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Technology Stocks : OLED Universal Display Corp
OLED 233.62-3.0%Apr 12 3:59 PM EDT

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From: slacker7112/27/2021 9:17:03 AM
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Some random things I found interesting from the 10k.

sec.gov

There are filings that indicate the SEC told UDC to be give more details on their changes in material revenues so we can now track material volumes and ASP's. A very welcome change.


Revenue

Our total material sales were $229.7 million for the year ended December 31, 2020, as compared to $243.4 million for the year ended December 31, 2019, a decrease of 6% with a commensurate decrease in unit material volume of 3%. The decrease in material sales was due to the impact that the COVID-19 pandemic had on the global demand of OLED products utilizing our emitter material primarily during the second quarter of 2020. During the second half of 2020, OLED market conditions improved with our material sales demand returning to levels as those experienced prior to the pandemic as our customers’ demand cycles ramped up in preparation of new generations of mobile phones as well as the continued expansion in the OLED television market. Even though we believe we have experienced the worst effects of the COVID-19 pandemic, we remain uncertain as to the possibility of its re-emergence and corresponding negative impact on OLED market demand.





Green emitter sales for the year ended December 31, 2020, which include our yellow-green emitters, were $177.8 million as compared to $189.4 million for the year ended December 31, 2019 with unit material volumes decreasing by 2%.






Red emitter sales for the year ended December 31, 2020 were $51.0 million as compared to $53.2 million for the year ended December 31, 2019 with unit material volumes decreasing by 6%.



.................................................................................................................................

The BOE and CSOT licenses appears to be different than the ones with Tianma and Visionox. Maybe they continue to roll the royalties into the materials prices for BOE and CSOT?

In 2016, we entered into long-term, multi-year OLED patent license and material purchase agreements with Tianma Micro-electronics Co., Ltd. (Tianma). Under the license agreement, we have granted Tianma non-exclusive license rights under various patents owned or controlled by us to manufacture and sell OLED display products. The license agreement calls for license fees and running royalties on Tianma’s sales of licensed products. Additionally, we supply phosphorescent OLED materials to Tianma for use in its licensed products.

In 2017, we entered into long-term, multi-year agreements with BOE Technology Group Co., Ltd. (BOE). Under these agreements, we have granted BOE non-exclusive license rights under various patents owned or controlled by us to manufacture and sell OLED display products. We also supply phosphorescent OLED materials to BOE for use in its licensed products.

In 2018, we entered into long-term, multi-year OLED patent license and material purchase agreements with Visionox Technology, Inc. (Visionox). Under the license agreement, we have granted Visionox non-exclusive license rights under various patents owned or controlled by us to manufacture and sell OLED display products. The license agreement calls for license fees and running royalties on Visionox’s sales of licensed products. Additionally, we supply phosphorescent OLED materials to Visionox for use in its licensed products.

In 2019, we entered into an evaluation and commercial supply relationship with Wuhan China Star Optoelectronics Semiconductor Display Technology Co., Ltd. (CSOT). In 2020, we entered into long-term, multi-year agreements with CSOT. Under these agreements, we have granted CSOT non-exclusive license rights under various patents owned or controlled by us to manufacture and sell OLED display products. We also supply phosphorescent OLED materials to CSOT for use in licensed products.

...............................................................................

Inventory went up by ~$27m YoY with $21m of that in raw materials. Some of that could simply be an increase in raw material prices YoY.





December 31,







2020





2019



Raw materials



$

46,843





$

25,920



Work-in-process





9,904







7,987



Finished goods





34,844







30,046



Inventory



$

91,591





$

63,953





............................................................................

The unfunded pension went up by $27.4m to a total of $78.5m owed to 7 individuals. Utter insanity.
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