compared with $219.8
million in the first nine months of 2017. Total revenue would have been $233.4 million in the 2018 period, or $56.1 million
higher, without the impact of ASC Topic 606.
- Revenue from material sales decreased 19% to $113.3 million in the first nine months of 2018,
compared with $140.5 million in the first nine months of 2017. The Company believes that the decline in material sales was due to
weaker OLED panel demand.
- Revenue from royalty and license fees decreased 25% to $54.8 million in the first nine months of
2018, compared with $72.7 million in the first nine months of 2017. Revenue from royalty and license fees would have been $108.0
million in the 2018 period, or $53.2 million higher without the impact of ASC Topic 606.
- Cost of materials decreased 15% to $28.8 million in the first nine months of 2018, compared with
$33.7 million in the first nine months of 2017.
- Operating income decreased by $46.9 million to $41.5 million in the first nine months of 2018,
compared with $88.4 million in the first nine months of 2017.
- Net income decreased by $31.5 million to $39.6 million or $0.83 per diluted share in the first nine
months of 2018, compared with $71.1 million or $1.49 per diluted share in the first nine months of 2017.
| |
|
Revenue Comparison
|
| |
| ($ in thousands) |
|
|
Nine Months Ended September 30, |
|
|
|
2018 |
|
|
2017 |
| Material sales |
|
|
$ |
113,325 |
|
|
$ |
140,506 |
| Royalty and license fees |
|
|
|
54,758 |
|
|
|
72,705 |
| Contract research services |
|
|
|
9,188 |
|
|
|
6,551 |
| Total revenue |
|
|
$ |
177,271 |
|
|
$ |
219,762 |
|
|
|
|
|
|
|
|
|
| |
|
Cost of Materials Comparison
|
| |
| ($ thousands) |
|
|
Nine Months Ended September 30, |
|
|
|
|
2018 |
|
|
2017 |
|
| Material sales |
|
|
$ |
113,325 |
|
|
$ |
140,506 |
|
| Cost of material sales |
|
|
|
28,782 |
|
|
|
33,748 |
|
| Gross margin on material sales |
|
|
|
84,543 |
|
|
|
106,758 |
|
| Gross margin as a % of material sales |
|
|
|
75 |
% |
|
|
76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Topic 606 versus 605 Adjusted Results
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, 2018 (in thousands)
|
|
|
As reported |
|
|
Adjustment |
|
|
Balances without
adoption of Topic
606
|
| Revenue |
|
|
$ |
177,271 |
|
|
$ |
56,177 |
|
|
$ |
233,448 |
| Gross margin |
|
|
|
142,055 |
|
|
|
56,177 |
|
|
|
198,232 |
| Operating income |
|
|
|
41,462 |
|
|
|
56,177 |
|
|
|
97,639 |
| Net income |
|
|
|
39,591 |
|
|
|
45,643 |
|
|
|
85,234 |
| Diluted earnings per share |
|
|
$ |
0.83 |
|
|
$ |
0.97 |
|
|
$ |
1.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 Revised 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 now believes that its 2018 revenue will be approximately in
the range of $240 million to $250 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 $315 million to $325
million.
Dividend
The Company also announced a fourth quarter cash dividend of $0.06 per share on the Company’s common stock. The dividend is
payable on December 28, 2018 to all shareholders of record on December 14, 2018.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Thursday, November 1, 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. 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 4,800 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.
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(OLED-C)
| |
| UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
| (UNAUDITED) |
|
(in thousands, except share and per share data)
|
| |
|
|
|
September 30, 2018 |
|
|
December 31, 2017 |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
| CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
$ |
101,638 |
|
|
$ |
132,840 |
|
| Short-term investments |
|
|
|
391,972 |
|
|
|
287,446 |
|
| Accounts receivable |
|
|
|
43,207 |
|
|
|
52,355 |
|
| Inventory |
|
|
|
69,031 |
|
|
|
36,265 |
|
| Other current assets |
|
|
|
11,943 |
|
|
|
10,276 |
|
| Total current assets |
|
|
|
617,791 |
|
|
|
519,182 |
|
|
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $42,425 and $36,368
|
|
|
|
67,467 |
|
|
|
56,450 |
|
|
ACQUIRED TECHNOLOGY, net of accumulated amortization of $106,755 and $91,312
|
|
|
|
116,086 |
|
|
|
131,529 |
|
| OTHER INTANGIBLE ASSETS, net of accumulated amortization of $3,036 and $2,000 |
|
|
|
13,804 |
|
|
|
14,840 |
|
| GOODWILL |
|
|
|
15,535 |
|
|
|
15,535 |
|
| INVESTMENTS |
|
|
|
— |
|
|
|
14,794 |
|
| DEFERRED INCOME TAXES |
|
|
|
13,910 |
|
|
|
27,022 |
|
| OTHER ASSETS |
|
|
|
39,151 |
|
|
|
604 |
|
| TOTAL ASSETS |
|
|
$ |
883,744 |
|
|
$ |
779,956 |
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
| CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
$ |
13,330 |
|
|
$ |
13,774 |
|
| Accrued expenses |
|
|
|
31,790 |
|
|
|
35,019 |
|
| Deferred revenue |
|
|
|
69,143 |
|
|
|
14,981 |
|
| Other current liabilities |
|
|
|
16 |
|
|
|
50 |
|
| Total current liabilities |
|
|
|
114,279 |
|
|
|
63,824 |
|
| DEFERRED REVENUE |
|
|
|
40,684 |
|
|
|
23,902 |
|
| RETIREMENT PLAN BENEFIT LIABILITY |
|
|
|
34,937 |
|
|
|
33,176 |
|
| OTHER LIABILITIES |
|
|
|
18,337 |
|
|
|
— |
|
| Total liabilities |
|
|
|
208,237 |
|
|
|
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, 48,672,538 and 48,476,034
shares issued, and 47,310,901 and 47,118,171 shares outstanding, at September 30, 2018 and December 31, 2017,
respectively
|
|
|
|
487 |
|
|
|
485 |
|
| Additional paid-in capital |
|
|
|
613,310 |
|
|
|
611,063 |
|
| Retained earnings |
|
|
|
112,337 |
|
|
|
99,126 |
|
| Accumulated other comprehensive loss |
|
|
|
(9,994 |
) |
|
|
(11,464 |
) |
|
Treasury stock, at cost (1,361,637 and 1,357,863 shares at September 30, 2018 and December 31, 2017,
respectively)
|
|
|
|
(40,635 |
) |
|
|
(40,158 |
) |
| Total shareholders’ equity |
|
|
|
675,507 |
|
|
|
659,054 |
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
$ |
883,744 |
|
|
$ |
779,956 |
|
|
|
|
|
|
|
|
|
|
|
| |
| UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF INCOME |
| (UNAUDITED) |
|
(in thousands, except share and per share data)
|
| |
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
| REVENUE |
|
|
$ |
77,550 |
|
|
$ |
61,683 |
|
|
$ |
177,271 |
|
|
$ |
219,762 |
|
| COST OF SALES |
|
|
|
16,123 |
|
|
|
13,465 |
|
|
|
35,216 |
|
|
|
37,762 |
|
| Gross margin |
|
|
|
61,427 |
|
|
|
48,218 |
|
|
|
142,055 |
|
|
|
182,000 |
|
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
|
13,616 |
|
|
|
11,596 |
|
|
|
38,922 |
|
|
|
34,099 |
|
| Selling, general and administrative |
|
|
|
12,120 |
|
|
|
11,695 |
|
|
|
34,473 |
|
|
|
31,611 |
|
| Amortization of acquired technology and other intangible assets |
|
|
|
5,493 |
|
|
|
5,498 |
|
|
|
16,479 |
|
|
|
16,485 |
|
| Patent costs |
|
|
|
1,937 |
|
|
|
1,875 |
|
|
|
5,691 |
|
|
|
5,096 |
|
| Royalty and license expense |
|
|
|
2,229 |
|
|
|
1,764 |
|
|
|
5,028 |
|
|
|
6,342 |
|
| Total operating expenses |
|
|
|
35,395 |
|
|
|
32,428 |
|
|
|
100,593 |
|
|
|
93,633 |
|
| OPERATING INCOME |
|
|
|
26,032 |
|
|
|
15,790 |
|
|
|
41,462 |
|
|
|
88,367 |
|
| Interest income, net |
|
|
|
2,118 |
|
|
|
861 |
|
|
|
5,155 |
|
|
|
2,328 |
|
| Other (expense) income, net |
|
|
|
(7 |
) |
|
|
6 |
|
|
|
(66 |
) |
|
|
(7 |
) |
| Interest and other (expense) income, net |
|
|
|
2,111 |
|
|
|
867 |
|
|
|
5,089 |
|
|
|
2,321 |
|
| INCOME BEFORE INCOME TAXES |
|
|
|
28,143 |
|
|
|
16,657 |
|
|
|
46,551 |
|
|
|
90,688 |
|
| INCOME TAX EXPENSE |
|
|
|
(5,325 |
) |
|
|
(3,137 |
) |
|
|
(6,960 |
) |
|
|
(19,616 |
) |
| NET INCOME |
|
|
$ |
22,818 |
|
|
$ |
13,520 |
|
|
$ |
39,591 |
|
|
$ |
71,072 |
|
| NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BASIC |
|
|
$ |
0.48 |
|
|
$ |
0.28 |
|
|
$ |
0.83 |
|
|
$ |
1.50 |
|
| DILUTED |
|
|
$ |
0.48 |
|
|
$ |
0.28 |
|
|
$ |
0.83 |
|
|
$ |
1.49 |
|
| WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BASIC |
|
|
|
46,869,998 |
|
|
|
46,801,051 |
|
|
|
46,841,036 |
|
|
|
46,716,726 |
|
| DILUTED |
|
|
|
46,914,553 |
|
|
|
46,871,720 |
|
|
|
46,893,768 |
|
|
|
46,793,429 |
|
| CASH DIVIDENDS DECLARED PER COMMON SHARE |
|
|
$ |
0.06 |
|
|
$ |
0.03 |
|
|
$ |
0.18 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (UNAUDITED) |
|
(in thousands)
|
| |
|
|
|
Nine Months Ended September 30, |
|
|
|
|
2018 |
|
|
2017 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
| Net income |
|
|
$ |
39,591 |
|
|
$ |
71,072 |
|
| Adjustments to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
| Amortization of deferred revenue and recognition of unbilled receivables |
|
|
|
(52,325 |
) |
|
|
(7,206 |
) |
| Depreciation |
|
|
|
6,094 |
|
|
|
3,638 |
|
| Amortization of intangibles |
|
|
|
16,479 |
|
|
|
16,485 |
|
| Inventory write-down |
|
|
|
1,045 |
|
|
|
— |
|
| Amortization of premium and discount on investments, net |
|
|
|
(4,191 |
) |
|
|
(2,055 |
) |
| Stock-based compensation to employees |
|
|
|
9,697 |
|
|
|
8,467 |
|
| Stock-based compensation to Board of Directors and Scientific Advisory Board |
|
|
|
3,234 |
|
|
|
1,890 |
|
| Earnout liability recorded for Adesis acquisition |
|
|
|
— |
|
|
|
509 |
|
| Deferred income tax expense |
|
|
|
15,820 |
|
|
|
6,804 |
|
| Retirement plan expense |
|
|
|
3,378 |
|
|
|
3,214 |
|
| Decrease (increase) in assets: |
|
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
|
9,148 |
|
|
|
(18,262 |
) |
| Inventory |
|
|
|
(33,811 |
) |
|
|
(15,419 |
) |
| Other current assets |
|
|
|
(116 |
) |
|
|
(2,835 |
) |
| Other assets |
|
|
|
(37,769 |
) |
|
|
(40 |
) |
| Increase (decrease) in liabilities: |
|
|
|
|
|
|
|
|
|
| Accounts payable and accrued expenses |
|
|
|
439 |
|
|
|
3,904 |
|
| Other current liabilities |
|
|
|
(34 |
) |
|
|
(768 |
) |
| Deferred revenue |
|
|
|
99,940 |
|
|
|
1,863 |
|
| Other liabilities |
|
|
|
18,337 |
|
|
|
— |
|
| Net cash provided by operating activities |
|
|
|
94,956 |
|
|
|
71,261 |
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
| Purchases of property and equipment |
|
|
|
(20,925 |
) |
|
|
(23,221 |
) |
| Purchases of investments |
|
|
|
(500,985 |
) |
|
|
(456,264 |
) |
| Proceeds from sale of investments |
|
|
|
415,697 |
|
|
|
351,024 |
|
| Net cash used in investing activities |
|
|
|
(106,213 |
) |
|
|
(128,461 |
) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of common stock |
|
|
|
616 |
|
|
|
529 |
|
| Repurchase of common stock |
|
|
|
(477 |
) |
|
|
— |
|
| Proceeds from the exercise of common stock options |
|
|
|
— |
|
|
|
29 |
|
| Payment of withholding taxes related to stock-based compensation to employees |
|
|
|
(11,598 |
) |
|
|
(9,330 |
) |
| Cash dividends paid |
|
|
|
(8,486 |
) |
|
|
(4,240 |
) |
| Net cash used in financing activities |
|
|
|
(19,945 |
) |
|
|
(13,012 |
) |
| DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
|
(31,202 |
) |
|
|
(70,212 |
) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
|
132,840 |
|
|
|
139,365 |
|
| CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
|
$ |
101,638 |
|
|
$ |
69,153 |
|
| The following non-cash activities occurred: |
|
|
|
|
|
|
|
|
|
| Unrealized gain (loss) on available-for-sale securities |
|
|
$ |
274 |
|
|
$ |
(117 |
) |
|
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 |
|
|
|
3,814 |
|
|
|
2,572 |
|
|
|
|
|
|
|
|
|
|
|
Universal Display Corporation
Darice Liu, +1 609-964-5123
investor@oled.com
media@oled.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20181101006110/en/