Universal Display Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Universal Display Corporation filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

UNIVERSAL DISPLAY CORP \PA\ (OLED) filed a Annual Report (10-K) with the SEC on February 22, 2024. Universal Display Corporation filed its 2023 Form 10-K on February 22, 2024. The company is incorporated in Pennsylvania and headquartered in Ewing, New Jersey. The filing covers the fiscal year ending December 31, 2023. Key entities mentioned include Adesis Inc. and Fujifilm. The SIC code for the company is 3670 (Electronic Components & Accessories).

Why It Matters

For investors and stakeholders tracking UNIVERSAL DISPLAY CORP \PA\, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Universal Display Corp.'s financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed information within the report, including financial statements and risk disclosures, is essential for understanding the company's position in the OLED market and its relationships with key partners like Fujifilm and Adesis Inc.

Risk Assessment

Risk Level: medium — UNIVERSAL DISPLAY CORP \PA\ shows moderate risk based on this filing. The company's reliance on key customers and potential concentration risks, as indicated by mentions of 'MajorCustomerC' and 'CustomerConcentrationRisk', suggests a medium level of risk.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures in the 10-K to understand Universal Display Corp.'s performance and strategic positioning in the OLED market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-22 — Filing Date (Filed as of Date)
• 128 — Public Document Count (Number of documents in the filing)
• 3670 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• UNIVERSAL DISPLAY CORP (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-22 (date) — Filing date
• PA (jurisdiction) — State of incorporation
• NJ (location) — State of business address
• 3670 (industry_code) — Standard Industrial Classification
• Adesis Inc (company) — Mentioned entity
• Fujifilm (company) — Mentioned entity

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risks related to customer concentration, particularly with 'MajorCustomerC', impacting its accounts receivable.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, containing detailed financial and operational information.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize Universal Display Corp. within the 'Electronic Components & Accessories' sector.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value OLED The NASDAQ Stock Mar
• $6 — Select Market as of June 30, 2023, was $6 ,320,500,461 . Solely for purposes of t

Filing Documents

• oled-20231231.htm (10-K) — 3021KB
• oled-ex10_10.htm (EX-10.10) — 83KB
• oled-ex10_12.htm (EX-10.12) — 72KB
• oled-ex10_13.htm (EX-10.13) — 77KB
• oled-ex21.htm (EX-21) — 7KB
• oled-ex23_1.htm (EX-23.1) — 4KB
• oled-ex31_1.htm (EX-31.1) — 14KB
• oled-ex31_2.htm (EX-31.2) — 14KB
• oled-ex32_1.htm (EX-32.1) — 8KB
• oled-ex32_2.htm (EX-32.2) — 8KB
• oled-ex97.htm (EX-97) — 47KB
• img34714927_0.jpg (GRAPHIC) — 4KB
• img34714927_1.jpg (GRAPHIC) — 44KB
• 0000950170-24-018765.txt (&nbsp;) — 14568KB
• oled-20231231.xsd (EX-101.SCH) — 1944KB
• oled-20231231_htm.xml (XML) — 2906KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 17 ITEM 1B. UNRESOLVED STAFF COMMENTS 26 ITEM 1C. CYBERSECURITY 27 ITEM 2.

PROPERTIES

PROPERTIES 27 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 28 ITEM 4. MINE SAFETY DISCLOSURES 28 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 29 ITEM 6. RESERVED 31 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 32 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 38 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 38 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 38 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 38 ITEM 9B. OTHER INFORMATION . 39 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 39 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 40 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 40 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 40 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 40 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 40 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 41 ITEM 16. FORM 10-K SUMMARY 43 i CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS This report and the documents incorporated by reference in this report contain some "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements concern possible or assumed future events, results and business outcomes. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "project" or similar expressions. These statements are based on assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this report, you should not place undue reliance on any forward-looking statements. You should understand that these statements involve substantial risk and uncertainty and are not guarantees of future performance or results. They depend on many factors that are discussed further under Item 1A (Risk Factors) below, including: successful commercialization by organic light emitting diode (OLED) manufacturers of products incorporating our OLED technologies and materials and their continued willingness to utilize our OLED technologies and materials; the adequacy of protections afforded to us by the patents that we own or license and the cost to us of maintaining, enforcing and defending those patents; our ability to protect our patented and non-patented intellect

BU SINESS

ITEM 1. BU SINESS Our Company We are 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. OLEDs are thin, lightweight and power-efficient solid-state devices that emit light that can be manufactured on both flexible and rigid substrates, making them highly suitable for use in full-color displays and as lighting products. OLED displays are capturing a growing share of the display market, especially in the mobile phone, television, monitor, wearable, tablet, notebook and personal computer, augmented reality (AR), virtual reality (VR) and automotive markets. We believe that this is because OLEDs offer potential advantages over competing display technologies with respect to power efficiency, contrast ratio, viewing angle, video response time, form factor and manufacturing cost. We also believe that OLED lighting products have the potential to replace many existing light sources in the future because of their high-power efficiency, excellent color rendering index, low operating temperature and novel form factor. Our technology leadership, our current intellectual property position, and our more than 20 years of experience working closely with leading OLED display manufacturers are some of the competitive advantages that should enable us to continue to share in the revenues from OLED displays and lighting products as they gain wider acceptance. Our primary business strategy is to (1) develop new OLED materials and sell existing and new materials to product manufacturers for display applications, such as mobile phones, televisions, monitors, wearables, tablets, portable media devices, notebook computers, personal computers and automotive applications, and specialty and general lighting products; and (2) further develop and either license or otherwise commercialize our proprietary OLED material, device design and manufacturing technologies

View Full Filing

View this 10-K filing on SEC EDGAR