8-K
Universal Display Corp \Pa\ (OLED)
View as plain text
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): May 3, 2023
UNIVERSAL DISPLAY CORPORATION
(Exact name of Registrant as Specified in Its Charter)
| Pennsylvania | 1-12031 | 23-2372688 |
|---|---|---|
| (State or Other Jurisdiction<br><br>of Incorporation) | (Commission File Number) | (IRS Employer<br><br>Identification No.) |
| 250 Phillips Boulevard,<br><br>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 May 3, 2023, the Registrant issued a press release regarding its financial results for the quarter ended March 31, 2023. 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 7.01 Regulation FD Disclosure.
On April 28, 2023, the Registrant’s wholly-owned subsidiary, UDC Ireland Limited, acquired from Merck KGaA, Darmstadt, Germany (Merck KGaA), all of Merck KGaA’s rights, title and interest to certain of its owned and licensed OLED-related patents and patent applications in exchange for a cash payment of $66.0 million. A copy of the press release issued on May 3, 2023 announcing the transaction is furnished as Exhibit 99.2 to this report.
The information set forth under this “Item 7.01. Regulation FD Disclosure” (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<br><br>Number | Description |
|---|---|
| 99.1 | Press Release by the Registrant, dated May 3, 2023, furnished pursuant to Item 2.02 of Form 8-K. |
| 99.2 | Press Release by the Registrant, dated May 3, 2023, furnished pursuant to Item 7.01 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: May 3, 2023 | By: | /s/ Brian Millard |
| Brian Millard | ||
| Vice President, Chief Financial Officer and Treasurer |
EX-99
Exhibit 99.1
| Press Release |
|---|
| Universal Display Contact: |
| --- |
| Darice Liu |
| investor@oled.com |
| media@oled.com |
| +1 609-964-5123 |
Universal Display Corporation Announces First Quarter 2023 Financial Results
EWING, N.J. – May 3, 2023 – Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the first quarter ended March 31, 2023.
“Our first quarter results were in-line with our expectations and we are reaffirming our full year 2023 outlook,” said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation. “While macro uncertainties continue to linger, we believe that recent OLED investment and product announcements pave the path for a new OLED adoption cycle and strong growth in the coming years. Additionally, today we announced the acquisition of Merck KGaA, Darmstadt, Germany’s phosphorescent emitter patent portfolio, which further strengthens our leadership position in the OLED ecosystem and broadens the tools available to our team as we develop new and next-generation phosphorescent materials. We also announced a new multi-year collaboration agreement with Merck KGaA, Darmstadt, Germany.”
Financial Highlights for the First Quarter of 2023
• Total revenue in the first quarter of 2023 was $130.5 million as compared to $150.5 million in the first quarter of 2022. As we have previously noted, the near-term weakness in the overall global market economy continues to have an impact on forecasted demand for OLED products utilizing our emitter material over the remaining life of several customers’ contracts compared to prior estimates, resulting in us recording a positive cumulative catch-up adjustment to total revenue during the first quarter of 2023 of $5.7 million arising from changes in estimates of transaction price.
• Revenue from material sales was $70.2 million in the first quarter of 2023 as compared to $86.7 million in the first quarter of 2022. This decrease was primarily the result of lower unit material volume.
• Revenue from royalty and license fees was $55.2 million in the first quarter of 2023 as compared to $59.8 million in the first quarter of 2022. This decrease was primarily the result of lower unit material volume.
• Cost of material sales was $29.5 million in the first quarter of 2023 as compared to $29.9 million in the first quarter of 2022. Cost of material sales during the quarter decreased due to lower unit material volume, offset by a $3.3 million increase in our inventory provision and $4.7 million in costs related to our Shannon facility, which commenced manufacturing activities in June 2022.
• Total gross margin was 75% in the first three months of 2023 as compared to 78% in the first three months of 2022. Shannon facility costs of $4.7 million and the inventory provision of $3.3 million in 2023 contributed to a 6% decrease in total gross margin between periods.
• Operating income was $45.4 million in the first quarter of 2023 as compared to $62.3 million in the first quarter of 2022.
• Net income was $39.8 million or $0.83 per diluted share in the first quarter of 2023 as compared to $50.0 million or $1.05 per diluted share in the first quarter of 2022.
Revenue Comparison
| ($ in thousands) | Three Months Ended March 31, | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Material sales | $ | 70,190 | $ | 86,691 |
| Royalty and license fees | 55,210 | 59,802 | ||
| Contract research services | 5,067 | 3,977 | ||
| Total revenue | $ | 130,467 | $ | 150,470 |
Cost of Materials Comparison
| ($ in thousands) | Three Months Ended March 31, | |||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Material sales | $ | 70,190 | $ | 86,691 | ||
| Cost of material sales | 29,488 | 29,920 | ||||
| Gross margin on material sales | 40,702 | 56,771 | ||||
| Gross margin as a % of material sales | 58 | % | 65 | % |
2023 Guidance
The Company affirms its previous revenue guidance and believes that 2023 revenue will be the range of $550 million to $600 million.
Dividend
The Company also announced a second quarter cash dividend of $0.35 per share on the Company’s common stock. The dividend is payable on June 30, 2023 to all shareholders of record on June 16, 2023.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Wednesday, May 3, 2023 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 5,500 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, 2022. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
Follow Universal Display Corporation
YouTube
(OLED-C)
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)
| December 31, 2022 | |||||
|---|---|---|---|---|---|
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | 158,294 | $ | 93,430 | ||
| Short-term investments | 487,812 | 484,345 | |||
| Accounts receivable | 92,677 | 92,664 | |||
| Inventory | 174,245 | 183,220 | |||
| Other current assets | 37,193 | 45,791 | |||
| Total current assets | 950,221 | 899,450 | |||
| PROPERTY AND EQUIPMENT, net of accumulated depreciation of 123,388 and 117,118 | 145,281 | 143,445 | |||
| ACQUIRED TECHNOLOGY, net of accumulated amortization of 174,820 and 189,671 | 35,843 | 38,382 | |||
| OTHER INTANGIBLE ASSETS, net of accumulated amortization of 9,341 and 8,989 | 7,947 | 8,247 | |||
| GOODWILL | 15,535 | 15,535 | |||
| INVESTMENTS | 213,369 | 259,861 | |||
| DEFERRED INCOME TAXES | 63,292 | 58,161 | |||
| OTHER ASSETS | 104,224 | 109,739 | |||
| TOTAL ASSETS | 1,535,712 | $ | 1,532,820 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Accounts payable | 9,741 | $ | 9,519 | ||
| Accrued expenses | 25,346 | 51,002 | |||
| Deferred revenue | 37,419 | 45,599 | |||
| Other current liabilities | 42,451 | 29,577 | |||
| Total current liabilities | 114,957 | 135,697 | |||
| DEFERRED REVENUE | 17,843 | 18,279 | |||
| RETIREMENT PLAN BENEFIT LIABILITY | 60,248 | 59,790 | |||
| OTHER LIABILITIES | 43,199 | 43,685 | |||
| Total liabilities | 236,247 | 257,451 | |||
| 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, 48,697,467 and 49,136,030 shares issued, and 47,331,819 and 47,770,382 shares outstanding, at March 31, 2023 and December 31, 2022, respectively | 487 | 491 | |||
| Additional paid-in capital | 679,390 | 681,335 | |||
| Retained earnings | 676,347 | 653,277 | |||
| Accumulated other comprehensive loss | (15,477 | ) | (18,452 | ) | |
| Treasury stock, at cost (1,365,648 shares at March 31, 2023 and December 31, 2022) | (41,284 | ) | (41,284 | ) | |
| Total shareholders’ equity | 1,299,465 | 1,275,369 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,535,712 | $ | 1,532,820 |
All values are in US Dollars.
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except share and per share data)
| Three Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| REVENUE: | ||||||
| Material sales | $ | 70,190 | $ | 86,691 | ||
| Royalty and license fees | 55,210 | 59,802 | ||||
| Contract research services | 5,067 | 3,977 | ||||
| Total revenue | 130,467 | 150,470 | ||||
| COST OF SALES | 32,970 | 33,163 | ||||
| Gross margin | 97,497 | 117,307 | ||||
| OPERATING EXPENSES: | ||||||
| Research and development | 31,423 | 26,545 | ||||
| Selling, general and administrative | 15,396 | 21,062 | ||||
| Amortization of acquired technology and other intangible assets | 2,891 | 5,498 | ||||
| Patent costs | 2,255 | 1,798 | ||||
| Royalty and license expense | 164 | 154 | ||||
| Total operating expenses | 52,129 | 55,057 | ||||
| OPERATING INCOME | 45,368 | 62,250 | ||||
| Interest income, net | 6,967 | 291 | ||||
| Other loss, net | (703 | ) | (34 | ) | ||
| Interest and other loss, net | 6,264 | 257 | ||||
| INCOME BEFORE INCOME TAXES | 51,632 | 62,507 | ||||
| INCOME TAX EXPENSE | (11,793 | ) | (12,537 | ) | ||
| NET INCOME | $ | 39,839 | $ | 49,970 | ||
| NET INCOME PER COMMON SHARE: | ||||||
| BASIC | $ | 0.83 | $ | 1.05 | ||
| DILUTED | $ | 0.83 | $ | 1.05 | ||
| WEIGHTED AVERAGE SHARES USED IN COMPUTING NET <br> INCOME PER COMMON SHARE: | ||||||
| BASIC | 47,523,593 | 47,369,764 | ||||
| DILUTED | 47,567,007 | 47,440,281 | ||||
| CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.35 | $ | 0.30 |
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
| Three Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
| Net income | $ | 39,839 | $ | 49,970 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation | 6,496 | 5,627 | ||||
| Amortization of intangibles | 2,891 | 5,498 | ||||
| Amortization of premium and discount on investments, net | (3,597 | ) | (271 | ) | ||
| Stock-based compensation to employees | 3,992 | 6,085 | ||||
| Stock-based compensation to Board of Directors and Scientific Advisory Board | 423 | 430 | ||||
| Deferred income tax benefit | (5,936 | ) | (1,380 | ) | ||
| Retirement plan expense, net of benefit payments | 782 | 1,359 | ||||
| Decrease (increase) in assets: | ||||||
| Accounts receivable | (13 | ) | 2,692 | |||
| Inventory | 8,975 | (9,080 | ) | |||
| Other current assets | 8,598 | (8,172 | ) | |||
| Other assets | 5,515 | 9,488 | ||||
| Increase (decrease) in liabilities: | ||||||
| Accounts payable and accrued expenses | (24,116 | ) | (4,261 | ) | ||
| Other current liabilities | 12,874 | 5,807 | ||||
| Deferred revenue | (8,616 | ) | (13,568 | ) | ||
| Other liabilities | (486 | ) | 2,384 | |||
| Net cash provided by operating activities | 47,621 | 52,608 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
| Purchases of property and equipment | (9,098 | ) | (10,751 | ) | ||
| Purchases of intangibles | (51 | ) | (12 | ) | ||
| Purchases of investments | (65,207 | ) | (24,915 | ) | ||
| Proceeds from sale and maturity of investments | 115,031 | 50,240 | ||||
| Net cash provided by investing activities | 40,675 | 14,562 | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
| Proceeds from issuance of common stock | 518 | 403 | ||||
| Payment of withholding taxes related to stock-based compensation to employees | (7,181 | ) | (7,896 | ) | ||
| Cash dividends paid | (16,769 | ) | (14,246 | ) | ||
| Net cash used in financing activities | (23,432 | ) | (21,739 | ) | ||
| INCREASE IN CASH AND CASH EQUIVALENTS | 64,864 | 45,431 | ||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 93,430 | 311,993 | ||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 158,294 | $ | 357,424 | ||
| The following non-cash activities occurred: | ||||||
| Unrealized gain (loss) on available-for-sale securities | $ | 3,202 | $ | (5,031 | ) | |
| Common stock issued to Board of Directors and Scientific Advisory Board that was <br> earned and accrued for in a previous period | 300 | 300 | ||||
| Net change in accounts payable and accrued expenses related to purchases of property <br> and equipment | 766 | 2,077 |
EX-99
Exhibit 99.2
| Press Release |
|---|
| Universal Display Contact: |
| --- |
| Darice Liu |
| investor@oled.com |
| media@oled.com |
| +1 609-964-5123 |
Universal Display Corporation Acquires Merck KGaA, Darmstadt, Germany’s Phosphorescent OLED Emitter Intellectual Property Assets and Enters into Multi-Year Collaboration Agreement
Ewing, New Jersey – May 3, 2023 - Universal Display Corporation (Nasdaq: OLED) (UDC), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, announced today that through its wholly-owned subsidiary UDC Ireland Limited, UDC has acquired the Phosphorescent OLED Emitter Intellectual Property (IP) assets of Merck KGaA, Darmstadt, Germany, a leading science and technology company. Representing more than 15 years of research and development, this portfolio has an average lifetime of 10 years and includes over 550 issued and pending patents around the world in 172 patent families. In addition, Universal Display Corporation and Merck KGaA, Darmstadt, Germany, entered into a new multi-year collaboration agreement that pertains to UDC’s leading-edge green and yellow phosphorescent emitters and Merck KGaA, Darmstadt, Germany’s state-of-the-art transport and host materials to create advanced PHOLED stacks.
“We are pleased to complement and boost our vast global IP framework with Merck KGaA, Darmstadt, Germany’s phosphorescent emitter patents and announce the extension and expansion of our OLED materials partnership,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display. “This strategic acquisition enhances our robust position in the OLED ecosystem. As the pioneer and leader in phosphorescent OLED technologies and materials, we are well situated to leverage Merck KGaA, Darmstadt, Germany’s discoveries into our extensive research and intellectual property portfolios.”
“This portfolio represents the culmination of years of research by distinguished scientists and we are pleased that UDC will incorporate our inventions into their worldwide patent portfolio and competencies,” said Dr. Gottfried Wastlbauer, Head of Global Marketing of Display Solutions at the Electronics business of Merck KGaA, Darmstadt, Germany. “We believe that our triplet emitter IP and know-how seamlessly fits into UDC’s comprehensive intellectual property library and that these assets will be well maximized in their research and development programs. The new partnership with UDC is a strategic move towards accelerating the growth of our OLED business. As a leading OLED material company, having access to UDC’s leading-edge emitters will benefit our development of transport materials and most importantly boost our capabilities to develop new host materials.”
About Merck KGaA, Darmstadt, Germany
Merck KGaA, Darmstadt, Germany, a leading science and technology company, operates across life science, healthcare and electronics. More than 64,000 employees work to make a positive difference to millions of people’s lives every day by creating more joyful and sustainable ways to live. From providing products and services that accelerate drug development and manufacturing as well as discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices – the company is everywhere. In 2022, Merck KGaA, Darmstadt, Germany, generated sales of € 22.2 billion in 66 countries.
The company holds the global rights to the name and trademark “Merck” internationally. The only exceptions are the United States and Canada, where the business sectors of Merck KGaA, Darmstadt, Germany, operate as MilliporeSigma in life science, EMD Serono in healthcare and EMD Electronics in electronics. Since its founding in 1668, scientific exploration and responsible entrepreneurship have been key to the company’s technological and scientific advances. To this day, the founding family remains the majority owner of the publicly listed company. For more information about Merck KGaA, Darmstadt, Germany, visit www.emdgroup.com.
All Merck KGaA, Darmstadt, Germany, press releases are distributed by e-mail at the same time they become available on the EMD Group Website. In case you are a resident of the USA or Canada please go to www.emdgroup.com/subscribe to register for your online subscription of this service as our geo-targeting requires new links in the email. You may later change your selection or discontinue this service.
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 5,500 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 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, 2022. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
Follow Universal Display Corporation
YouTube
(OLED-C)