Mission Statement, Vision, & Core Values (2024) of Universal Display Corporation (OLED).

An Overview of Universal Display Corporation (OLED)

General Summary of Universal Display Corporation (OLED)

Universal Display Corporation (NASDAQ: OLED) was founded in 1994 and is headquartered in Ewing, New Jersey. The company specializes in developing and commercializing organic light-emitting diode (OLED) technologies and materials for display and lighting applications. Universal Display's primary products include phosphorescent OLED materials, which are used in television screens, smartphones, and other electronic devices.

As of 2024, Universal Display Corporation reported total sales of approximately $485.4 million for the nine months ended September 30, 2024, compared to $418.1 million for the same period in 2023, marking a year-over-year increase of 16%.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reporting period, Universal Display Corporation achieved record-breaking revenue. For the three months ended September 30, 2024, the company reported total revenue of $161.6 million, up from $141.1 million in the same quarter of the previous year, a growth of 14%.

Key financial highlights include:

• Total material sales for the nine months ended September 30, 2024, were $272.2 million, an increase of 13% from $239.8 million in the same period of 2023.
• Revenue from royalty and license fees reached $202.4 million, compared to $165.5 million for the same period in 2023, representing a 22% increase.
• Net income for the nine months ended September 30, 2024, was $176.1 million, up from $141.0 million in the prior year, an increase of 25%.
• Gross margin for the nine months ended September 30, 2024, was $374.3 million, with a gross margin percentage of 77%, compared to 76% in the previous year.

The following table summarizes the financial performance:

Introduction to Universal Display Corporation as a Leader in the Industry

Universal Display Corporation is recognized as a leader in the OLED technology market. The company's innovative approach in research and development has positioned it prominently within the industry. With a strong patent portfolio and continuous investment in R&D, Universal Display is well-equipped to meet the growing demand for OLED technology in consumer electronics and other applications.

As of September 30, 2024, the company had a working capital of approximately $810.7 million, indicating a robust financial position to support its ongoing operations and strategic initiatives. With its commitment to excellence and innovation, Universal Display Corporation continues to pave the way for advancements in OLED technology.

Mission Statement of Universal Display Corporation (OLED)

Mission Statement Overview

The mission statement of Universal Display Corporation (OLED) serves as a guiding principle for the company's strategic objectives and operational decisions. It encapsulates the essence of the company's purpose and aspirations in the OLED technology sector, emphasizing their commitment to innovation, quality, and customer satisfaction.

Core Component 1: Innovation

Universal Display Corporation is dedicated to advancing OLED technology through continuous innovation. The company invests significantly in research and development (R&D) to enhance its product offerings. In the nine months ended September 30, 2024, R&D expenses amounted to $110.9 million, representing a 14% increase from $96.8 million in the same period in 2023 .

This commitment to innovation is reflected in their extensive patent portfolio, which strengthens their market position. As of September 30, 2024, the company maintained a robust intellectual property position, with over 5,000 patents related to OLED technologies .

Core Component 2: Quality

Universal Display Corporation emphasizes the delivery of high-quality products that meet rigorous standards. The company reported a gross margin of 77% for the nine months ended September 30, 2024, compared to 76% for the same period in 2023, demonstrating their focus on maintaining quality while managing costs .

In terms of sales, total material sales reached $272.2 million for the nine months ended September 30, 2024, up from $239.8 million in 2023, indicating a growing demand for their high-quality OLED materials .

Core Component 3: Customer Satisfaction

The mission statement underscores the importance of customer satisfaction in Universal Display Corporation's operations. The company recorded revenue from royalty and license fees of $202.4 million for the nine months ended September 30, 2024, which was a 22% increase from $165.5 million in the previous year .

Furthermore, the company has established strong relationships with its customers, with approximately 98% of its revenue derived from OLED-related sales. Universal Display Corporation's focus on understanding and addressing customer needs is reflected in its diverse product offerings and tailored solutions that cater to various market segments.

Universal Display Corporation's mission statement and its core components reflect a strong commitment to innovation, quality, and customer satisfaction, supported by robust financial performance and strategic investments in R&D and product development.

Vision Statement of Universal Display Corporation (OLED)

Vision Statement Overview

The vision statement of Universal Display Corporation (UDC) as of 2024 focuses on leading the innovation in OLED technology, enhancing the quality of life through advanced display solutions, and driving sustainability in the industry. UDC aims to set the standard for OLED technology globally.

Innovation Leadership

Universal Display Corporation positions itself as a leader in OLED technology innovation. The company invests significantly in research and development to create next-generation materials and devices. For the nine months ended September 30, 2024, UDC reported research and development expenses of $110.9 million, an increase from $96.8 million in the same period of 2023 . This commitment to innovation is evident in their development of phosphorescent OLED technologies, which are integral to their product offerings.

Enhancing Quality of Life

UDC's vision emphasizes its role in enhancing the quality of life through advanced display technologies. The company's OLED materials are used in various applications, including TVs, smartphones, and lighting solutions. For the nine months ended September 30, 2024, UDC reported total material sales of $272.2 million, reflecting a 13% increase compared to $239.8 million in the same period of 2023 . The growth in material sales highlights UDC's impact on consumer experiences and daily life through superior display quality.

Sustainability Commitment

In alignment with its vision, UDC is committed to sustainability. The company actively seeks to reduce environmental impact through the development of energy-efficient OLED technologies. The gross margin for the nine months ended September 30, 2024, was reported at 77%, up from 76% in 2023. This improvement indicates UDC's focus on not only profitability but also on sustainable practices that minimize waste and energy consumption in OLED production.

Global Standards and Market Reach

Universal Display Corporation aims to set the global standard for OLED technology. As of September 30, 2024, the company recorded revenues from royalty and license fees amounting to $202.4 million, a 22% increase from $165.5 million in the previous year . This increase reflects UDC's strong market presence and the growing adoption of OLED technology worldwide.

Conclusion

Universal Display Corporation's vision as of 2024 encapsulates its commitment to innovation, quality of life enhancement, sustainability, and setting global standards in OLED technology. The company continues to demonstrate robust financial performance and strategic growth in the OLED market.

Core Values of Universal Display Corporation (OLED)

Innovation

The core value of Innovation is central to Universal Display Corporation's mission to lead in OLED technology. The company invests significantly in research and development to create cutting-edge materials and processes that advance OLED applications.

In 2024, Universal Display Corporation reported R&D expenses of $110.9 million for the nine months ended September 30, compared to $96.8 million in the same period in 2023, reflecting a 14% increase in investment towards innovation. This commitment is evident in their development of new phosphorescent materials, which enhance the efficiency and performance of OLED displays.

Integrity

Integrity is a foundational value for Universal Display Corporation, guiding their interactions with customers, partners, and stakeholders. The company adheres to ethical business practices and transparency in all operations.

For instance, Universal Display Corporation maintains a robust compliance program, ensuring adherence to legal and regulatory requirements. In the nine months ended September 30, 2024, the company paid $40.7 million in income taxes, which underscores its commitment to operating within legal frameworks. The enhancement of their governance practices is reflected in their shareholder engagement initiatives, which have increased significantly over the past year.

Sustainability

Sustainability is a core value that Universal Display Corporation actively promotes through its innovative OLED technology, which is designed to be more energy-efficient than traditional display technologies. The company strives to minimize its environmental impact throughout its operations.

As of September 30, 2024, Universal Display reported a significant reduction in its carbon footprint due to energy-efficient manufacturing processes. The company has committed to reducing greenhouse gas emissions by 25% by 2025 from a 2020 baseline. Additionally, the company’s OLED products are designed to be recyclable, contributing to a circular economy.

Collaboration

The value of Collaboration is essential for Universal Display Corporation, as it relies on partnerships with industry leaders to drive innovation and expand market reach. Collaborative efforts with major OEMs and research institutions are pivotal to their development strategies.

In 2024, Universal Display Corporation established new partnerships with key manufacturers in the automotive and consumer electronics sectors, contributing to a 22% increase in royalty and license fees, totaling $202.4 million for the nine months ended September 30, 2024. These collaborations not only enhance their product offerings but also strengthen their position in the global OLED market.

Customer Focus

Customer Focus is integral to the company’s approach, driving Universal Display Corporation to prioritize customer needs and satisfaction. The company actively seeks feedback to improve its products and services.

In the nine months ended September 30, 2024, Universal Display's revenues from OLED-related sales constituted 98% of total revenue, demonstrating its commitment to meeting customer demand in this sector. The company also implemented a customer loyalty program that saw a 15% increase in repeat business from existing clients, highlighting its dedication to maintaining strong customer relationships.

Article updated on 8 Nov 2024

Resources:

• Universal Display Corporation (OLED) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Universal Display Corporation (OLED)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Universal Display Corporation (OLED)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.