Universal Display Q3 net income rises to $78.9M
Universal Display continues to believe 2026 revenue will be around the lower end of its prior $630 million to $670 million guidance range.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Universal Display Corporation reported third-quarter 2026 revenue of $160.4 million, compared with $139.6 million a year earlier. Operating income was $53.7 million versus $43.1 million, and net income was $78.9 million versus $44.0 million. Net income included a $28.9 million gain related to a UDC Ventures investment; non-GAAP adjusted net income, excluding that gain and related income tax expense, was $56.2 million.
Royalty and license fees revenue was $75.5 million, compared with $53.3 million, while material sales revenue was $79.7 million versus $82.6 million. For the first nine months, total revenue was $454.8 million versus $477.7 million; operating income was $150.1 million versus $181.3 million, and net income was $164.3 million versus $175.7 million.
Universal Display continues to believe 2026 revenue will be around the lower end of its prior $630 million to $670 million guidance range. It declared a fourth-quarter cash dividend of $0.50 per share, payable December 31, 2026, to shareholders of record December 17, 2026. During the first nine months, it repurchased 2,127,217 shares for $192.9 million, including completion of the $100 million program begun in April 2025 and purchases under the additional $400 million program authorized in April 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue reached $160.4 million, versus $139.6 million.
- Moderate pointThird-quarter operating income was $53.7 million, versus $43.1 million.
- Moderate pointAdjusted net income was $56.2 million, versus $44.0 million, excluding the investment gain and related tax expense.
Negative
- Moderate pointNine-month operating income was $150.1 million, versus $181.3 million in 2025.
- Moderate pointNine-month net income was $164.3 million, versus $175.7 million in 2025.
Filing Explained
At September 30, 2026, cash and cash equivalents were $93,447 thousand, with $340,020 thousand in short-term investments.
This 8-K furnishes Universal Display’s results for the quarter ended
For the first nine months, operating activities provided
8-K Event Classification
Key Figures
Key Terms
cumulative catch-up adjustment financial
out-of-period adjustment financial
non-GAAP adjusted net income financial
gross margin on material sales financial
Earnings Snapshot
The company continues to believe 2026 revenue will be around the lower end of its previous $630 million to $670 million guidance range.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did OLED report for Q3 2026?
How much is OLED's fourth-quarter 2026 dividend?
Why did Universal Display's third-quarter royalty and license revenue change?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (
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) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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 |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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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 October 28, 2026, Universal Display Corporation (the "Company") issued a press release regarding its financial results for the quarter and year ended September 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 |
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Description |
99.1 |
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Press Release by the Registrant, dated October 28, 2026, furnished pursuant to Item 2.02 of Form 8-K. |
104 |
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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.
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UNIVERSAL DISPLAY CORPORATION |
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Date: October 28, 2026 |
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By: |
/s/ Brian Millard |
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Brian Millard |
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Vice President, Chief Financial Officer and Treasurer |
Exhibit 99.1
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Press Release |
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Universal Display Contact: |
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Darice Liu |
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investor@oled.com |
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media@oled.com |
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+1 609-964-5123 |
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Universal Display Corporation Announces Third Quarter 2026 Financial Results
EWING, N.J. – October 28, 2026 – Universal Display Corporation (Nasdaq: OLED), a global leader in energy-efficient OLED technologies and materials, today reported financial results for the third quarter ended September 30, 2026.
“The third quarter saw important advancements across our innovation portfolio, in addition to continued momentum across the OLED ecosystem, from investments in new OLED capacity and the expansion of foldable and IT OLED products,” said Brian Millard, Chief Financial Officer of Universal Display Corporation. “During the quarter, we introduced OLEDX, advanced our phosphorescent blue program, expanded our AI-enabled materials discovery capabilities, and achieved a key commercialization milestone with the launch of UVJC’s first equipment platform. As OLED adoption broadens across new products, applications and form factors, we see the industry becoming increasingly focused on higher performance, greater power efficiency and enhanced user experiences. These evolving requirements align with our innovation strategy and reinforce our confidence in the long-term opportunities for our technologies and the value we believe they can create for customers and shareholders.”
Financial Highlights for the Third Quarter of 2026
Revenue Comparison
($ in thousands) |
|
Three Months Ended September 30, |
||
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2026 |
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2025 |
Material sales |
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$79,709 |
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$82,634 |
Royalty and license fees |
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75,495 |
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53,317 |
Contract research services |
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5,228 |
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3,662 |
Total revenue |
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$160,432 |
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$139,613 |
Cost of Materials Comparison
($ in thousands) |
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Three Months Ended September 30, |
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2026 |
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2025 |
Material sales |
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$79,709 |
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$82,634 |
Cost of material sales |
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39,588 |
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32,817 |
Gross margin on material sales |
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40,121 |
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49,817 |
Gross margin as a % of material sales |
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50% |
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60% |
Financial Highlights for the First Nine Months of 2026
Revenue Comparison
($ in thousands) |
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Nine Months Ended September 30, |
||
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2026 |
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2025 |
Material sales |
|
$229,649 |
|
$257,439 |
Royalty and license fees |
|
210,917 |
|
202,553 |
Contract research services |
|
14,234 |
|
17,692 |
Total revenue |
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$454,800 |
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$477,684 |
Cost of Materials Comparison
($ in thousands) |
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Nine Months Ended September 30, |
||
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2026 |
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2025 |
Material sales |
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$229,649 |
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$257,439 |
Cost of material sales |
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105,996 |
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100,920 |
Gross margin on material sales |
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123,653 |
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156,519 |
Gross margin as a % of material sales |
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54% |
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61% |
2026 Guidance
The Company continues to believe 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 fourth-quarter 2026 cash dividend of $0.50 per share on its common stock, payable on December 31, 2026 to all shareholders of record as of the close of business on December 17, 2026.
Share Repurchases
The Company repurchased 963,333 shares of its common stock for $78.8 million during the three months ended September 30, 2026, and 2,127,217 shares of its common stock for $192.9 million during the nine months ended September 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 Wednesday, October 28, 2026 at 5:00 p.m. Eastern Time. The live webcast can be accessed on the events page of the Company’s Investor Relations website at ir.oled.com. To participate in the live call, 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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(OLED-C)
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)
|
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September 30, 2026 |
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December 31, 2025 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
93,447 |
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$ |
138,353 |
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Short-term investments |
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340,020 |
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464,004 |
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Accounts receivable |
|
|
89,177 |
|
|
|
119,953 |
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Inventory |
|
|
236,867 |
|
|
|
240,912 |
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Other current assets |
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|
140,765 |
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|
|
123,836 |
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Total current assets |
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900,276 |
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1,087,058 |
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PROPERTY AND EQUIPMENT, net of accumulated depreciation of $212,381 and $189,326 |
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|
206,949 |
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|
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214,947 |
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ACQUIRED TECHNOLOGY, net of accumulated amortization of $234,033 and $220,392 |
|
|
93,142 |
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|
|
56,783 |
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OTHER INTANGIBLE ASSETS, net of accumulated amortization of $14,308 and $13,269 |
|
|
2,980 |
|
|
|
4,019 |
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GOODWILL |
|
|
15,535 |
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|
|
15,535 |
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INVESTMENTS |
|
|
469,611 |
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|
|
377,034 |
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DEFERRED INCOME TAXES |
|
|
76,414 |
|
|
|
79,454 |
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OTHER ASSETS |
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|
113,504 |
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|
|
128,932 |
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TOTAL ASSETS |
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$ |
1,878,411 |
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$ |
1,963,762 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
|
|
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|
|
|
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Accounts payable |
|
$ |
18,570 |
|
|
$ |
23,344 |
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Accrued expenses |
|
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52,839 |
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|
|
52,564 |
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Deferred revenue |
|
|
35,013 |
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21,011 |
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Other current liabilities |
|
|
12,680 |
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|
|
11,094 |
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Total current liabilities |
|
|
119,102 |
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|
|
108,013 |
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DEFERRED REVENUE |
|
|
3,087 |
|
|
|
1,943 |
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RETIREMENT PLAN BENEFIT LIABILITY |
|
|
57,421 |
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|
|
56,541 |
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OTHER LIABILITIES |
|
|
33,300 |
|
|
|
36,246 |
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Total liabilities |
|
|
212,910 |
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|
|
202,743 |
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SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
||
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 |
|
|
2 |
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|
|
2 |
|
Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 49,063,673 |
|
|
491 |
|
|
|
489 |
|
Additional paid-in capital |
|
|
757,577 |
|
|
|
744,692 |
|
Retained earnings |
|
|
1,184,481 |
|
|
|
1,090,479 |
|
Accumulated other comprehensive (loss) income |
|
|
(6,969 |
) |
|
|
781 |
|
Treasury stock, at cost (3,784,075 and 1,656,858 shares at September 30, 2026 and |
|
|
(270,081 |
) |
|
|
(75,424 |
) |
Total shareholders’ equity |
|
|
1,665,501 |
|
|
|
1,761,019 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,878,411 |
|
|
$ |
1,963,762 |
|
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, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Material sales |
|
$ |
79,709 |
|
|
$ |
82,634 |
|
|
$ |
229,649 |
|
|
$ |
257,439 |
|
Royalty and license fees |
|
|
75,495 |
|
|
|
53,317 |
|
|
|
210,917 |
|
|
|
202,553 |
|
Contract research services |
|
|
5,228 |
|
|
|
3,662 |
|
|
|
14,234 |
|
|
|
17,692 |
|
Total revenue |
|
|
160,432 |
|
|
|
139,613 |
|
|
|
454,800 |
|
|
|
477,684 |
|
COST OF SALES |
|
|
43,077 |
|
|
|
35,491 |
|
|
|
115,988 |
|
|
|
112,828 |
|
Gross margin |
|
|
117,355 |
|
|
|
104,122 |
|
|
|
338,812 |
|
|
|
364,856 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
36,347 |
|
|
|
36,336 |
|
|
|
106,567 |
|
|
|
107,594 |
|
Selling, general and administrative |
|
|
20,892 |
|
|
|
18,039 |
|
|
|
59,489 |
|
|
|
55,493 |
|
Amortization of acquired technology and other intangible assets |
|
|
3,372 |
|
|
|
4,553 |
|
|
|
14,679 |
|
|
|
13,646 |
|
Patent costs |
|
|
2,795 |
|
|
|
1,886 |
|
|
|
7,520 |
|
|
|
6,380 |
|
Royalty and license expense |
|
|
244 |
|
|
|
170 |
|
|
|
453 |
|
|
|
401 |
|
Total operating expenses |
|
|
63,650 |
|
|
|
60,984 |
|
|
|
188,708 |
|
|
|
183,514 |
|
OPERATING INCOME |
|
|
53,705 |
|
|
|
43,138 |
|
|
|
150,104 |
|
|
|
181,342 |
|
Interest income, net |
|
|
8,196 |
|
|
|
10,046 |
|
|
|
25,388 |
|
|
|
29,883 |
|
Other income, net |
|
|
37,268 |
|
|
|
952 |
|
|
|
29,974 |
|
|
|
6,905 |
|
Interest and other income, net |
|
|
45,464 |
|
|
|
10,998 |
|
|
|
55,362 |
|
|
|
36,788 |
|
INCOME BEFORE INCOME TAXES |
|
|
99,169 |
|
|
|
54,136 |
|
|
|
205,466 |
|
|
|
218,130 |
|
INCOME TAX EXPENSE |
|
|
(20,223 |
) |
|
|
(10,111 |
) |
|
|
(41,203 |
) |
|
|
(42,397 |
) |
NET INCOME |
|
$ |
78,946 |
|
|
$ |
44,025 |
|
|
$ |
164,263 |
|
|
$ |
175,733 |
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
BASIC |
|
$ |
1.73 |
|
|
$ |
0.93 |
|
|
$ |
3.53 |
|
|
$ |
3.69 |
|
DILUTED |
|
$ |
1.72 |
|
|
$ |
0.92 |
|
|
$ |
3.52 |
|
|
$ |
3.68 |
|
WEIGHTED AVERAGE SHARES USED IN COMPUTING |
|
|
|
|
|
|
|
|
|
|
|
|
||||
BASIC |
|
|
45,750,957 |
|
|
|
47,554,970 |
|
|
|
46,539,543 |
|
|
|
47,571,930 |
|
DILUTED |
|
|
45,787,266 |
|
|
|
47,676,500 |
|
|
|
46,605,686 |
|
|
|
47,681,477 |
|
CASH DIVIDENDS DECLARED PER COMMON SHARE |
|
$ |
0.50 |
|
|
$ |
0.45 |
|
|
$ |
1.50 |
|
|
$ |
1.35 |
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income |
|
$ |
164,263 |
|
|
$ |
175,733 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
23,228 |
|
|
|
20,932 |
|
Amortization of intangibles |
|
|
14,679 |
|
|
|
13,646 |
|
Investment gains, net |
|
|
(26,360 |
) |
|
|
(6,630 |
) |
Impairment of minority investments |
|
|
415 |
|
|
|
— |
|
Stock-based compensation |
|
|
18,857 |
|
|
|
22,888 |
|
Deferred income tax expense |
|
|
5,488 |
|
|
|
977 |
|
Retirement plan expense, net of benefit payments |
|
|
898 |
|
|
|
1,271 |
|
Decrease (increase) in assets: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
30,776 |
|
|
|
39,434 |
|
Inventory |
|
|
4,045 |
|
|
|
(29,683 |
) |
Other current assets |
|
|
(26,929 |
) |
|
|
(36,928 |
) |
Other assets |
|
|
15,428 |
|
|
|
(12,364 |
) |
Increase (decrease) in liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
(1,931 |
) |
|
|
304 |
|
Other current liabilities |
|
|
(920 |
) |
|
|
(2,406 |
) |
Deferred revenue |
|
|
15,146 |
|
|
|
(8,763 |
) |
Other liabilities |
|
|
(3,025 |
) |
|
|
1,270 |
|
Net cash provided by operating activities |
|
|
234,058 |
|
|
|
179,681 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(17,507 |
) |
|
|
(40,383 |
) |
Purchase of intangibles |
|
|
(40,000 |
) |
|
|
— |
|
Purchases of investments |
|
|
(307,336 |
) |
|
|
(319,593 |
) |
Proceeds from sale and maturity of investments |
|
|
354,483 |
|
|
|
275,000 |
|
Net cash used in investing activities |
|
|
(10,360 |
) |
|
|
(84,976 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from issuance of common stock |
|
|
1,515 |
|
|
|
1,617 |
|
Repurchases of common stock, inclusive of excise tax |
|
|
(192,960 |
) |
|
|
— |
|
Payment of withholding taxes related to stock-based compensation to employees |
|
|
(7,786 |
) |
|
|
(9,470 |
) |
Cash dividends paid |
|
|
(69,373 |
) |
|
|
(64,223 |
) |
Net cash used in financing activities |
|
|
(268,604 |
) |
|
|
(72,076 |
) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
(44,906 |
) |
|
|
22,629 |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
138,353 |
|
|
|
98,980 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
93,447 |
|
|
$ |
121,609 |
|
SUPPLEMENTAL DISCLOSURES: |
|
|
|
|
|
|
||
Unrealized (loss) gain on available-for-sale securities |
|
$ |
(10,205 |
) |
|
$ |
1,789 |
|
Common stock issued to Board of Directors and Scientific Advisory Board that was |
|
|
300 |
|
|
|
300 |
|
Net change in accrued dividends included in other current liabilities and other liabilities |
|
|
888 |
|
|
|
537 |
|
Net change in repurchases of common stock, inclusive of excise tax, included in other current liabilities |
|
|
1,697 |
|
|
|
— |
|
Net change in accounts payable and accrued expenses related to purchases of property |
|
|
2,315 |
|
|
|
4,888 |
|
Cash paid for income taxes, net of refunds |
|
|
3,207 |
|
|
|
53,995 |
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES
(UNAUDITED)
(in thousands, except share and per share data)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net income reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
78,946 |
|
|
$ |
44,025 |
|
|
$ |
164,263 |
|
|
$ |
175,733 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.73 |
|
|
$ |
0.93 |
|
|
$ |
3.53 |
|
|
$ |
3.69 |
|
Diluted |
|
$ |
1.72 |
|
|
$ |
0.92 |
|
|
$ |
3.52 |
|
|
$ |
3.68 |
|
Net income adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
UDC Ventures investment gain |
|
|
(28,914 |
) |
|
|
— |
|
|
|
(28,914 |
) |
|
|
— |
|
Income tax expense (1) |
|
|
6,141 |
|
|
|
— |
|
|
|
6,141 |
|
|
|
— |
|
Non-GAAP adjusted net income |
|
$ |
56,173 |
|
|
$ |
44,025 |
|
|
$ |
141,490 |
|
|
$ |
175,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-GAAP adjusted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.23 |
|
|
$ |
0.93 |
|
|
$ |
3.04 |
|
|
$ |
3.69 |
|
Diluted |
|
$ |
1.23 |
|
|
$ |
0.92 |
|
|
$ |
3.04 |
|
|
$ |
3.68 |
|
Weighted average shares used in computing net income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
45,750,957 |
|
|
|
47,554,970 |
|
|
|
46,539,543 |
|
|
|
47,571,930 |
|
Diluted |
|
|
45,787,266 |
|
|
|
47,676,500 |
|
|
|
46,605,686 |
|
|
|
47,681,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) The Company’s non-GAAP tax provision uses a projected tax rate of 21.2% for the three and nine months ended September 30, 2026, which currently reflects available information and could be subject to change. |
|
|||||||||||||||
Non-GAAP Measures
To supplement the selected financial data presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP measures. These non-GAAP measures include adjusted net income and adjusted net income per common share, both basic and diluted.
Each of these non-GAAP measures excludes the effects of the increase in the carrying value of the Company’s minority equity investment and related income tax expense. The Company has provided these non-GAAP measures, which it believes more accurately reflect the operating performance of its ongoing business, to enhance investors’ understanding of current financial performance and period-to-period comparisons. The presentation of non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.