Universal Display(OLED) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for Q4 2024 was $162.3 million, a 2.5% increase from $158.3 million in Q4 2023[4] - Revenue from material sales in Q4 2024 was $93.3 million, up 13.0% from $82.2 million in Q4 2023[4] - Revenue from royalty and license fees decreased to $64.4 million in Q4 2024 from $72.9 million in Q4 2023, a decline of 11.5%[4] - Full year 2024 total revenue reached $647.7 million, representing an increase of 12.3% compared to $576.4 million in 2023[7] - Total revenue for the three months ended December 31, 2024, was $162.293 million, a slight increase from $158.320 million in the same period of 2023, representing a growth of 1.5%[21] Net Income - Net income for Q4 2024 was $46.0 million, or $0.96 per diluted share, down from $62.0 million, or $1.29 per diluted share in Q4 2023[4] - Full year 2024 net income was $222.1 million, or $4.65 per diluted share, compared to $203.0 million, or $4.24 per diluted share in 2023[7] - Net income for the twelve months ended December 31, 2024, reached $222.079 million, compared to $203.011 million in 2023, reflecting an increase of 9.4%[21] Gross Margin - Total gross margin for both Q4 2024 and 2023 was 77%[4] - Gross margin for the three months ended December 31, 2024, was $124.941 million, up from $122.301 million in 2023, indicating a growth of 2.2%[21] Expenses - Research and development expenses increased to $46.287 million for the three months ended December 31, 2024, compared to $33.641 million in 2023, marking a rise of 37.5%[21] - Total operating expenses for the twelve months ended December 31, 2024, were $260.420 million, up from $223.864 million in 2023, reflecting an increase of 16.4%[21] Cash Flow and Investments - Net cash provided by operating activities for the year ended December 31, 2024, was $253.740 million, significantly higher than $154.777 million in 2023, an increase of 63.9%[23] - The company experienced a net cash used in investing activities of $164.410 million in 2024, compared to $83.293 million in 2023, indicating a significant increase in investment outflows[23] - The company reported a decrease in accounts receivable by $26.202 million for the year, contrasting with an increase of $47.186 million in 2023[23] Dividends - The company announced a cash dividend of $0.45 per share for Q1 2025, payable on March 31, 2025[11] - Cash dividends declared per common share increased to $0.40 in 2024 from $0.35 in 2023, representing a growth of 14.3%[21] Tax Rate - The effective income tax rate for Q4 2024 was 16.8%, down from 18.0% in Q4 2023[4] Future Outlook - The company expects 2025 revenue to be in the range of $640 million to $700 million[10] Shares - The weighted average shares used in computing diluted net income per common share was 47,652,662 for the year ended December 31, 2024, compared to 47,622,763 in 2023[21]