Universal Display (NASDAQ: OLED) shifts to low end of 2026 revenue guidance

Rhea-AI Filing Summary

Universal Display reported Q2 2026 revenue of $152.2 million, down from $171.8 million a year earlier, as material sales declined to $66.2 million. Royalty and license fees increased to $81.2 million, helped by favorable cumulative catch-up adjustments. Total gross margin was 76% and operating income was $53.6 million.

Net income for Q2 was $49.4 million, or $1.06 per diluted share, versus $67.3 million, or $1.41, in Q2 2025. For the first half of 2026, revenue was $294.4 million and net income $85.3 million, both below 2025 levels, while net cash provided by operating activities rose to 133,855 (in thousands).

The company now believes 2026 revenue will be around the lower end of its prior $630 million to $670 million range. Capital returns were meaningful: it declared a Q3 2026 dividend of $0.50 per share and repurchased 1,163,884 shares for $114.2 million in the first half, completing a $100 million program and beginning an additional $400 million authorization.

Positive

• Operating cash flow was strong, with net cash provided by operating activities of 133,855 (in thousands) in the first half of 2026, compared with 82,498 (in thousands) in the first half of 2025.
• Capital returns were sizable, as Universal Display repurchased 1,163,884 shares for $114.2 million in the first half of 2026 and increased the quarterly dividend to $0.50 per share from $0.45 a year earlier.

Negative

• Revenue and earnings weakened, with Q2 2026 total revenue at $152.2 million versus $171.8 million in Q2 2025, net income at $49.4 million versus $67.3 million, and diluted EPS at $1.06 versus $1.41.
• Outlook softened as management now believes 2026 revenue will be around the lower end of the prior $630 million to $670 million guidance range.
• Material sales profitability declined, with gross margin on material sales at 50% in Q2 2026 compared with 61% in Q2 2025.

Filing Explained

By June 30, cash and short-term investments were $120,563 thousand and $350,749 thousand, alongside 2,820,742 treasury shares.

As a Form 8-K, this filing reports the company’s second-quarter results; the release is furnished under Item 2.02 and is not deemed filed for Section 18 purposes.

At June 30, 2026, the company reported $120,563 thousand of cash and $350,749 thousand of short-term investments, versus $138,353 thousand and $464,004 thousand, respectively, at December 31, 2025; treasury-stock shares rose from 1,656,858 to 2,820,742.

The first-half cash-flow statement reported $133,855 thousand of operating cash provided and $168,595 thousand used in financing, including $115,218 thousand for repurchases and $46,639 thousand for dividends; investing cash flow also included a $40,000 thousand intangible-asset purchase.

For the quarter, the company attributed part of the material-sales decline to a $6.9 million unfavorable catch-up adjustment, while royalty and license fees included a $16.3 million favorable adjustment tied mainly to lower anticipated demand over certain contract lives.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Total Revenue: $152.2 million Q2 2026 Net Income: $49.4 million Q2 2026 Diluted EPS: $1.06 +5 more

8 metrics

Q2 2026 Total Revenue $152.2 million Total revenue in the second quarter of 2026 compared with $171.8 million in the second quarter of 2025.

Q2 2026 Net Income $49.4 million Net income in the second quarter of 2026 compared with $67.3 million in the second quarter of 2025.

Q2 2026 Diluted EPS $1.06 Diluted earnings per share for Q2 2026 versus $1.41 for Q2 2025.

Q2 2026 Gross Margin 76% Total gross margin in the second quarter of 2026 compared with 77% in the second quarter of 2025.

Net Cash from Operating Activities H1 2026 133,855 (in thousands) Net cash provided by operating activities for the six months ended June 30, 2026 versus 82,498 (in thousands) in 2025.

2026 Revenue Guidance Range $630 million to $670 million Management now believes 2026 revenue will be around the lower end of this previously issued range.

Share Repurchases H1 2026 1,163,884 shares; $114.2 million Common stock repurchased during the six months ended June 30, 2026 under $100 million and $400 million programs.

Q3 2026 Dividend per Share $0.50 Cash dividend declared on common stock for the third quarter of 2026, versus $0.45 per share a year earlier.

Key Terms

cumulative catch-up adjustment, royalty and license fees, deferred revenue, treasury stock, +2 more

6 terms

cumulative catch-up adjustment financial

"a $6.9 million unfavorable period-over-period change in the cumulative catch-up adjustment for material sales"

royalty and license fees financial

"Revenue from royalty and license fees was $81.2 million in the second quarter of 2026"

deferred revenue financial

"Deferred revenue was 40,823 in current liabilities and 2,023 in deferred revenue"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

treasury stock financial

"Treasury stock, at cost (2,820,742 and 1,656,858 shares at June 30, 2026 and December 31, 2025)"

Treasury stock is shares that a company has bought back from the public and kept in its own control rather than retiring them. Think of it like a company holding its own tickets in a drawer: those shares no longer vote or receive dividends while held, but the company can reissue or retire them later; this reduces the number of shares available to outside investors and can boost per‑share earnings and influence ownership and stock price.

operating income financial

"Operating income was $53.6 million in the second quarter of 2026 as compared to $68.5 million"

Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.

cash dividends declared per common share financial

"CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.50 $ 0.45 $ 1.00 $ 0.90"

Earnings Snapshot

Q2 2026 Total Revenue: $152.2 million · Guidance included

Quarter and six months ended June 30, 2026

Q2 2026 Total Revenue $152.2 million Compared with $171.8 million in the second quarter of 2025.

Q2 2026 Net Income $49.4 million Compared with $67.3 million in the second quarter of 2025.

Q2 2026 Diluted EPS $1.06 Compared with $1.41 in the second quarter of 2025.

Q2 2026 Total Gross Margin 76% Compared with 77% in the second quarter of 2025.

H1 2026 Total Revenue $294.4 million Compared with $338.1 million in the first half of 2025.

Net Cash from Operating Activities H1 2026 133,855 (in thousands) Compared with 82,498 (in thousands) in the first half of 2025.

Guidance

The company now believes its 2026 revenue will be around the lower end of its previous guidance range of $630 million to $670 million.

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Available on EDGAR 07/30/2026 - 04:08 PM Accepted by SEC EDGAR 07/30/2026 - 04:08 PM Learn about SEC filing dates

FAQ

How did Universal Display (OLED) perform in Q2 2026?

Universal Display reported Q2 2026 revenue of $152.2 million, down from $171.8 million a year earlier. Net income was $49.4 million, or $1.06 per diluted share, compared with $67.3 million, or $1.41, in Q2 2025.

What were Universal Display (OLED)'s results for the first half of 2026?

For the first half of 2026, Universal Display generated revenue of $294.4 million and net income of $85.3 million, or $1.82 per diluted share. Both revenue and earnings were below the first half of 2025, while operating cash flow increased.

What revenue guidance did Universal Display (OLED) give for full-year 2026?

Universal Display stated it now believes 2026 revenue will be around the lower end of its previous guidance range of $630 million to $670 million, signaling a more cautious outlook within that unchanged range.

What dividend did Universal Display (OLED) declare for Q3 2026?

The company announced a Q3 2026 cash dividend of $0.50 per share on its common stock. The dividend is payable on September 30, 2026 to shareholders of record as of the close of business on September 16, 2026.

How much stock did Universal Display (OLED) repurchase in 2026 so far?

During the first half of 2026, Universal Display repurchased 1,163,884 shares of common stock for $114.2 million. This included completion of a $100 million program and repurchases under an additional $400 million authorization.

What were Universal Display (OLED)'s margins in Q2 2026?

In Q2 2026, Universal Display reported a total gross margin of 76%, slightly below 77% a year earlier. Gross margin on material sales declined more, to 50% from 61%, reflecting lower volume and a less favorable customer mix.

What does the mix of revenue look like for Universal Display (OLED) in Q2 2026?

Q2 2026 revenue included $66.2 million from material sales, $81.2 million from royalty and license fees, and $4.8 million from contract research services, showing a larger relative contribution from royalties and license fees than in Q2 2025.

false000100528400010052842026-07-302026-07-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2026

UNIVERSAL DISPLAY CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Pennsylvania	1-12031	23-2372688
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
250 Phillips Boulevard, Ewing, NJ		08618
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (609) 671-0980

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth 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 accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2026, Universal Display Corporation (the "Company") issued a press release regarding its financial results for the quarter and year ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information set forth under this “Item 2.02. Results of Operations and Financial Condition” (including the exhibit) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Press Release by the Registrant, dated July 30, 2026, furnished pursuant to Item 2.02 of Form 8-K.

104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		UNIVERSAL DISPLAY CORPORATION
Date: July 30, 2026		By:	/s/ Brian Millard
			Brian Millard
			Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1

Press Release

Universal Display Contact:

Darice Liu

investor@oled.com

media@oled.com

+1 609-964-5123

Universal Display Corporation Announces Second Quarter 2026 Financial Results

EWING, N.J. – July 30, 2026 – Universal Display Corporation (Nasdaq: OLED), a global leader in energy-efficient OLED technologies and materials, today reported financial results for the second quarter ended June 30, 2026.

“We see OLED's next growth phase beginning to take shape,” said Brian Millard, Chief Financial Officer of Universal Display. “While portions of the consumer electronics market face near-term challenges, we continue to see significant investment across the OLED ecosystem, including new Gen 6 and Gen 8.6 capacity, expanding adoption in IT, automotive and emerging form factors, and continued advances in OLED technologies. Through our leadership in OLED materials and innovation, we remain focused on helping customers unlock the next generation of OLED performance and adoption.”

Financial Highlights for the Second Quarter of 2026

•Total revenue in the second quarter of 2026 was $152.2 million as compared to $171.8 million in the second quarter of 2025.

•Revenue from material sales was $66.2 million in the second quarter of 2026 as compared to $88.7 million in the second quarter of 2025. The decrease was primarily due to lower unit material volume, changes in customer mix, and a $6.9 million unfavorable period-over-period change in the cumulative catch-up adjustment for material sales. This catch-up adjustment was primarily driven by forecasted product mix changes over the remaining lives of certain customer contracts.

•Revenue from royalty and license fees was $81.2 million in the second quarter of 2026 as compared to $75.7 million in the second quarter of 2025. The increase was primarily driven by a $16.3 million favorable period-over-period change in the cumulative catch-up adjustment for royalty and license fees, partially offset by lower unit material volume and changes in customer mix. The favorable adjustment mainly reflected an increase in the average royalty and license fees price per gram, due to lower anticipated demand from certain customers over the remaining lives of their contracts.

•Cost of material sales was $33.4 million in the second quarter of 2026 as compared to $34.2 million in the second quarter of 2025.

•Total gross margin was 76% in the second quarter of 2026 as compared to 77% in the second quarter of 2025.

•Operating income was $53.6 million in the second quarter of 2026 as compared to $68.5 million in the second quarter of 2025.

•The effective income tax rate was 19.0% in the second quarter of 2026 as compared to 19.8% in the second quarter of 2025.

•Net income was $49.4 million or $1.06 per diluted share in the second quarter of 2026 as compared to $67.3 million or $1.41 per diluted share in the second quarter of 2025.

Revenue Comparison

($ in thousands)		Three Months Ended June 30,
		2026				2025
Material sales		$	66,191			$	88,650
Royalty and license fees			81,212				75,667
Contract research services			4,754				7,477
Total revenue		$	152,157			$	171,794

Cost of Materials Comparison

($ in thousands)		Three Months Ended June 30,
		2026				2025
Material sales		$	66,191			$	88,650
Cost of material sales			33,391				34,154
Gross margin on material sales			32,800				54,496
Gross margin as a % of material sales			50	%			61	%

Financial Highlights for the First Half of 2026

•Total revenue in the first half of 2026 was $294.4 million as compared to $338.1 million in the first half of 2025.

•Revenue from material sales was $149.9 million in the first half of 2026 as compared to $174.8 million in the first half of 2025. The decrease was primarily due to lower unit material volume and changes in customer mix.

•Revenue from royalty and license fees was $135.4 million in the first half of 2026 as compared to $149.2 million in the first half of 2025. The decrease was primarily the result of lower unit material volume and changes in customer mix, partially offset by the impact of a $7.4 million favorable period-over-period change in the cumulative catch-up adjustment, which was primarily attributable to royalty and license fees.

•Cost of material sales was $66.4 million in the first half of 2026 as compared to $68.1 million in the first half of 2025.

•Total gross margin was 75% in the first half of 2026 as compared to 77% in the first half of 2025.

•Operating income was $96.4 million in the first half of 2026 as compared to $138.2 million in the first half of 2025.

•The effective income tax rate was 19.7% for both six months ended June 30, 2026 and 2025.

•Net income was $85.3 million or $1.82 per diluted share in the first half of 2026 as compared to $131.7 million or $2.76 per diluted share in the first half of 2025.

Revenue Comparison

($ in thousands)		Six Months Ended June 30,
		2026				2025
Material sales		$	149,940			$	174,805
Royalty and license fees			135,422				149,236
Contract research services			9,006				14,030
Total revenue		$	294,368			$	338,071

Cost of Materials Comparison

($ in thousands)		Six Months Ended June 30,
		2026				2025
Material sales		$	149,940			$	174,805
Cost of material sales			66,408				68,103
Gross margin on material sales			83,532				106,702
Gross margin as a % of material sales			56	%			61	%

Revised 2026 Guidance

The Company now believes that its 2026 revenue will be around the lower end of its previous guidance range of $630 million to $670 million.

Dividend

The Company also announced a third quarter 2026 cash dividend of $0.50 per share on the Company’s common stock. The cash dividend is payable on September 30, 2026 to all shareholders of record as of the close of business on September 16, 2026.

Share Repurchases

The Company repurchased 531,211 shares of its common stock for $48.2 million during the three months ended June 30, 2026, and 1,163,884 shares of its common stock for $114.2 million during the six months ended June 30, 2026. These repurchases included the completion of the $100 million program that commenced in April 2025, as well as purchases under the additional $400 million program authorized by the Board of Directors in April 2026.

Conference Call Information

In conjunction with this release, Universal Display will host a conference call on Thursday, July 30, 2026 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 the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 7,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient 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. 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 the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results, 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, 2025. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share data)

		June 30, 2026				December 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	120,563			$	138,353
Short-term investments			350,749				464,004
Accounts receivable			126,204				119,953
Inventory			249,646				240,912
Other current assets			94,597				123,836
Total current assets			941,759				1,087,058
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $204,594 and $189,326			209,653				214,947
ACQUIRED TECHNOLOGY, net of accumulated amortization of $230,990 and $220,392			96,185				56,783
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $13,979 and $13,269			3,309				4,019
GOODWILL			15,535				15,535
INVESTMENTS			411,120				377,034
DEFERRED INCOME TAXES			79,793				79,454
OTHER ASSETS			130,377				128,932
TOTAL ASSETS		$	1,887,731			$	1,963,762
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	18,604			$	23,344
Accrued expenses			39,817				52,564
Deferred revenue			40,823				21,011
Other current liabilities			11,576				11,094
Total current liabilities			110,820				108,013
DEFERRED REVENUE			2,023				1,943
RETIREMENT PLAN BENEFIT LIABILITY			57,166				56,541
OTHER LIABILITIES			33,757				36,246
Total liabilities			203,766				202,743
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, 49,051,750    and 48,916,606 shares issued, and 46,231,008 and 47,259,748 shares outstanding, at    June 30, 2026 and December 31, 2025, respectively			491				489
Additional paid-in capital			750,717				744,692
Retained earnings			1,128,497				1,090,479
Accumulated other comprehensive (loss) income			(5,200	)			781
Treasury stock, at cost (2,820,742 and 1,656,858 shares at June 30, 2026 and    December 31, 2025)			(190,542	)			(75,424	)
Total shareholders’ equity			1,683,965				1,761,019
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	1,887,731			$	1,963,762

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,
		2026				2025				2026				2025
REVENUE:
Material sales		$	66,191			$	88,650			$	149,940			$	174,805
Royalty and license fees			81,212				75,667				135,422				149,236
Contract research services			4,754				7,477				9,006				14,030
Total revenue			152,157				171,794				294,368				338,071
COST OF SALES			36,790				39,203				72,911				77,337
Gross margin			115,367				132,591				221,457				260,734
OPERATING EXPENSES:
Research and development			34,974				36,358				70,220				71,258
Selling, general and administrative			18,565				20,440				38,597				37,454
Amortization of acquired technology and other intangible assets			5,719				4,548				11,307				9,093
Patent costs			2,356				2,588				4,725				4,494
Royalty and license expense			105				117				209				231
Total operating expenses			61,719				64,051				125,058				122,530
OPERATING INCOME			53,648				68,540				96,399				138,204
Interest income, net			8,477				9,763				17,192				19,837
Other (loss) income, net			(1,121	)			5,575				(7,294	)			5,953
Interest and other income, net			7,356				15,338				9,898				25,790
INCOME BEFORE INCOME TAXES			61,004				83,878				106,297				163,994
INCOME TAX EXPENSE			(11,583	)			(16,614	)			(20,980	)			(32,286	)
NET INCOME		$	49,421			$	67,264			$	85,317			$	131,708
NET INCOME PER COMMON SHARE:
BASIC		$	1.06			$	1.41			$	1.82			$	2.77
DILUTED		$	1.06			$	1.41			$	1.82			$	2.76
WEIGHTED AVERAGE SHARES USED IN COMPUTING    NET INCOME PER COMMON SHARE:
BASIC			46,653,464				47,593,660				46,822,359				47,580,549
DILUTED			46,682,123				47,674,886				46,900,488				47,684,351
CASH DIVIDENDS DECLARED PER COMMON SHARE		$	0.50			$	0.45			$	1.00			$	0.90

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

		Six Months Ended June 30,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	85,317			$	131,708
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			15,366				13,402
Amortization of intangibles			11,307				9,093
Investment losses (gains), net			2,588				(2,496	)
Impairment of minority investments			415				—
Stock-based compensation			12,464				16,419
Deferred income tax benefit			(342	)			(4,592	)
Retirement plan expense, net of benefit payments			637				847
Decrease (increase) in assets:
Accounts receivable			(6,251	)			(33,395	)
Inventory			(8,734	)			(25,261	)
Other current assets			19,239				(19,777	)
Other assets			(1,445	)			(8,232	)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses			(14,031	)			4,632
Other current liabilities			(147	)			(3,153	)
Deferred revenue			19,892				4,618
Other liabilities			(2,420	)			(1,315	)
Net cash provided by operating activities			133,855				82,498
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment			(13,237	)			(27,536	)
Purchase of intangibles			(40,000	)			—
Purchases of investments			(194,296	)			(191,951	)
Proceeds from sale and maturity of investments			264,483				185,000
Net cash provided by (used in) investing activities			16,950				(34,487	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock			1,041				1,074
Repurchases of common stock, inclusive of excise tax			(115,218	)			—
Payment of withholding taxes related to stock-based compensation to employees			(7,779	)			(9,442	)
Cash dividends paid			(46,639	)			(42,819	)
Net cash used in financing activities			(168,595	)			(51,187	)
DECREASE IN CASH AND CASH EQUIVALENTS			(17,790	)			(3,176	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			138,353				98,980
CASH AND CASH EQUIVALENTS, END OF PERIOD		$	120,563			$	95,804
SUPPLEMENTAL DISCLOSURES:
Unrealized (loss) gain on available-for-sale securities		$	(5,979	)		$	1,001
Common stock issued to Board of Directors and Scientific Advisory Board that was    earned and accrued for in a previous period			300				300
Net change in accrued dividends included in other current liabilities and other liabilities			660				360
Net change in repurchases of common stock, inclusive of excise tax, included in other current liabilities			(100	)			—
Net change in accounts payable and accrued expenses related to purchases of property    and equipment			3,165				4,242
Cash refunded (paid) for income taxes, net			8,649				(45,616	)

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