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M

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission File Number 1-12031

 

UNIVERSAL DISPLAY CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Pennsylvania

 

23-2372688

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

375 Phillips Boulevard, Ewing, New Jersey

 

08618

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (609) 671-0980

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value

 

OLED

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial account standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 3, 2021, the registrant had outstanding 47,119,914 shares of common stock.


 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements (unaudited)

 

 

Consolidated Balance Sheets – June 30, 2021 and December 31, 2020

 

1

Consolidated Statements of Income – Three and six months ended June 30, 2021 and 2020

 

2

Consolidated Statements of Comprehensive Income – Three and six months ended June 30, 2021 and 2020

 

3

Consolidated Statements of Shareholders’ Equity – Three and six months ended June 30, 2021 and 2020

 

4

Consolidated Statements of Cash Flows – Six months ended June 30, 2021 and 2020

 

6

Notes to Consolidated Financial Statements

 

7

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

 

26

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

34

Item 4. Controls and Procedures

 

34

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

34

Item 1A. Risk Factors

 

35

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

 

35

Item 3. Defaults Upon Senior Securities

 

35

Item 4. Mine Safety Disclosures

 

35

Item 5. Other Information

 

35

Item 6. Exhibits

 

36

 

 

 


 

 

 

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share data)

 

 

 

June 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

542,914

 

 

$

630,012

 

Short-term investments

 

 

190,540

 

 

 

99,996

 

Accounts receivable

 

 

99,629

 

 

 

82,261

 

Inventory

 

 

104,653

 

 

 

91,591

 

Other current assets

 

 

55,156

 

 

 

20,746

 

Total current assets

 

 

992,892

 

 

 

924,606

 

PROPERTY AND EQUIPMENT, net of accumulated depreciation of $81,721 and $72,493

 

 

113,187

 

 

 

102,113

 

ACQUIRED TECHNOLOGY, net of accumulated amortization of $163,343 and $153,050

 

 

59,960

 

 

 

70,253

 

OTHER INTANGIBLE ASSETS, net of accumulated amortization of $6,848 and $6,155

 

 

10,386

 

 

 

10,685

 

GOODWILL

 

 

15,535

 

 

 

15,535

 

INVESTMENTS

 

 

8,500

 

 

 

5,000

 

DEFERRED INCOME TAXES

 

 

35,579

 

 

 

37,695

 

OTHER ASSETS

 

 

114,676

 

 

 

103,341

 

TOTAL ASSETS

 

$

1,350,715

 

 

$

1,269,228

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$

10,334

 

 

$

13,801

 

Accrued expenses

 

 

27,247

 

 

 

41,404

 

Deferred revenue

 

 

122,978

 

 

 

105,215

 

Other current liabilities

 

 

2,004

 

 

 

4,540

 

Total current liabilities

 

 

162,563

 

 

 

164,960

 

DEFERRED REVENUE

 

 

46,174

 

 

 

57,086

 

RETIREMENT PLAN BENEFIT LIABILITY

 

 

79,966

 

 

 

78,527

 

OTHER LIABILITIES

 

 

70,396

 

 

 

55,941

 

Total liabilities

 

 

359,099

 

 

 

356,514

 

COMMITMENTS AND CONTINGENCIES (Note 15)

 

 

 

 

 

 

 

 

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, 49,054,059

   and 49,013,476 shares issued, and 47,688,411 and 47,647,828 shares outstanding, at

   June 30, 2021 and December 31, 2020, respectively

 

 

491

 

 

 

490

 

Additional paid-in capital

 

 

638,991

 

 

 

635,595

 

Retained earnings

 

 

427,188

 

 

 

353,930

 

Accumulated other comprehensive loss

 

 

(33,772

)

 

 

(36,019

)

Treasury stock, at cost (1,365,648 shares at June 30, 2021 and December 31, 2020)

 

 

(41,284

)

 

 

(41,284

)

Total shareholders’ equity

 

 

991,616

 

 

 

912,714

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

1,350,715

 

 

$

1,269,228

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

1


 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material sales

 

$

77,438

 

 

$

31,927

 

 

$

157,246

 

 

$

98,502

 

Royalty and license fees

 

 

48,212

 

 

 

22,380

 

 

 

99,098

 

 

 

65,458

 

Contract research services

 

 

4,010

 

 

 

3,661

 

 

 

7,316

 

 

 

6,285

 

Total revenue

 

 

129,660

 

 

 

57,968

 

 

 

263,660

 

 

 

170,245

 

COST OF SALES

 

 

27,969

 

 

 

12,643

 

 

 

51,267

 

 

 

35,102

 

Gross margin

 

 

101,691

 

 

 

45,325

 

 

 

212,393

 

 

 

135,143

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

24,101

 

 

 

21,397

 

 

 

47,406

 

 

 

40,894

 

Selling, general and administrative

 

 

20,239

 

 

 

16,147

 

 

 

36,643

 

 

 

31,550

 

Amortization of acquired technology and other intangible assets

 

 

5,497

 

 

 

5,490

 

 

 

10,985

 

 

 

10,980

 

Patent costs

 

 

1,809

 

 

 

1,858

 

 

 

3,644

 

 

 

3,496

 

Royalty and license expense

 

 

149

 

 

 

1,618

 

 

 

261

 

 

 

4,902

 

Total operating expenses

 

 

51,795

 

 

 

46,510

 

 

 

98,939

 

 

 

91,822

 

OPERATING INCOME (LOSS)

 

 

49,896

 

 

 

(1,185

)

 

 

113,454

 

 

 

43,321

 

Interest income, net

 

 

75

 

 

 

1,268

 

 

 

208

 

 

 

3,415

 

Other income, net

 

 

221

 

 

 

170

 

 

 

280

 

 

 

372

 

Interest and other income, net

 

 

296

 

 

 

1,438

 

 

 

488

 

 

 

3,787

 

INCOME BEFORE INCOME TAXES

 

 

50,192

 

 

 

253

 

 

 

113,942

 

 

 

47,108

 

INCOME TAX (EXPENSE) BENEFIT

 

 

(9,651

)

 

 

562

 

 

 

(21,714

)

 

 

(8,138

)

NET INCOME

 

$

40,541

 

 

$

815

 

 

$

92,228

 

 

$

38,970

 

NET INCOME PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

$

0.85

 

 

$

0.02

 

 

$

1.94

 

 

$

0.82

 

DILUTED

 

$

0.85

 

 

$

0.02

 

 

$

1.94

 

 

$

0.82

 

WEIGHTED AVERAGE SHARES USED IN COMPUTING NET

   INCOME PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

 

47,299,627

 

 

 

47,227,294

 

 

 

47,284,773

 

 

 

47,160,163

 

DILUTED

 

 

47,356,864

 

 

 

47,243,991

 

 

 

47,347,596

 

 

 

47,190,505

 

CASH DIVIDENDS DECLARED PER COMMON SHARE

 

$

0.20

 

 

$

0.15

 

 

$

0.40

 

 

$

0.30

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

 

2


 

 

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(in thousands)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

NET INCOME

 

$

40,541

 

 

$

815

 

 

$

92,228

 

 

$

38,970

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on available-for-sale securities,

   net of tax of $7, $251, $9 and $274, respectively

 

 

26

 

 

 

(887

)

 

 

(32

)

 

 

968

 

Amortization of prior service cost and actuarial loss for

   retirement plan included in net periodic pension costs,

   net of tax of $334, $181, $669 and $362, respectively

 

 

1,174

 

 

 

640

 

 

 

2,348

 

 

 

1,278

 

Change in cumulative foreign currency translation

   adjustment

 

 

37

 

 

 

3

 

 

 

(69

)

 

 

(30

)

TOTAL OTHER COMPREHENSIVE INCOME (LOSS)

 

 

1,237

 

 

 

(244

)

 

 

2,247

 

 

 

2,216

 

COMPREHENSIVE INCOME

 

$

41,778

 

 

$

571

 

 

$

94,475

 

 

$

41,186

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

 

3


 

 

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

(in thousands, except for share data)

 

 

 

Three Months Ended June 30, 2021

 

 

 

Series A

Nonconvertible

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Shares

 

 

Amount

 

 

Equity

 

BALANCE,

MARCH 31, 2021

 

 

200,000

 

 

$

2

 

 

 

49,050,776

 

 

$

491

 

 

$

632,138

 

 

$

396,130

 

 

$

(35,009

)

 

 

1,365,648

 

 

$

(41,284

)

 

$

952,468

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,541

 

 

 

 

 

 

 

 

 

 

 

 

40,541

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,237

 

 

 

 

 

 

 

 

 

1,237

 

Cash dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,483

)

 

 

 

 

 

 

 

 

 

 

 

(9,483

)

Issuance of common stock

to employees

 

 

 

 

 

 

 

 

4,267

 

 

 

 

 

 

9,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,296

 

Shares withheld for employee taxes

 

 

 

 

 

 

 

 

(4,660

)

 

 

 

 

 

(3,384

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,384

)

Issuance of common stock to Board of Directors

and Scientific Advisory Board

 

 

 

 

 

 

 

 

1,353

 

 

 

 

 

 

374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

374

 

Issuance of common stock to employees under an ESPP

 

 

 

 

 

 

 

 

2,323

 

 

 

 

 

 

567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

567

 

BALANCE,

JUNE 30, 2021

 

 

200,000

 

 

$

2

 

 

 

49,054,059

 

 

$

491

 

 

$

638,991

 

 

$

427,188

 

 

$

(33,772

)

 

 

1,365,648

 

 

$

(41,284

)

 

$

991,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021

 

 

 

Series A

Nonconvertible

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Shares

 

 

Amount

 

 

Equity

 

BALANCE,

DECEMBER 31, 2020

 

 

200,000

 

 

$

2

 

 

 

49,013,476

 

 

$

490

 

 

$

635,595

 

 

$

353,930

 

 

$

(36,019

)

 

 

1,365,648

 

 

$

(41,284

)

 

$

912,714

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

92,228

 

 

 

 

 

 

 

 

 

 

 

 

92,228

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,247

 

 

 

 

 

 

 

 

 

2,247

 

Cash dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,970

)

 

 

 

 

 

 

 

 

 

 

 

(18,970

)

Issuance of common stock

to employees

 

 

 

 

 

 

 

 

57,390

 

 

 

1

 

 

 

14,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,412

 

Shares withheld for employee taxes

 

 

 

 

 

 

 

 

(26,708

)

 

 

 

 

 

(13,018

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,018

)

Issuance of common stock to Board of Directors

and Scientific Advisory Board

 

 

 

 

 

 

 

 

5,796

 

 

 

 

 

 

1,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,004

 

Issuance of common stock to employees under an ESPP

 

 

 

 

 

 

 

 

4,105

 

 

 

 

 

 

999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

999

 

BALANCE,

JUNE 30, 2021

 

 

200,000

 

 

$

2

 

 

 

49,054,059

 

 

$

491

 

 

$

638,991

 

 

$

427,188

 

 

$

(33,772

)

 

 

1,365,648

 

 

$

(41,284

)

 

$

991,616

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

4


 

 

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

(in thousands, except for share data)

 

 

 

Three Months Ended June 30, 2020

 

 

 

Series A

Nonconvertible

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Shares

 

 

Amount

 

 

Equity

 

BALANCE,

March 31, 2020

 

 

200,000

 

 

$

2

 

 

 

48,910,232

 

 

$

489

 

 

$

621,967

 

 

$

280,060

 

 

$

(14,537

)

 

 

1,365,648

 

 

$

(41,284

)

 

$

846,697

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

815

 

 

 

 

 

 

 

 

 

 

 

 

815

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(244

)

 

 

 

 

 

 

 

 

(244

)

Cash dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,117

)

 

 

 

 

 

 

 

 

 

 

 

(7,117

)

Issuance of common stock

to employees

 

 

 

 

 

 

 

 

138,780

 

 

 

1

 

 

 

7,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,064

 

Shares withheld for employee taxes

 

 

 

 

 

 

 

 

(61,246

)

 

 

 

 

 

(8,349

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,349

)

Issuance of common stock to Board of Directors

and Scientific Advisory Board