On this page of StockholderLetter.com we present the latest annual shareholder letter from UNIVERSAL DISPLAY CORP PA — ticker symbol OLED. Reading current and past OLED letters to shareholders can bring important insights into the investment thesis.

 •  4/25/2024 Letter Continued (Full PDF)
 •  4/20/2023 OLED Stockholder Letter
 •  More "Electronic Equipment & Products" Category Stockholder Letters
 •  OLED Benford's Law Stock Score = 82

OLED Shareholder/Stockholder Letter Transcript:

2023
Annual Report

TO OUR SHAREHOLDERS:
applica ons while suppor ng our customers    sustainability
ini a ves, driving growth for UDC and the OLED industry.
2023 was a significant year for our Company. We con nued to
bolster our leadership posi on at the forefront of energye   cient OLED material solu ons and best-in-class enabling
OLED technologies. In an OLED market forecasted to grow to
$46 billion in 2024, our materials and technology can be found
in virtually every OLED consumer electronics device around the
world. We made excellent progress in advancing our key R&D
ini a ves, enhanced our strong partnerships, and built upon our
corporate culture of inven veness, ingenuity and imagina on.
We also laid addi onal groundwork designed to be er support
our customers and the growth poten al of the OLED industry
we see in the years ahead. During the year, we:
We also con nue to advance OVJP (organic vapor jet prin ng),
our novel, maskless, dry prin ng pla orm. Last summer, we
announced a cri cal milestone with the world   s first fully
printed, high resolu on, RGB (red, green and blue) side-by-side
PHOLED stack with comparable performance to vacuum thermal
evapora on. We believe that this achievement posi ons OVJP
to be a complete deposi on solu on for OLED TVs. Prin ng all
the layers (red, green and blue PHOLED, prime and common
layers) with OVJP is expected to pave the way for faster
throughput, smaller footprint and cost-e   ec ve manufacturing
for OLED TVs.
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The Long Growth Path Ahead
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Announced new long-term, mul -year agreements with
BOE Technology Group and an OLED evalua on agreement
with Seiko Epson.
Celebrated the grand opening of our new manufacturing
site in Shannon, Ireland, which is designed to produce red,
green and blue phosphorescent emissive materials.
Strengthened our global IP framework with the acquisi on
of Merck KGaA   s phosphorescent emi er por olio of more
than 550 patents in 172 patent families.
Our 2023 revenue was $576 million, opera ng income was $217
million and net income was $203 million, or $4.24 per diluted
share. While so consumer spending in the smartphone and
premium TV markets tempered our financial results, we
remained steadfast in our commitment to excellence and the
pursuit of our vision.
UDC also received numerous recogni ons that are a testament
to our work, our people and what we have built together. We
were named to the Wall Street Journal   s list of Best-Managed
Companies, which is based on five dimensions of corporate
performance: customer sa sfac on, employee engagement and
development, innova on, social responsibility, and financial
strength. We were named to Newsweek   s 2024 list of America's
Greenest Companies, awarded a Silver ra ng for corporate
social responsibility from EcoVadis and recognized for the fourth
consecu ve year by the Forum of Execu ve Women for Board
Diversity.
Advancing Our Materials & Technologies
Energy e   ciency and sustainability are key founda onal
elements of UDC   s core competencies. Our patented and awardwinning phosphorescent OLED technology and
UniversalPHOLED   materials enhance the performance of
displays and ligh ng products     providing significant power
savings advantages     for longer ba ery opera on in portable
electronics and less energy consump on in larger displays and
ligh ng products. In addi on to the con nuous genera on-togenera on improvements in our red and green phosphorescent
emissive materials, the forthcoming introduc on of our
phosphorescent blue into the commercial market is expected to
further increase energy e   ciency and translate into added
power savings, longer ba ery life, brighter displays, and lower
panel temperatures. We believe that our broadening
phosphorescent por olio will enable new product designs and
We believe that the future is brighter than ever for our
Company. We see momentum accelera ng across the consumer
electronics landscape, from the commencement of an OLED IT
adop on cycle to further OLED penetra on in the smartphone
market, including the rise of foldables, OLED TV growth, the
burgeoning OLED automo ve market as well as AR/VR,
wearables, gaming and signage. From an OLED capacity
standpoint, the prolifera on of OLEDs in these diverse market
ver cals is expected to drive increased u liza on rates and
prompt new OLED capacity to be built. With the OLED industry
con nuing to gain trac on with new products, new capacity,
and new adopters, we believe that the industry is embarking on
an exci ng, new mul -year capital expenditure cycle.
With strong prospects for growth ahead, we will con nue to
seize opportuni es that make us stronger and invigorate our
global team. We believe that we are well posi oned for longterm market leadership and long-term profitability in the
growing OLED market. With our extensive experience and
unwavering focus on innova on and execu on, we con nuously
push boundaries to redefine what is possible and forge paths
that drive forward breakthroughs and advance our
phosphorescent material and OLED technology roadmaps;
cul vate and nurture an environment of inven veness,
integrity, inclusion and collabora on; and build on our robust
first-mover posi on. As we approach the 30th anniversary of
our Company   s founding this year, we are excited to reach even
greater heights in the future and con nue to make a las ng
impact in the OLED industry.
In closing, I thank our excep onal global UDC team for their
drive, desire, dedica on and heart that elevate and shape
Universal Display   s unending accomplishments and
advancements. To our customers and partners, thank you for
the collabora ons that create bright, beau ful and brilliant
products for displays and ligh ng. And to our shareholders,
thank you for your con nued support as we deliver on our
vision of turning innova on into reality.
Steven V. Abramson
President & Chief Execu ve O   cer



 4/25/2024 Letter Continued (Full PDF)