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2017 Annual Report to OUR SHAREHOLDERS: Also During the Year, We Saw Some Amazing Examples of the 2017 Was a Stellar Year for Universal Display Corporation

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2017 Annual Report to OUR SHAREHOLDERS: Also During the Year, We Saw Some Amazing Examples of the 2017 Was a Stellar Year for Universal Display Corporation 2017 Annual Report TO OUR SHAREHOLDERS: Also during the year, we saw some amazing examples of the 2017 was a stellar year for Universal Display Corporation. With potential of OLED technology. This included LG Display’s jaw- strong OLED market growth fueled by exciting new consumer dropping 65-inch rollable OLED TV that can roll-up like a poster at electronic products, we achieved record financial results and CES 2018. At SID DisplayWeek 2017, Samsung Display unveiled its entered into numerous, new customer agreements. We doubled awesome 9.1-inch stretchable display that can extend and bend in our UniversalPHOLED® emitter production capabilities at PPG to two directions. With the advent of new form factors and new support our expanding customer base and industry growth. We applications, we believe that the inherent properties of OLEDs are also demonstrated significant R&D breakthroughs, and expanded paving new paths for consumer electronics and lighting growth. the Adesis footprint to support our discovery and development. In 2017, we delivered record financial results across the board. Over the last decade, OLEDs have penetrated over 10% of the Revenues were $336 million, operating income was $146 million, consumer electronics (CE) display market. This, we believe, is just and net income was $104 million, or $2.18 per diluted share. We the beginning of the technology’s promising potential. At Universal ended the year with $435 million in cash and investments. Display, our direction and innovations are built around enabling the Additionally, to reflect expected continued positive cash flow growth of our customers and the OLED industry. We believe that generation and our commitment to returning capital to our proprietary materials and technologies are keys to unlocking shareholders, the Board of Directors approved Universal Display’s the performance, value, and power efficiency of OLEDs. first dividend program. Our talented team of scientists and engineers is continually After a phenomenal year-and-a-half of new OLED capacity discovering and developing new emissive material systems and installations, 2018 is expected to be a year of capacity digestion. technologies, including next-generation reds, greens, yellows, and During this period, a number of OLED panel manufacturers hosts, to meet our customers’ ever-demanding and ever-evolving continue to build new OLED production lines, which are slated to performance needs. We are also making significant advances with begin ramping in 2019. our blue phosphorescent OLED technology. Our novel organic vapor jet printing (OVJP), a mask-less, solvent-less (dry) direct We believe that we are on the right path for long-term growth, printing platform for large-area OLED panels, continues to long-term market leadership and long-term profitability. Since our demonstrate progress toward commercial feasibility. inception in 1994, we have invested over half a billion dollars to advance our company from a start-up to a leading player in the In 2017, we announced new, long-term agreements with BOE global OLED ecosystem. Through these 20+ years, we have Technology. We also reported new customer agreements with accumulated an extraordinary wealth of knowledge and know-how, Japan Display, EverDisplay Optronics, and Royole. In early 2018, we further expanded our broad and deep IP matrix, and built-up our executed new long-term agreements with Samsung Display, and R&D prowess to innovate, develop and deliver new materials and also reported new agreements with Sharp and Govisionox. We technologies to our customers. Fortifying our innovation engine are believe that our expanding customer base is further confirmation of our operational flexibility and ability to scale our proprietary the OLED industry’s commercial momentum. phosphorescent OLED technology from invention to mass production. To prepare for industry growth, we approximately doubled our phosphorescent OLED production capacity in Barberton, Ohio with In summary, with our extensive experience, unwavering focus on our longstanding partner, PPG Industries. Our contract research innovation and execution, and expanding OLED product portfolio of organization unit, Adesis, purchased its New Castle, Delaware new materials and technologies, we are, and believe that we will building, and opened a new suite of labs in Wilmington, Delaware. continue to be, well-positioned to deliver the most energy-efficient, high performance and cost-effective emissive layer solutions to our The adoption of bright, beautiful, brilliant OLED displays continues. customers and partners. As OLED proliferation continues in the For the first time, Apple designed an OLED into its stunning, display and lighting markets and additional capacity is built to serve flagship smartphone, the iPhone X. Samsung also introduced its these markets, we believe that Universal Display is poised to new Galaxy S9. DisplayMate called the S9’s OLED panel the “most leverage these vast opportunities into top and bottom-line growth. innovative and high performance smartphone display” it has ever tested. On the other end of the CE display spectrum, LG Display We thank our employees around the world for their steadfast shipped an impressive 1.7 million OLED TVs in 2017, and has commitment and drive. To our customers and partners, we thank announced that it expects 2018 shipments to grow by you for collaborations that continue to engender a marvelous array approximately 50% to between 2.5 and 2.8 million OLED TVs. of design possibilities that are transforming the display and lighting Demand for these leading-edge OLED displays is, in turn, fueling a landscapes. And to our shareholders, we thank you for your multi-year capex growth cycle. continued support as we execute on our strategy and deliver on our vision. OLED lighting development activity continues. The compelling benefits of OLED lighting include high-power efficiency, novel and innovative form factors, beautiful natural colors and cool operating temperatures. In December 2017, LG Display announced that it Sherwin I. Seligsohn Steven V. Abramson commenced mass production at the world’s first Gen 5 OLED Founder & Chairman of the Board President & Chief Executive Officer lighting fab. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2017 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ___________ Commission File Number 1-12031 UNIVERSAL DISPLAY CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 23-2372688 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 375 Phillips Boulevard, Ewing, New Jersey 08618 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (609) 671-0980 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Common Stock, $0.01 par value The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company 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. Yes ☐ No ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant computed by reference to the closing sale price of the registrant’s common stock on the NASDAQ Global Market as of June 30, 2017, was $4,523,257,539. Solely for purposes of this calculation, all executive officers and directors of the registrant and all beneficial owners of more than 10% of the registrant’s common stock (and their affiliates) were considered affiliates. As of February 20, 2018, the registrant had outstanding 47,050,527 shares of common stock.
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