OLED - Earnings call transcript Q1 2021 | Universal Display Corporation

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Operator

Good day, ladies and gentlemen. And welcome to Universal Displays’ First Quarter 2021 Earnings Conference Call. My name is Sherry, and I will be your conference moderator for today’s call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. reminder, call a for being As purposes. replay Instructions] this is conference recorded [Operator like the to Darice now would I turn of Relations. Liu, call Investor Director to over Please proceed.

Darice Liu

first afternoon, to Thank everyone. and conference call. good Universal you, Display’s quarter earnings Welcome

today on Vice President Executive and Steve me Chief and Financial Officer; Joining are Sid Executive and Abramson, call the Rosenblatt, President Chief Officer.

any call only webcast Any call of the you of a property Before webcast Display’s being any is redistribution, or a the Steve consent This call retransmission the begins, period expressed this of be Further, time live that May of is X, this live is let today’s accurate portion made website. available information rebroadcast for form without Universal XXXX. of me as and in will time-sensitive call strictly Universal Display. of this remind date written of prohibited. Universal on contains call, of is that Display

make based results may of These may uncertainties actual significant our we number call, and uncertainties and risks forward-looking risks a expectations. this on These company’s the differ are to should statements referenced During and investments subject filed these of anyone statements with periodic the be disclaims any securities. are SEC in to considering current and making Universal company’s any update reports by the Display in obligation discussed any statements. materially.

like would to turn Abramson. the I to over Now, call Steve

Steve Abramson

call. to today’s everyone welcome Thanks, on and Darice,

OLED consumer per small, to was Since continues XXXX in was million medium last income are diluted $XXX We and that applications. report profit $X.XX in grow and call, in momentum our million quarter pleased to $XX.X share. or large the earnings $XX.X was first electronic market revenue million, operating the of net

XX-inch launched to seeing a be foldable the end are XX.X% OLED of and panel demand low that have mid-range from OLED quarter reported while are and increased in slated the average launched ranging year. period. first XXXX, to declined research market continues of in Omdia year-over-year growing to this same OLED and the that We premium prices rise. X.X% a price recently TV smartphones, of panel proliferation LCD

As $XXX. to IT burgeoning delta of OLED price new and market further from with $XXX the a LCD between narrowed The the has is TVs result, launch OLED products.

advance company growing first the the reducing blue response of Samsung with month, Galaxy Nintendo certification week, OLED ever last noted in times, gaming Galaxy unveiled. to premium Samsung’s also with commented and SGS its Laptop for vibrant Book March, were of And content, recent the expand Book the Swiss effects par harmful and to OLED wearables, entry Switch fueling OLED laptops also it while Book And OLED and cycle was held displays XXXX screen OLED Windows that Galaxy due new and Display deep flagship LCDs. earnings continuing last took light growing Samsung to faster in XX models quarter continues its year-over-year. noted level Pro will place with markets. have Samsung event TV Dell displays. benefits of for OLED announced first market, this on reports standard from The has Just XPS gaming adoption adoption for and expand OLED OLED OLED fourth shipments new of X PCs an on and there the to higher including are the smartphones which Pro the was selected OLED awarded XXXX strong XXX we that the million testing million level million and shipment CapEx mass first growing Certification of its times. Pro is OLED in call Xiaomi, time quarter growth are X TV in the such call contrast recent The seasonally Eye of units lead and market XX blacks. contribution Mi its PC its multi-year aggressively more announced In units and on its response unveiled presence Care fast Samsung during to year. reiterated and its highlighting company, in. Pro its smartphone feature that laptops. These compared to emissions OLED XXXX gaming of befitting it XXX its Galaxy Display earnings its as displays displays. laptop AMOLED target and tablets, week, and Samsung Book Pro OLED first-mover Last Unpacked Pro Display also colors X.X are LG Super valuable that the

been XX,XXX month. In add as substrates. additional OLED has new China. current month OLED per of facility it phase its that Display for LG month plates bringing addition, capacity, The TV with investment X.X its will XX,XXX of plates plates reported in proceed Gen XX,XXX per will the is second fab’s plant LGD’s TV per Guangzhou capacity capacity to Guangzhou,

and wins car. almost made electric XX-inch and panels AMOLED of has In markets. a late automotive shipped of had reported the spans the progressing in XXXX. OLED three the that March, Mercedes car in unveiled the million width recently interior medium Technology OLEDs cabin unique been its has that of display from new is front, flexible Displays flexible reported smartphone announced On the small is LG a the LGD BOE it approximately entire flagship with partner that it XX different EQS, design

panel to As double AMOLED BOE once shipments again. looks it to XXXX, targeting is its

Gen the touch And color store X for additional on new per will electric with of which reports capacity similar fab the fabs to last the for to technology, design this per at third one of Tianma According products XX,XXX BOE’s March, R&D fab currently OLED ramped fully new its OLED ceremony at Novel is In X a displays. Chengdu the reported River Tianma which Display in color to maker a the of Mianyang. Hubei when and concept a last The Chongqing filter or announced ramping Hefei, filter Gen new BOE’s has the Gen start center Switching two capacity X COE, plates Innovation. was month, front, will at E-Tron other held year. in lighting, fab AX celebrate on flexible production On late XX,XXX called smartphone of month. Visionox have unveiled capacity Yangtze gears month. new foldable wins its to Honor. Auto Shanghai Tianma event that CFOT showcase plates encapsulation This be has panel output been in OLED Audi car it month calls

dynamic Audi, dimensional feature an impressive to possible light. This dynamic OLED noted architecture XD OLED not is spatial only As by new effect. one it show, experience a the makes but to experience a OLED light in three two with tail dimensions,

and also ultra-bright homogenous contrast combination can we the know OLED that roads. Now tailwinds level on the high increase digital safety the of

flourish, As steadfast activity and to commitment OLED continues OLED our robust materials advancing remain in technology to our we leadership.

blue to hosts. including development system. new make are our reds, progress On and to the we commercializing materials yellows, technologies, ongoing greens, innovative emissive the respect in excellent phosphorescent our we emissive continue blue, materials and work for commercial front, With investing and

vapor The in our Since emitters alpha time and area manufacturing evolving we printing expect and Ireland advance with capacity XXXX. the dry direct UniversalPHOLED novel announced site to OLED Materials. the establishing manufacturing have last OLED call Shannon, that of jointly are demand an continue system our printing, designed efficient, new requirements. production production phosphorescent you, the panels organic be for PPG, It’s the the with for growing OLED a solvent-less work meet along to market facility in to manufacturing and also highly new diversify an to industry our will large for in us. of We during jet our high maskless, and process we exciting industry performing base double our for

also me to Sid. Universal new with Financial of agreements America’s and OLED On Both Material We five month, LG Fastest Agreement over to years let turn the that the Growing And license Visionox. for Companies last extended the XXXX note, Display technology until Corporation call XXXX. Times, run Display List. end was named announced and Purchase

Sid Rosenblatt

thank to million. $XXX.X our for were of today. Thank XXXX million call the quarter QX Revenues again fourth you joining quarter compared of you, XXXX’s everyone and for and XXXX’s $XXX first Steve, million $XXX.X

of quarter sales million materials were our million. compared XXXX, the $XX.X of total million the in emitter XXXX first quarter quarter first XXXX, Green first in Red compares million XXXX. first the of and million quarter Our $XX.X $XX.X include sales $XX.X quarter of emitters This million. XXXX. and quarter of in fourth emitter $XX.X $XX.X XXXX in were of XXXX. green the first were sales which yellow, $XX.X the first in and material fourth the the of to quarter sales in quarter compares $XX.X in million million million quarter the fourth to the of to of XXXX $XX.X in of This XXXX in

As material quarter-to-quarter. buying vary patterns the we can have in discussed past,

inventory efficiency include demand factors patterns, loading levels mix, production cycles, for schedules, are ordering are customer gains. of factors product as production capacity customer material for these customers and variables moving our contributing Some consumer also product well they of a the us. COVID-XX issues, variables number Since ramp rates, as recipes, moving device

XXXX to and $XX million. million and million $XX.X in license quarter royalty XXXX. the quarter of in This the of XXXX First $XX.X quarter fees first fourth compares were

translating Cost First quarter the in gross compares $X.X OLED This of XX%. fourth of were the million. material comparable of XXXX. the XX% year-over-year quarter of material of XXXX quarter quarter million quarter were in and the $X compares for in XXXX into of to the $XX.X the $XX of sales Cost of first of were material XXXX million XXXX million This first fourth quarter to gross fourth in million of $XX.X $XX XX%. this Adesis sales million. in first XXXX. quarter XXXX million $X.X the compares and This and margins quarter revenues margins

margins the past, noted we As have quarter-to-quarter. material vary can gross in

quarter million. up expense, comparable compared year-over-year year-over-year million Operating and $XX.X $XX.X costs $XX.X last of million. quarter was first First million income a was $XX.X of down quarters last from quarter quarter the sales million excluding quarter for of to million, $XX.X $XX.X XXXX comparable XXXX, the operating from and

$XXX or million per compares diluted or and We First equivalents the rate the share. $XX.X quarter per first XX.X%. year-over-year’s was XXXX last $X.XX comparable of share. per cash share diluted was $X.XX the or approximately million and $XX.XX This $X.XX diluted diluted ended XXXX $XX.X of quarter Net quarter’s to quarter million quarter income per cash with million in $XX.X for share. of income or tax

guidance, outlook to Moving remains for unchanged. our along the year

of paid cash ratio call, as dividend, expected material royalty The last turn revenues range million be expect a $X.XX conference to of we commitment on XXXX, continued our be June flow $XXX the the return dividend Directors to ballpark close which we with in XX, quarter’s XXXX. $XXX will back of XXXX of Board the June the of to With of in Steve. our noted X.X a and to quarterly of revenues stockholders to be license XX, record X. lastly, As business to that, approved capital million to expected in I our on reflects generation will positive shareholders. call to And

Steve Abramson

our ringing incredible Sid. customers, with bell. all share the XXth partners was listed and Last of as by we year celebrated employees, NASDAQ virtually an that It we Thanks, company a our our month, milestone stakeholders. opening

number NASDAQ landscape we foresaw the public XX which diodes vision, about listed and and In stood story. lighting Display’s with Universal Sherwin a organic bulky light its a approximately development from ecosystem University emitting in to XXXX, contract, years Princeton a XXXX, our in in our we reality. still It to years, and growth. the startup profitable our a took called so as one a path revolutionary technology OLED company employees for have million company For in player company, have In CRTs of OLED breakthroughs, our no advance XX long-term $XXX the Since invested first profit us pending. global founder of XXXX, everyone’s Universal display homes, and were we ever has in XXXX, we since. and challenges leading for a Display took has programs research strategic research learned achieve Seligsohn full-time triumphs novel inception to or been and XX innovation patent when continue just in and Corporation began years and of been in invest to our OLED and heavily

world. and phosphorescent in the commercial energy-efficient and found technologies materials Our virtually be can in OLED every lighting product display

strong desire, our finally, accomplishments take Responsibility Social employees stewardship published elevating to each learn shaping as well phosphorescent which Universal corporate And can can found drive, Corporate to their heart about our thank more and this technology, Display’s website. be dedication I would You opportunity XXXX on advancements. as and our and our and like our recently for in of Report,

long-term are that, materials committed achieving a with Operator, in superior be customers, delivering for for the shareholders. our growth, to industry, and We the start for and Q&A. OLED ecosystem, cutting-edge leader technologies let’s And our the and

Operator

Instructions] Abramson. Brian Lee Mr. Sachs. you, question Please Thank [Operator first proceed. is from with Our Goldman

Brian Lee

Hey, everyone. guess, a process about quarter questions. trying the just to in for in solid reiterating Thanks guidance, understand guidance. taking little I terms on the of the Kudos bit here. thought

revenue. $XXX did million just You in QX

end million high for a three and to So of have quarters inventory end to you outside period. to on build low get the typically of to $XXX QX guidance, seen end we get revenue the are low for you basically the of seasonally maybe quarter be the implying flat next revenue

reconcile is, the we QX typically through few is into here. due I guess trying conservatism guidance that to see, to growth maybe something so embedding it like bit next going results lot there So just the aren’t higher the or question is is about to quarters of in chain a flow risk here, supply a

Operator

Mr. muted? lines do Mr. Rosenblatt, have your Abramson, you

Steve Abramson

it is Is This My line’s muted? Steve. okay.

Operator

go… There you

Sid Rosenblatt

is sorry, am I that better?

Steve Abramson

go. you There go. There you

Brian Lee

Yes.

Steve Abramson

Yeah.

Sid Rosenblatt

Yeah.

in So, -- Brian, apologize of terms for I that.

maintain I guidance is when for believe like %XXX call, know said ongoing doesn’t there’s for we -- and range we other its chain with. think to the our year. -- you the math comfortable the that to second look right we $XXX are of the the that year, terms best In do it expect better pandemic resulted the in on we which expect including half to But than do guidance, some $XXX the as supply now first be the that the we has we disruptions, half. million million our quite currently in semiconductors to

Brian Lee

Fair Okay. enough.

in to be there’s nothing builds or years. like unique periods the clear, inventory over certain seen have Just QX about pull-forward past several we

You wouldn’t -- you nothing called there’s out.

of am notable the the it’s I about nothing there’s -- quarter? saw patterns in assuming you demand So sort

Sid Rosenblatt

quarter-by-quarter, I higher mean, it lumpy there, be in as as And in nothing quarter customers There’s being No. versus can seen, can last Chinese you by historically, see you have quarter this customer. with

Brian Lee

materials year? pass historical a XXXX back margins for like be the QX one the and and way could will guidance going margin last if then changes gross on are it’s the more what also materials, would had look historical then be you sounded achieve And and and or muted me I margin you on to view year, that the coming any gross bit the Gross into right to come you of for It’s in materials level, on QX around enough. you thoughts Fair so thoughts bounce result out the it lumpy versus just to know I for XX% progression. at and proven it But to on. the around. that be you

Sid Rosenblatt

obviously, translated product margins this developmental in product for still as things in to XX%. mix than going that’s -- materials quarter, we I and be really our a margin mix above the talked are fourth gross affected, XX% sold fourth some the which fourth to the It’s the quarter’s and quarter lumpy there we were quantity about our into stated, that also. think year. No. in the We And historically were in XX% quarter dependent which range. larger as were, really that gross upon

Brian Lee

pass it All will Thanks, right. on. guys. I

Sid Rosenblatt

Thank right. All Brian. you,

Operator

Sankar question and with Please is Cowen Company. from proceed. Krish Our next

Krish Sankar

two for them. of my Yeah. I questions. have taking Thanks Hi.

sale obviously have road? good risk largest just really understand that might customer customers a expanding the China. issues China, a down which and given they and one, resolve as might wondering is Then there you in slow had from inventory, the they that get I expand I do that in business in the am follow-up. path efficient a your as I are down think First they

Steve Abramson

mean, to where Chinese our predict. what for lot built in we yes, has we we talking there will we It a and of the be guidance. the into we time rest of But difficult spend customers be it’s really I issues number think so, will for affect this with some customers it our -- us to issues. year semiconductor of year, which and and -- obviously historically to lumpy, that is been issues the believe of the a COVID-XX weakness

So where we are. are comfortable we

Krish Sankar

Got then OpEx seem reiterated think year? last we it. it this as for Sid, should follow-up, as the a Very Got quarter? Does it. about how quick growth helpful. you And

Sid Rosenblatt

We about up from it to XX%, quarter of about OpEx it, last the developed on year-over-year. OVJP to SG&A XX% our which XX%, R&D to range XX% increase margins take we or XX% the operating about increased expect of talked gave we in do to points. we a to expect guidance and growth, Yeah. give XX%. about our which XX% expect that XXXX be -- few We and tax developing spending basis be technology rates that approximately

Krish Sankar

you back I Thank very much. will queue. the in get

Sid Rosenblatt

Thank you.

Operator

with proceed. Mehdi Our is from question Please next Hosseini SIG.

Mehdi Hosseini

I that inch Samsung up. change And of Yes, And gone if am especially less a penetration follow LCD, when OLED reconcile I the thanks and end near-term or you. and to how OLED is just the your maybe sir. reconcile pressure in seems months shipment have the for the of want to to end six does is past me maybe with Steve XXXX? market a month view to there just landscape. over all China OLED on the details especially doing and a And market much so that evolving LG well I Thank really with look in square downward trying the three it CapEx at demand with has something, CapEx I CapEx, LCD up. on there

Steve Abramson

of things Will the customers here very has about issues young may think some of very terms our OLED overall, calls in of really is customers been have we they And right are that obviously are changes. in all market that are and the think really But Well, really the what on committed you believe now little and OLEDs cause that -- I get there our and OLEDs beginning. be think I maybe there it’s some to noted Yes. customers demand market on that delayed But saying and a everything recent there’s a it. bit really there? industry. wed where we to the and We bullish is hear that going. proliferation are

Mehdi Hosseini

their you Thank understand But of market quantum unique other better quality I high a terms compares with and dot or LED? XK with a that in dynamics anything end end am OLED to think presence to And especially you. the it. Got in I then do that understand to offer -- can trying technologies TVs build OLED. how OLED Samsung just something up emerging trying in of market us is offer like to mini better display new than like that and

Steve Abramson

efficient. and TVs mean whether been it’s back is and a into picture devices the low- market I technology. is OLED technology Well, are smartphone to devices OLEDs power we has third gives are OLED displays with on the of are you it’s that a we mid-range devices. LCD It best moving we mini-LED mobile mobile from as And you the less is with an not complicated. -- almost mobile see for and or -- is quality

you factor. or mini of whether type is It to So a thin it’s form of benefits of the OLED technology. OLED LCDs the benefits LCDs an gives compared LEDs other

can technology is that I something other technology think rollerball flexibility bendable no that do.

of OLED we at for why it and look for you have all mobile quality. when benefits all power best first, picture So, TVs, of years, because the in talked the it’s about efficiency these that is the really that’s devices

Mehdi Hosseini

Thank you. right. All

Steve Abramson

you. Thank

Operator

from ISI. Our Evercore with Muse C.J. next is Please question proceed.

C.J. Muse

bit your first I the guess Hey. surprised expectations. increased pretty late our in I Good came LG revenues little a and revenue Thank you afternoon. at least question. deferred Q-on-Q for is your taking versus question, actually am

is result you LG, curious So, agreement guess expand your new that could of with on a I that?

Steve Abramson

Yeah. were the a with January end this XXXX, that under fact is for continue. expect new and XXXX. on we X, agreement is the impact and Visionox ASC extended we at effective agreement of LG. this, LG five-year new The XXX did this end But essentially The they to

So, revenue. you signed do see changes we these agreements in because deferred

C.J. Muse

here and revenues revenues? was So has signing before there calendar of -- outlook that kind on greater what that had had for an changes in your XXXX expectation for XXXX agreement

Steve Abramson

mean knew They the with -- we but are were that by results we be. we what guidance comfortable would agreements. where executed didn’t guidance gave mean, we weren’t going our revenue our expect with guidance are. I these I until these signing XXXX change knew kind we our we just agreements. to was I what then, of when on

C.J. Muse

Great.

some As here, my I of DOE, is supply question both follow-up, mitigation to terms there the the you tensions? had given of as rising big guess China risk U.S. getting building numbers in And U.S.-China T-Online. or as chain is concern out access materials around well in inventory from that

Steve Abramson

we historically We called purchasing this have when revenues what No. as But and in in think that obviously. in nothing quarter by -- department did the purchasing we The lumpy. past that’s they us that that out customers have doing. customer-by-customer the are have really been it’s specifically they just department. There’s China increase told

C.J. Muse

Thank you.

Steve Abramson

Thanks, C.J.

Operator

Please proceed. is from Research. Our with Cross Shannon next Cross question

Shannon Cross

much. very you Thank

couple of a Just questions.

recently? to to of you next with You Samsung especially upside the of is there percent comments opportunity was What some think is addressable for this given like market of pricing the is of what in the said smartphone of where market think the years? Just you about you at do have I of out couple trying XX% maybe point. think

Sid Rosenblatt

Yeah.

have level the the are some phones market. like I something high-end is in I smartphone $XXX the that. over we entry range moving they now the market or addressable from think believe entire phones think low-end that eventually to that the that Samsung and mid-range

this continue will we think to that grow. So, do

Shannon Cross

OLED I how of about TV’s market an TV some perspective, there was the see you at guess, China rebound know not it the and year half? I you are And was in you from vendors, are market, expecting it Chinese on to when general. but thinking look the kind second last necessarily pressure

Steve Abramson

where about to TV’s In specifically it’s one and that, difficult are talk − think us area the for another. mean, perspective terms ever. of I TV I market best OLED

think side that on the of I much saw that Board demand because some you pretty the the that was weakness pressure there was across of COVID-XX.

Shannon Cross

the Okay. pricing you am My final push to side? would and but inflationary you your of that to pressures on partners question are you have any not I Are need opportunity seeing materials to by feel if again is with here, people some to even the you need sure you on through regard to, required there. do materials pressures out seeing PPG like

Steve Abramson

contract. there’s One, Well, of have that contracts the as answers pricing stated to the question. two for we in past, our length have the

iridium iridium one be things some that is gone pushing further up. and about There difficult. is would we So has talked thing have

manage We years have allowed you been that on balance raw of to inventory going that, sure have amount up A, make and has cost actually we supply of for have building managing a have iridium our every to us inventory materials could that constant see we quarter a have sheet structure. and a and and want we we significant that our that of been number

Shannon Cross

you. Thank Okay.

Steve Abramson

Thanks, Shannon.

Operator

from Please with is Ho proceed. Sidney Deutsche Bank. question next Our

Sidney Ho

guidance, the conservative if is, year? -- question sounds guidance not reiterating my supply from of of being the this this like to another revenue I Thanks year Thanks. in because are for it I have that disruptions. disruptions, seen an your you your question. chain. impact a revenue full that And you chain where first seeing you supply follow-up estimate And taking those own chain supply follow-up. a how Do can have is little have for you much My may most impact your are

Steve Abramson

all Well, have about or we component. our give to in one was with just the But iridium be seeing. quarterly guidance given mean, that -- it guidance don’t not of we and But mean, honest, Shannon that’s that obviously only materials in the I components issues but talked iridium. the give I are I

So lot -- number that’s that there’s is in a of materials, it. other other number things a and a overhead in that of of

So that impact, doesn’t is a every to dollar dollar go not increases. going in

but comfortable with are on we in got we it does, terms we that $XXX we seeing, So demand the still our we the why how recovers it side We to range as have are COVID-XX were fast what are said last And just could of what guidance. -- doing. whether we and completely call, still $XXX million impact of issues a million.

So still we this we where are comfortable at time. with are

Sidney Ho

IT and the market OLED a Okay. number Apple are things. have know of know mini specifically IT the I view Thanks. your follow-up question. my I the a change Maybe opportunity display. question is there that your of and it’s on the earlier of models a companies side display announced market, little OLED in announced. you for that But addressed TV has officially Does different

Steve Abramson

still Well, I think, that the young. industry is

from heard have a market. Samsung IT big the there’s on You push

LEDs. Apple and or are about Their anyway. I LCDs talking LEDs think tablets

So just big we continue is very, but of we think -- a that OLED for very push I -- there OLED using is grow, the will and feel IT benefits small. because market continue the that really to

Sidney Ho

Thanks. Okay, sir.

Steve Abramson

Thank you, Sid.

Operator

from Krish and question with next Company. is proceed. Instructions] Sankar [Operator Cowen Our Please

Krish Sankar

then is plug-and-play design, well blue it Display kind it to curious about to I Hi. the on can the commercialized, and put there’s when To you want on such same your about of just coming of the talk Thanks the along And as a shrink Samsung about, taking to my and extent you view to the talk some gets obviously, smartphone? can when it or if check for abstract change Steve, thing Week it. any blue. need with a follow-up. you like to do try heat the and you path, or be going into the extent

Sid Rosenblatt

can you. of happen. a presented. until say nothing there’s what about Week will are Well, is we chatter coming up, There’s Display and lot papers Obviously, thank the really

we a had year. up. same talk So We talking regarding paper it last about that obviously about do that can there’s talk in author that, coming was that about the has was what nothing blue

In we terms have it’s plug-and-play. blue, of commercial stated not that

You plane to blue your adopt our to in would need order phosphorescent make drivers uses and because your modifications to for XX% less technology power. back

a a So new It is is isn’t just CapEx. It redesign. really it redesign.

So technology design into new those introduce they will and that SKUs, new as products those. they our

had times continuing XX today, commercial that the nine we we So would start products. something before excellent I it to make be month it in met the even if past, specs months as number progress. stated, a But in you of that are seeing all to

Krish Sankar

very you much. Thank

Sid Rosenblatt

you. Thank

Operator

Thank I the like additional for to question-and-answer or closing session. Rosenblatt Sid program any This back would the you. to concludes remarks. turn

Sid Rosenblatt

Again, you, appreciate interest time night. support today. your We and a your and everybody, your have for everyone, good Thank thank you.

Operator

This concludes call. today’s conference

disconnect. now may You

Universal Display (OLED) 7 May 212021 Q1 Earnings call transcript