Universal Display Corp. \Pa\ (OLED) Q1 FY2024 earnings: revenue $165 million, up 26.7% on the year

Universal Display Corp. \Pa\ (OLED) reported revenue of $165 million for Q1 FY2024, the quarter ended 31 March 2024, up 26.7% on the same quarter a year earlier. Net income was $57 million, up 42.7% on the year, and diluted earnings per share $1.19. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$165 millionup 26.7%

Net income$57 millionup 42.7%

Diluted EPS$1.19

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	165	158	n/a	n/a
Cost of revenue	37.0	36.0	n/a	n/a
Gross profit	128	122	n/a	n/a
Gross margin	77.6%	77.2%	n/a
Research and development	38.0	33.6	n/a	n/a
Selling, general and administrative	19.3	16.8	n/a	n/a
Operating income	62.9	64.7	n/a	n/a
Operating margin	38.0%	40.9%	n/a
Pre-tax income	70.5	75.6	n/a	n/a
Income tax	13.6	13.6	n/a	n/a
Effective tax rate	19.4%	18.0%	n/a
Net income	56.9	62.0	n/a	n/a
Net margin	34.4%	39.1%	n/a
Diluted EPS	$1.19	$1.29	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	72.2	37.1	n/a	n/a
Capital expenditure	7.2	7.6	n/a	n/a
Free cash flow	65.0	29.5	n/a	n/a
Free cash flow margin	39.3%	18.6%	n/a
Cash from investing	-64.2	-7.9	n/a	n/a
Cash from financing	-25.9	-16.5	n/a	n/a
Depreciation and amortisation	11.2	11.8	n/a	n/a
Share-based compensation	9.2	5.0	n/a	n/a
Dividends paid	19.5	16.5	n/a	n/a
Dividend per share	$0.40	n/a	n/a	n/a
Diluted shares, weighted	48m	48m	n/a	n/a
Shares outstanding at period end	47m	47m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,485	1,447	n/a	n/a
Operating lease liabilities	21.9	22.9	n/a	n/a
Finance lease liabilities	21.9	22.9	n/a	n/a
Other liabilities	155	176	n/a	n/a
Total liabilities and equity	1,684	1,669	n/a	n/a
Fixed assets	176	175	n/a	n/a
Goodwill	15.5	15.5	n/a	n/a
Intangible assets	86.1	90.3	n/a	n/a
Investments	778	722	n/a	n/a
Cash and equivalents	74.0	92.0	n/a	n/a
Receivables	120	140	n/a	n/a
Inventory	173	176	n/a	n/a
Other assets	261	259	n/a	n/a
Total assets	1,684	1,669	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	141	158	165	159	162	162	166	172	140	173	142	152
Cost of revenue	34.2	36.0	37.0	38.3	35.8	37.4	38.1	39.2	35.5	41.3	36.1	36.8
Gross profit	107	122	128	120	126	125	128	133	104	132	106	115
Gross margin	76%	77%	78%	76%	78%	77%	77%	77%	75%	76%	75%	76%
R&D	33.1	33.6	38.0	36.8	36.1	46.3	34.9	36.4	36.3	38.5	35.2	35.0
SG&A	18.1	16.8	19.3	19.8	15.7	19.5	17.0	20.4	18.0	18.8	20.0	18.6
Operating income	48.4	64.7	62.9	56.4	67.0	52.5	69.7	68.5	43.1	67.2	42.8	53.6
Operating margin	34%	41%	38%	36%	41%	32%	42%	40%	31%	39%	30%	35%
Pre-tax income	53.9	75.6	70.5	64.9	81.4	55.3	80.1	83.9	54.1	76.7	45.3	61.0
Tax rate	4%	18%	19%	19%	18%	17%	20%	20%	19%	13%	21%	19%
Net income	51.5	62.0	56.9	52.3	66.9	46.0	64.4	67.3	44.0	66.3	35.9	49.4
Net margin	37%	39%	34%	33%	41%	28%	39%	39%	32%	38%	25%	32%
Diluted EPS	$1.08	$1.29	$1.19	$1.10	$1.40	$0.96	$1.35	$1.41	$0.92	$1.39	$0.76	$1.06
Operating cash flow	60.3	37.1	72.2	67.0	79.9	34.7	30.6	51.9	97.2	31.1	109	25.0
Capital expenditure	24.9	7.6	7.2	9.1	13.6	12.7	13.1	14.5	12.8	16.1	8.6	4.6
Free cash flow	35.4	29.5	65.0	57.9	66.2	22.0	17.5	37.5	84.3	15.1	100	20.3
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	67.1	48.1
Dividends paid	16.7	16.5	19.5	19.2	19.2	18.3	21.4	21.4	21.4	21.3	23.5	23.2
Shares outstanding	47m	47m	47m	47m	47m	47m	48m	48m	48m	47m	47m	46m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0000950170-24-052114: the filing on EDGAR. All of Universal Display Corp. \Pa\'s filings: EDGAR company page.

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