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): February 22, 2018
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.) |
|
|
|
375 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)) |
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 February 22, 2018, the Registrant issued a press release regarding its financial results for the year ended December 31, 2017. 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 Registrant 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 February 22, 2018, furnished pursuant to Item 2.02 of Form 8-K. |
Exhibit Number |
|
Description |
99.1 |
|
|
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 |
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|
|
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Date: February 22, 2018 |
|
By: |
/s/ Sidney D. Rosenblatt |
|
|
|
Sidney D. Rosenblatt |
|
|
|
Executive Vice President, Chief Financial Officer, Treasurer and Secretary |
Exhibit 99.1
|
Press Release
|
Universal Display Contact:
Darice Liu
investor@oled.com
media@oled.com
609-671-0980 x570
UNIVERSAL DISPLAY CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL RESULTS
EWING, N.J. – February 22, 2018 – Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the fourth quarter and year ended December 31, 2017.
“We are pleased to report stellar fourth quarter and full-year results,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “From record-high revenues, to a multitude of new agreements and new OLED consumer electronic products, to approximately doubling our production capabilities at PPG Industries, 2017 was filled with tremendous growth. The dynamic OLED market is growing, and as a key innovation partner to the world’s leading OLED display and lighting manufacturers, we believe that we are well-positioned to participate in the vast opportunities ahead.”
Exhibit 99.1
Rosenblatt continued, “We are excited and confident of our upward trajectory in this multi-year OLED capex growth cycle. After an extraordinary year-and-a-half of new capacity installs, we expect industry capacity growth to take a bit of a breather this year as panel makers build the framework for the next wave of high volume OLED production, which is expected to ramp next year. 2019 is poised to be a meaningful year of growth. Based on current production timelines, we estimate the installed capacity base, as measured in square meters, will increase by approximately 50% over the next two years.”
Financial Highlights for the Fourth Quarter of 2017
|
• |
Total revenue increased 55% to $115.9 million in the fourth quarter, compared with $74.6 million in the fourth quarter of 2016, driven by higher material sales as well as royalty and license fees. |
|
• |
Revenue from material sales increased 105% to $59.8 million in the fourth quarter, compared with $29.2 million in the fourth quarter of 2016. |
|
• |
Revenue from royalty and license fees increased 23% to $53.8 million in the fourth quarter, compared with $43.6 million in the fourth quarter of 2016. |
|
• |
Operating income increased by $23.1 million to $57.9 million in the fourth quarter, compared with $34.8 million in the fourth quarter of 2016. |
|
• |
Net income increased by $7.0 million to $32.8 million or $0.69 per diluted share in the fourth quarter, compared with $25.8 million or $0.55 per diluted share in the fourth quarter of 2016. |
|
• |
Excluding the effects of the Tax Cuts and Jobs Act income tax expense of $11.5 million, net income was $44.3 million or $0.93 per diluted share for the fourth quarter of 2017. |
Financial Highlights for the Full Year of 2017
|
• |
Total revenue increased 69% to $335.6 million in the full year, compared with $198.9 million in the full year of 2016, driven by higher material sales as well as royalty and license fees. |
Exhibit 99.1
|
• |
Revenue from material sales increased 102% to $200.3 million in the full year, compared with $99.3 million in the full year of 2016. |
|
• |
Revenue from royalty and license fees increased 32% to $126.5 million in the full year, compared with $96.1 million in the full year of 2016. |
|
• |
Operating income increased by $77.8 million to $146.2 million in the full year, compared with $68.4 million in the full year of 2016. |
|
• |
Net income increased by $55.8 million to $103.9 million or $2.18 per diluted share in the full year, compared with $48.1 million or $1.02 per diluted share in the full year of 2016. |
|
• |
Excluding the effects of the Tax Cuts and Jobs Act income tax expense of $11.5 million, net income was $115.4 million or $2.43 per diluted share for the full year of 2017. |
2018 Guidance
Although the OLED industry is still at an early state where many variables can have a material impact on its growth, and the Company thus caveats its financial guidance accordingly, the Company believes that its revenues will be in the range of $350 million to $380 million for fiscal 2018.
Dividend
The Company also announced a first quarter cash dividend of $0.06 per share on the Company’s common stock. The dividend is payable on March 30, 2018, to all shareholders of record as of the close of business on March 15, 2018.
Exhibit 99.1
In conjunction with this release, Universal Display will host a conference call on Thursday, February 22, 2018 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 developing and delivering state-of-the-art, organic light emitting diode (OLED) technologies, materials and services to the display and lighting industries. Founded in 1994, the Company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 4,500 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of low power 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.
Headquartered in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea, and Taiwan, and wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display works and partners with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries, Inc.
Exhibit 99.1
The Company has also established relationships with companies such as AU Optronics Corporation, BOE Technology, DuPont Displays, Inc., EverDisplay Optronics (Shanghai) Limited, Govisionox Optoelectronics, Innolux Corporation, Japan Display Inc., Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., OLEDWorks LLC, OSRAM, Pioneer Corporation, Royole Corporation, Samsung Display Co., Ltd., Sharp Corporation, Sumitomo Chemical Company, Ltd., Tianma Micro-electronics and Tohoku Pioneer Corporation. To learn more about Universal Display Corporation, please visit http://www.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 Universal Display Corporation’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, 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, 2017. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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Exhibit 99.1
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
|
|
December 31, 2017 |
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|
December 31, 2016 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
132,840 |
|
|
$ |
139,365 |
|
Short-term investments |
|
|
287,446 |
|
|
|
188,644 |
|
Accounts receivable |
|
|
52,355 |
|
|
|
24,994 |
|
Inventory |
|
|
36,265 |
|
|
|
17,314 |
|
Deferred income taxes |
|
|
— |
|
|
|
8,661 |
|
Other current assets |
|
|
10,276 |
|
|
|
6,392 |
|
Total current assets |
|
|
519,182 |
|
|
|
385,370 |
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PROPERTY AND EQUIPMENT, net of accumulated depreciation of $36,368 and $32,167 |
|
|
56,450 |
|
|
|
27,203 |
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ACQUIRED TECHNOLOGY, net of accumulated amortization of $91,312 and $70,714 |
|
|
131,529 |
|
|
|
152,127 |
|
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $2,000 and $615 |
|
|
14,840 |
|
|
|
16,225 |
|
GOODWILL |
|
|
15,535 |
|
|
|
15,535 |
|
INVESTMENTS |
|
|
14,794 |
|
|
|
14,960 |
|
DEFERRED INCOME TAXES |
|
|
27,022 |
|
|
|
15,832 |
|
OTHER ASSETS |
|
|
604 |
|
|
|
307 |
|
TOTAL ASSETS |
|
$ |
779,956 |
|
|
$ |
627,559 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
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CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
13,774 |
|
|
$ |
8,112 |
|
Accrued expenses |
|
|
35,019 |
|
|
|
19,845 |
|
Deferred revenue |
|
|
14,981 |
|
|
|
10,282 |
|
Other current liabilities |
|
|
50 |
|
|
|
1,967 |
|
Total current liabilities |
|
|
63,824 |
|
|
|
40,206 |
|
DEFERRED REVENUE |
|
|
23,902 |
|
|
|
31,322 |
|
RETIREMENT PLAN BENEFIT LIABILITY |
|
|
33,176 |
|
|
|
27,563 |
|
Total liabilities |
|
|
120,902 |
|
|
|
99,091 |
|
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, 100,000,000 shares authorized, 48,476,034 and 48,270,990 shares issued, and 47,118,171 and 46,913,127 shares outstanding at December 31, 2017 and December 31, 2016, respectively |
|
|
485 |
|
|
|
483 |
|
Additional paid-in capital |
|
|
611,063 |
|
|
|
604,364 |
|
Retained earnings (accumulated deficit) |
|
|
99,126 |
|
|
|
(25,557 |
) |
Accumulated other comprehensive loss |
|
|
(11,464 |
) |
|
|
(10,666 |
) |
Treasury stock, at cost (1,357,863 shares at December 31, 2017 and December 31, 2016) |
|
|
(40,158 |
) |
|
|
(40,158 |
) |
Total shareholders’ equity |
|
|
659,054 |
|
|
|
528,468 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
779,956 |
|
|
$ |
627,559 |
|
Exhibit 99.1
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|||||
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material sales |
|
$ |
59,753 |
|
|
$ |
29,201 |
|
|
$ |
200,259 |
|
|
$ |
99,285 |
|
Royalty and license fees |
|
|
53,798 |
|
|
|
43,563 |
|
|
|
126,503 |
|
|
|
96,132 |
|
Contract research services |
|
|
2,316 |
|
|
|
1,813 |
|
|
|
8,867 |
|
|
|
3,469 |
|
Total revenue |
|
|
115,867 |
|
|
|
74,577 |
|
|
|
335,629 |
|
|
|
198,886 |
|
COST OF SALES |
|
|
16,936 |
|
|
|
9,094 |
|
|
|
54,698 |
|
|
|
26,288 |
|
Gross margin |
|
|
98,931 |
|
|
|
65,483 |
|
|
|
280,931 |
|
|
|
172,598 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
15,045 |
|
|
|
11,182 |
|
|
|
49,144 |
|
|
|
42,744 |
|
Selling, general and administrative |
|
|
15,197 |
|
|
|
10,148 |
|
|
|
46,808 |
|
|
|
32,876 |
|
Amortization of acquired technology and other intangible assets |
|
|
5,498 |
|
|
|
5,453 |
|
|
|
21,983 |
|
|
|
16,493 |
|
Patent costs |
|
|
1,914 |
|
|
|
1,774 |
|
|
|
7,010 |
|
|
|
6,249 |
|
Royalty and license expense |
|
|
3,397 |
|
|
|
2,167 |
|
|
|
9,739 |
|
|
|
5,823 |
|
Total operating expenses |
|
|
41,051 |
|
|
|
30,724 |
|
|
|
134,684 |
|
|
|
104,185 |
|
OPERATING INCOME |
|
|
57,880 |
|
|
|
34,759 |
|
|
|
146,247 |
|
|
|
68,413 |
|
Interest income, net |
|
|
966 |
|
|
|
569 |
|
|
|
3,294 |
|
|
|
2,113 |
|
Other income (expense), net |
|
|
3 |
|
|
|
54 |
|
|
|
(4 |
) |
|
|
(1,928 |
) |
Interest and other income, net |
|
|
969 |
|
|
|
623 |
|
|
|
3,290 |
|
|
|
185 |
|
INCOME BEFORE INCOME TAXES |
|
|
58,849 |
|
|
|
35,382 |
|
|
|
149,537 |
|
|
|
68,598 |
|
INCOME TAX EXPENSE |
|
|
(26,036 |
) |
|
|
(9,563 |
) |
|
|
(45,652 |
) |
|
|
(20,528 |
) |
NET INCOME |
|
$ |
32,813 |
|
|
$ |
25,819 |
|
|
$ |
103,885 |
|
|
$ |
48,070 |
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
$ |
0.70 |
|
|
$ |
0.55 |
|
|
$ |
2.19 |
|
|
$ |
1.02 |
|
DILUTED |
|
$ |
0.69 |
|
|
$ |
0.55 |
|
|
$ |
2.18 |
|
|
$ |
1.02 |
|
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC |
|
|
46,750,711 |
|
|
|
46,905,341 |
|
|
|
46,725,289 |
|
|
|
46,408,460 |
|
DILUTED |
|
|
46,826,412 |
|
|
|
47,038,323 |
|
|
|
46,805,194 |
|
|
|
46,535,980 |
|
CASH DIVIDENDS DECLARED PER COMMON SHARE |
|
$ |
0.03 |
|
|
$ |
- |
|
|
$ |
0.12 |
|
|
$ |
- |
|
Exhibit 99.1
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
|
Year Ended December 31, |
|
|||||
|
|
2017 |
|
|
2016 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
103,885 |
|
|
$ |
48,070 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Amortization of deferred revenue |
|
|
(11,122 |
) |
|
|
(7,406 |
) |
Depreciation |
|
|
4,919 |
|
|
|
4,270 |
|
Amortization of intangibles |
|
|
21,983 |
|
|
|
16,492 |
|
Amortization of premium and discount on investments, net |
|
|
(2,871 |
) |
|
|
(1,830 |
) |
Stock-based compensation to employees |
|
|
12,284 |
|
|
|
11,374 |
|
Stock-based compensation to Board of Directors and Scientific Advisory Board |
|
|
2,609 |
|
|
|
1,715 |
|
Change in earnout liability recorded for Adesis acquisition |
|
|
519 |
|
|
— |
|
|
Deferred income tax expense |
|
|
24,396 |
|
|
|
3,094 |
|
Excess tax benefits from share-based payment arrangements |
|
— |
|
|
|
(4,232 |
) |
|
Retirement plan benefit expense |
|
|
4,351 |
|
|
|
3,965 |
|
Decrease (increase) in assets, net of effect of acquisition: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(27,361 |
) |
|
|
1,205 |
|
Inventory |
|
|
(18,951 |
) |
|
|
(4,460 |
) |
Other current assets |
|
|
(3,884 |
) |
|
|
(3,870 |
) |
Other assets |
|
|
(297 |
) |
|
|
(133 |
) |
Increase (decrease) in liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
16,420 |
|
|
|
4,362 |
|
Other current liabilities |
|
|
(1,917 |
) |
|
|
4,362 |
|
Deferred revenue |
|
|
8,402 |
|
|
|
3,360 |
|
Net cash provided by operating activities |
|
|
133,365 |
|
|
|
80,338 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(29,803 |
) |
|
|
(7,300 |
) |
Purchase of intangibles |
|
— |
|
|
|
(95,989 |
) |
|
Purchase of business, net of cash acquired |
|
— |
|
|
|
(33,380 |
) |
|
Purchases of investments |
|
|
(594,283 |
) |
|
|
(450,277 |
) |
Proceeds from sale of investments |
|
|
498,508 |
|
|
|
548,474 |
|
Net cash used in investing activities |
|
|
(125,578 |
) |
|
|
(38,472 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
734 |
|
|
|
439 |
|
Proceeds from the exercise of common stock options |
|
|
38 |
|
|
|
185 |
|
Payment of withholding taxes on stock-based compensation to employees |
|
|
(9,432 |
) |
|
|
(4,870 |
) |
Excess tax benefits from share-based payment arrangements |
|
— |
|
|
|
4,232 |
|
|
Cash dividends paid |
|
|
(5,652 |
) |
|
— |
|
|
Net cash used in financing activities |
|
|
(14,312 |
) |
|
|
(14 |
) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
|
(6,525 |
) |
|
|
41,852 |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
|
|
139,365 |
|
|
|
97,513 |
|
CASH AND CASH EQUIVALENTS, END OF YEAR |
|
$ |
132,840 |
|
|
$ |
139,365 |
|
The following non-cash activities occurred: |
|
|
|
|
|
|
|
|
Unrealized loss on available-for-sale securities |
|
$ |
(19 |
) |
|
$ |
(207 |
) |
Common stock issued to the Board of Directors and Scientific Advisory |
|
|
300 |
|
|
|
300 |
|
Board earned and accrued in a previous period |
|
|
|
|
|
|
|
|
Common stock issued to employees earned and accrued in a previous period |
|
|
174 |
|
|
|
1,105 |
|
Net change in accruals for purchases of property and equipment |
|
|
4,363 |
|
|
|
(103 |
) |
Earnout liability recorded for Adesis acquisition |
|
— |
|
|
|
1,670 |
|
|
Excess tax benefits accrued in other current liabilities |
|
— |
|
|
|
(4,232 |
) |
|
Cash paid for income tax |
|
|
23,248 |
|
|
|
12,870 |
|
Exhibit 99.1
Reconciliation of non-GAAP measures
The following table details the reconciliation of non-GAAP measures to the most directly comparable GAAP measures:
(in thousands, except per share data) |
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||||||||||
Net income reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
32,813 |
|
|
$ |
25,819 |
|
|
$ |
103,885 |
|
|
$ |
48,070 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.70 |
|
|
$ |
0.55 |
|
|
$ |
2.19 |
|
|
$ |
1.02 |
|
Diluted |
|
$ |
0.69 |
|
|
$ |
0.55 |
|
|
$ |
2.18 |
|
|
$ |
1.02 |
|
Net income adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Cuts and Jobs Act |
|
|
11,514 |
|
|
|
— |
|
|
|
11,514 |
|
|
|
— |
|
Adjusted net income |
|
$ |
44,327 |
|
|
$ |
25,819 |
|
|
$ |
115,399 |
|
|
$ |
48,070 |
|
Net income as a % of total revenue |
|
|
28% |
|
|
|
35% |
|
|
|
31% |
|
|
|
24% |
|
Adjusted net income as a % of total revenue |
|
|
38% |
|
|
|
35% |
|
|
|
34% |
|
|
|
24% |
|
Adjusted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.93 |
|
|
$ |
0.55 |
|
|
$ |
2.43 |
|
|
$ |
1.02 |
|
Diluted |
|
$ |
0.93 |
|
|
$ |
0.55 |
|
|
$ |
2.43 |
|
|
$ |
1.02 |
|
Weighted average shares used in computing net income per share and adjusted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,750,711 |
|
|
|
46,905,341 |
|
|
|
46,725,289 |
|
|
|
46,408,460 |
|
Diluted |
|
|
46,826,412 |
|
|
|
47,038,323 |
|
|
|
46,805,194 |
|
|
|
46,535,980 |
|
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, adjusted net income per common share, basic and adjusted net income per common share, diluted.
Each of these non-GAAP measures excludes the effects of the Tax Cuts and Jobs Act income tax expense. The Company has provided these non-GAAP measures, which is believed to more accurately reflect the operating performance of our ongoing business, to enhance investors’ overall understanding of the 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.
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