来源：半导体风向标
标题：UDC公司2020年股东大会交流纪要
公司名称：UniversalDisplay Corporation (NASDAQ:OLED)
会议时间：2020年6月18日
大家下午好，欢迎参加Universal Display Corporation的2020年度股东大会。感谢您通过网络广播加入我们的虚拟会议，希望大家一切都好。这是我们第一次在不同地点线上召开年度会议。因此，如果您遇到任何技术问题，我们感谢您的理解。
今天，我们将按照公司年会通知、委托书和行为守则中规定的方式进行会议的正式工作。上述文件的链接已经在年会网站上发布。我们打算根据这些文件进行这次会议。接下来，我将简要介绍一下公司，然后将在可能的情况下，尽力回答股东提出的问题。
现在，我想正式开启本次会议的业务部分。在本次会议上要进行的民意调查的投票渠道已经开放，并将一直开放到本次会议的业务汇报部分结束为止。尚未投票或希望更改投票记录的股东，现在可以按照年度会议网站上的指示进行投票。请注意，如果您已经投票并且不想更改投票，则无需在此处再次投票。
今天加入我们会议的包括UDC董事会和公司高管的成员。如上所述，我是UniversalDisplay Corporation的董事，总裁兼首席执行官Steve Abramson。公司董事会的其他执行委员是； SherwinSeligsohn，我们的创始人兼董事会主席，Sidney Rosenblatt，执行副总裁，首席财务官，司库和公司秘书。
我们的独立董事会成员是辛西娅·卡帕林（Cynthia Comparin），辛西娅（Cynthia）于1月加入董事会；理查德·埃里亚斯；贝丝·格米尔；基思·哈特利（Keith Hartley），西莉亚·约瑟（Celia Joseph）。 Celia和拉里·拉瑟特（Larry Lacerte）也于1月加入董事会。来自公司执行管理团队的是高级副总裁朱莉·布朗博士和我们的首席技术官。我们的材料供应业务副总裁兼总经理Janice Mahon；专利和许可的副总裁，法律和总经理Mauro Premutico。业务发展副总裁Mike Hack博士也应邀参加了会议。
另外，我想介绍以下也在线的个人。毕马威（KPMG）的Joseph Joseph，Elizabeth Kane和MikeLinter（该公司的独立注册公共会计师事务所）；贾斯汀（Justin）摩根·刘易斯（MorganLewis）和博克乌斯（Bockius）的董事长，该公司的外部法律顾问；由BroadridgeFinancial Services任命的American Election Services LLC的Christopher J. Woods担任我们的选举检查员和代理制表人。
该公司已收到由Broadridge Financial Services的代表签署的宣誓书，该代表是选举检查和代理制表商，该会议的通知以及相关的代理年度报告材料已于2020年4月23日邮寄或提供给股东。根据Broadridge的誓章，应及时并适当地通知本次会议。根据选举检查员提供的信息，今天亲自出席或通过代表出席会议和业务交易的股东符合法定人数。
我们今天开会，对公司的委托书中描述的建议进行投票。第一项是选举代理声明中列出的九名董事候选人，每人任期一年。提醒一下，提名人是宣威·塞利格森，西德尼·罗森布拉特，辛西娅·科帕林，理查德·C·埃里亚斯，伊丽莎白·H·吉姆米尔，基思·哈特利，西莉亚·M·约瑟夫，劳伦斯·拉卡斯特和我，史蒂文五世。艾布拉姆森，在最终提名中。代理声明中包括每位被提名人的简历，董事会建议对九名董事被提名人进行表决。
第二项业务是对我们指定的执行官的薪酬进行咨询性的非约束表决，如委托书所述。我们认为这次投票是建议性的，因为结果对公司没有约束力。但是，公司董事会和薪酬委员会打算在将来就高管薪酬安排做出决定时考虑此次表决的结果。董事会建议对该提案进行投票。
第三项业务是批准公司审计委员会任命毕马威会计师事务所（KPMG LLP）为公司截至2020年12月31日止年度的独立审计师。董事会建议对此提案进行表决。想投票的个人现在请投票。
由于会议之前没有其他事务要进行，因此民意调查现已关闭。我收到了选举检查员关于投票结果的初步报告。我很高兴地报告，今天进行表决的每个提案都已通过必要的表决。选举检查员将在会议后提供最终的投票证明书。该报告将成为本次会议记录的一部分，并且预计不会影响我今天宣布的投票结果。在接下来的几天中，我们将以8-K表格的形式将今天会议的详细投票结果报告给证券交易委员会。会议的正式部分到此结束。我现在宣布此前休会的2020年股东大会正式开始。
现在，让我回顾2019年并提供公司的简短报告，并且分享我们对公司业务的看法。请花一点时间查看我们的安全港声明。为此，我们付给律师很多钱。在演讲过程中以及进行任何问答时，本人或其他公司管理层可以发表前瞻性陈述，该陈述在1995年《私人证券诉讼改革法案》中被定义与未来的事件或结果相关的报告。这些陈述受到许多重大风险和不确定性的影响，我们的实际结果可能存在重大差异。这些风险和不确定性在提交给SEC的公司定期报告中进行了讨论，任何考虑对公司证券进行任何投资的人都应参考这些风险和不确定性。
世界仍在努力应对COVID-19，应对公共卫生危机。在这些极具挑战性的时代，我们能够确保员工安全，维持业务运营并继续执行战略增长计划。我们的主要重点仍然放在员工、客户、合作伙伴和社区的安全和福祉上。在第一季度，我们启动了危机管理和业务连续性计划。根据我们的危机管理计划，我们实施了保护员工的措施，其中包括修改工作安排。在我们的设施中，我们遵守地方，国家和全球卫生部门的建议，以保持健康和安全的工作环境。我们已启动了业务连续性计划，以确保我们有能力继续进行我们的研发计划、为客户制造并交付我们的高效节能、高性能通用PHOLED材料。在此幻灯片中，您将看到我们的一些员工如何适应家庭中的新工作结构以及办公室中的社交距离的快照。
就我们的财务状况而言，智能手机、电视和可穿戴设备中OLED的持续增长，以及IT和汽车市场的早期商业发展，正推动OLED需求和投资增长，进而帮助我们在整个OLED领域取得创纪录的业绩。2019年的收入为4.05亿美元，营业利润为1.58亿美元，净利润为1.38亿美元，稀释后每股收益2.92美元。此幻灯片显示了非GAAP措施的对帐。有关更多信息，请参阅我们的SEC文件。我们有两个主要的收入驱动因素：材料和特许使用费。如果查看我们的收入概况，您会发现我们的材料与特许权使用费收入的比率介于1.5：1和2：1之间。
转到第7页，显示行业由大约十二个面板制造商组成。我们的前三名客户代表全球前三名OLED显示面板制造商。随着更多的OLED投资和新的OLED产能的建立，我们希望客户群进一步多样化。在现金方面，我们在2019年底拥有6.46亿美元的现金、现金等价物、短期投资和每股摊薄股份13.74美元的现金。凭借稳健的资产负债表和在长期OLED增量市场中的强势地位，我们打算继续通过股息计划将资本返还给股东。
在显示器中，采用OLED的OEM数量和OLED产品的数量都在增加。根据2019年的市场研究数据，OLED已渗透到智能手机市场的约三分之一，IT市场的1％和电视市场的1.4％。而且，AR / VR可穿戴设备和汽车市场存在新的和不断扩展的机会。近期来看，COVID-19大流行给市场带来了不确定性。 MDR市场研究（正式IHS）于4月发布的市场预测不能完全反映当前公共卫生危机的影响。
由于围绕消费者环境和宏观经济环境的巨大不确定性，近期需求可预见性不明确，因此我们在上个月的第一季度财报电话会议上撤回了2020年指导。长期来看，我们认为OLED的长期增长方向没有改变，并且保持强劲。采用的时间可能会因宏观经济而发生变化。 OLED产能是衡量我们收入机会的一种方式。采用OLED的OEM数量和OLED产品的数量正在增加。随着最终市场的增长，面板制造商将继续投资于新的OLED产能，以支持不断增长的OEM客户群。这种需求动能推动了多年的OLED CapEx增长周期。展望2021年及以后，随着新的OLED容量上线，新的OLED产品推出以及客户的商业化计划不断取得进展，我们预计它将推动OLED市场的发展。
凭借我们的专业知识，经验和广泛的IP架构，我们在全球范围内拥有超过5,000项已发布和正在申请的专利以及来自我们惊人的研发团队的新发明和专利，我们相信我们将保持在OLED生态系统中的领导地位。正如我之前提到的，显示器行业由大约十二家面板制造商组成。这是我们已宣布的客户协议的列表。我只想强调一下，我们与所有顶级显示器厂商（包括三星显示器，LG显示器，京东方，天马，维信诺）都已达成长期协议，而最近的长期协议是与TCL华星达成的。此外，我们与多家照明面板制造商签订了长期协议。
我们的核心竞争力是磷光技术和材料。如本幻灯片所述，UDC专有的磷光技术的发现是OLED行业的重大突破。UDC的效率比传统的荧光OLED材料高出四倍，被证明具有专利和屡获殊荣的磷光OLED技术以及通用PHOLED材料可实现OLED显示器和照明的低功耗。我们的重点仍然是站在领先的OLED技术和磷光材料的最前沿。
我们的科学家和工程师团队正在不断发明，开发和提供下一代发光材料系统和技术，包括新的红色，绿色，黄色和主体，以满足不断变化和发展的客户规范，满足各种消费应用的需求。关于蓝色，我们在商业磷光蓝色发射系统的正在进行的开发工作中继续取得卓越进展。我们的目标是交付所有磷光OLED堆栈，从而在所有规格下实现更高的能源效率和高性能。
在显示器领域，OLED的开发和商业化正在整个消费电子市场中加速发展，其中包括排名前三的OEM均在其高端产品线中都使用OLED的智能手机。在电视领域，2019年全球约有50家OLED电视制造商在使用LG显示面板。今年，另外四个新的OEM（华为，小米，Vizio和Sharp）将推出OLED电视型号，从而进一步拓宽OLED电视播放器的领域和产品。为了展示OLED电视为何如此出色，请观看LG的这段视频。
如果有人拥有几台OLED电视，那么他们的确是世界上最好的电视。现在转向可穿戴设备。因为可穿戴设备市场是OLED的首选显示器，这是因为它们的厚度和在塑料上制造的适应性。在IT市场中，我们开始在笔记本电脑市场中看到OLED产品，包括Dell XPS 15，GIGABYTE Aero15W，HP Spectre x360，Alienware M15和Razer Blade 15，以及新平板电脑，例如Samsung GalaxyTab 6。是什么促使人们对OLED和IT产生兴趣？正如三星过去所指出的那样，AMOLED显示器不仅因其出色的色彩还原能力而闻名，而且还因其具有低功耗，超薄边框和更薄的灯光设计而闻名。他们还知道，AMOLED面板通过增强针对高分辨率游戏和图形内容的移动性和无缝流传输功能，可为笔记本电脑提供最佳的显示规格。
消费电子行业的新兴焦点是外形尺寸。我们预计塑料OLED生产的增加将带来新的设计可能性。从顺应性，可折叠性到可卷曲性，OLED是目前唯一能够在商业上实现这些令人兴奋、具有突破性的外形尺寸的显示技术。在未来的几年中，新的思想，新的概念和新的产品有望展示OLED可能带来的无穷可能性。现在，这是三星提供的简短有趣的视频，展示了可折叠OLED的出色表现。
就个人而言，我喜欢我的Galaxy Fold，它具有智能手机和迷你平板电脑二合一产品的实用性和便携性。现在进入VR空间。我们在虚拟现实市场中看到了OLED，突出了OLED快速刷新，高对比度和宽色域的优势。OLED照明开发活动仍在继续。 OLED照明的显着优势包括高功率效率，新颖创新的外形，美丽的自然色彩和凉爽的工作温度。以下是一些来自Acuity Brands的新颖OLED照明产品以及使用OLED工作面板的OLED照明器材。
除了主流的消费市场，我们也看到汽车市场的使用兴趣在增长。不仅用于尾灯、室内照明和指示灯等OLED照明应用，还用于显示器。OLED尾灯汽车制造商的主要优势之一是其外形尺寸和创造新颖设计的能力。被采用的对象包括奥迪，宝马和梅赛德斯·奔驰，并且显示出OLED的一些优势，包括高对比度（意味着更少的眼睛疲劳），宽色域（意味着自然的饱和一致颜色），低温快速响应时间，这意味着您在使用LCD和灵活的显示屏设计时不会遇到极端寒冷的情况，这不仅意味着您可以制造出便携式显示屏，而且还可以制造出与塑料外壳形状相符的坚固耐用的显示屏汽车。
第一辆具有全彩内部OLED显示屏的汽车是2021年的凯迪拉克Escalade。OVJP有机蒸气喷射印刷是一种无掩模，无溶剂，干法直接印刷OLED的新颖制造工艺。我们认为，OVJP有潜力彻底改变大面积OLED电视面板的制造。尽管距离商用OVJP系统还有几年的时间，但我们对我们所取得的进展以及三腔室全彩试点系统所实现的关键研发里程碑感到满意。UniversalDisplay成立于1994年，最初是一家新泽西州的研发公司。现在，我们是一家全球公司，总部位于新泽西州的尤因，在全球设有办事处，包括中国台湾，中国香港，韩国，日本，中国大陆，爱尔兰和全资子公司Adesis位于特拉华州新城堡。
去年，我们通过增加本地技术支持扩大了在亚洲的业务，以满足客户不断增长的需求，包括在韩国和香港的新公司和实验室设施，用于与客户进行设备制造和测试的最先进的PHOLED应用中心和合作伙伴。同样在2019年，我们宣布成立[UDC] Ventures，这是一家位于曼哈顿中城的企业风险投资机构。本周早些时候，我们宣布了与PPG的20年合作里程碑，PPG是我们专有的磷和OLED材料的独家制造商。我们的通用PHOLED发射器是由PPG宾夕法尼亚州门罗维尔市和俄亥俄州巴伯顿市的工厂生产的。
总之，Universal Display是不断增长的OLED市场的开拓者。我们拥有创新引擎，以及对卓越运营，敏捷性和灵活性的承诺，以推动磷光材料的最新OLED技术的持续开发和商业化。我们感谢我们全球的员工在提升和塑造UniversalDisplay的成就和进步方面所付出的动力，渴望，奉献精神。对于我们的客户和合作伙伴，我们感谢您的合作，这些合作继续带来我们各种各样的设计可能性，这些可能性正在改变显示和照明领域。对于我们的股东，我们感谢您在我们执行战略以实现愿景时所给予的持续支持。
至此，我们现在进入问答环节。我们将在年度会议网站上处理股东在会议期间提出的问题和意见。请注意，我们将尝试在时间允许的范围内回答尽可能多的问题，但是只会回答与公司业务或会议相关的问题。
通过不断地寻求为我们的高级管理人员团队增添非凡的人才，我们相信我们未来拥有一支优秀而深厚的人才团队。此外，我们还收到了与我们的蓝色发射器有关的问题。至此，我要说的是，由于我们正在取得重大的研发进展，我们对开发商用磷光蓝光发射系统的信心继续增长。目前，我们有大约100人在Blue上工作。我们认为，商业化的Blue只是时间问题，而不是是否能实现的问题。但是，在达到最初的商业规格之前，我们不打算提供具体细节。
由于列表中没有其他问题或意见，我现在宣布本次2020年年度股东大会闭幕。感谢今天所有人在这个前所未有的时代加入我们，我请您保持安全。如果您有任何后续问题，请随时通过investor@oled.com与负责投资者关系的部门联系。我要感谢公司所有董事，高管和合作伙伴加入我们，也感谢所有股东出席今天的会议以及对UniversalDisplay Corporation的一贯支持。
纪要原文：
UniversalDisplay Corporation (NASDAQ:OLED) 2020 Annual Meeting ofShareholders June 18, 2020 2:00 PM ET
Company Participants
Steve Abramson - Director, President and Chief Executive Officer
Sherwin Seligsohn - Founder and Chairman of the Board
Sidney Rosenblatt - Executive Vice President, Chief FinancialOfficer, Treasurer and Secretary
Cynthia Comparin - Independent Board Member
Richard Elias - Independent Board Member
Beth Gemmill - Independent Board Member
Keith Hartley - Independent Board Member
Celia Joseph - Independent Board Member
Larry Lacerte - Independent Board Member
Julie Brown - Senior Vice President and our Chief TechnicalOfficer
Janice Mahon - Vice President and General Manager, Material SupplyBusiness
Mauro Premutico - Vice President, Legal and General Manager,Patents and Licensing
Mike Hack - Vice President of Business Development
Operator
Hello, and welcome to the 2020 Annual Meeting of Shareholders ofUniversal Display Corporation. Please note that today's meeting is beingrecorded and will be available online after the meeting. We ask you not torecord the meeting. At the end of the meeting we will have aquestion-and-answer session. Shareholders of records who are attending thismeeting with a valid 16 digit control number may submit questions or comments.For our shareholders to ask a question or submit a comment, please click on theask a question button on your screen. Please include your name and ifapplicable, your company affiliation when doing so. And out of considerationfor others, please limit yourself to one question or comment. Questions on thesame topic or that are otherwise related, maybe groped, summarized and answeredtogether. Only those questions related to the official business of the companyor the meeting will be answered as time permits.
It is now my pleasure to turn today's meeting over to SteveAbramson, Director, President and Chief Executive Officer of Universal Display.Mr. Abramson, please go ahead.
Steve Abramson
Thank you. Good afternoon, everyone. Andwelcome to Universal Display Corporation's 2020 Annual Meeting of Shareholders.Thank you for joining our virtual meeting via webcast, and I hope that you haveall been well. This is the first time we are conducting our annual meetingvirtually and from separate locations. So, we appreciate your understanding ifwe run into any technical hiccups.
Today, we will conduct the formal business ofthe meeting as set forth in the company's notice of annual meeting and proxystatement and rules of conduct. Links to which are posted on the annual meetingWeb site. It is our intention to conduct this meeting in accordance with thesedocuments. Following that, I will give a brief presentation on the company andI will then do my best to answer questions from shareholders as appropriate andas time permits.
Now, I'd like to formally open the businessportion of this meeting. The polls for the items to be voted on at this meetingare open and will remain open until the end of the business portion of thismeeting. Shareholders of record who have not already voted or who wish tochange their votes may do so now by following the instructions on the annualmeeting Web site. Please note that if you've already voted and do not wish tochange your vote, you do not need to vote again here.
Virtually joining us today are members of theUDC Board of Directors and Company Executives. As mentioned, I'm SteveAbramson, Director, President and Chief Executive Officer of Universal DisplayCorporation. The other executive members of the company's Board are; SherwinSeligsohn, our Founder and Chairman of the Board and Sidney Rosenblatt,Executive Vice President, Chief Financial Officer, Treasurer and Secretary ofthe company.
Our independent Board members are, CynthiaComparin, Cynthia joined the Board in January; Richard Elias; Beth Gemmill;Keith Hartley, Celia Joseph. Celia also joined the Board in January; and LarryLacerte. From the company's executive management team are, Dr. Julie Brown,Senior Vice President and our Chief Technical Officer; Janice Mahon, VicePresident and General Manager of our Material Supply Business; and MauroPremutico, Vice President, Legal and General Manager of Patents and Licensing.Also on the call is Dr. Mike Hack, Vice President of Business Development.
Additionally, I would like to introduce thefollowing individuals who are also virtually present today. Joseph Charles,Elizabeth Kane and Mike Linter, of KPMG, the company's independent registeredpublic accounting firm; Justin Chairman of Morgan Lewis and Bockius, thecompany's Outside Legal Counsel; and Christopher J. Woods from AmericanElection Services LLC, who is appointed by Broadridge Financial Services, toserve as our inspector of elections and proxy tabulator.
The company has received an affidavit signedby a representative of Broadridge Financial Services, which is serving asinspector of elections and proxy tabulator that notice of this meeting alongwith related proxy annual report materials was mailed or made availablebeginning on April 23, 2020 to shareholders of record as of the close ofbusiness on April 3, 2020 our record date. Based on the affidavit fromBroadridge, this meeting is duly called with timely and proper notice. Based onthe information provided by the inspectors of elections, a quorum ofshareholders is present in person or by proxy for the transaction of businessand our meeting today.
We're meeting today to vote on the proposalsdescribed in the company's proxy statement. The first item of business is theelection of the nine director nominees listed in the proxy statement, each tohold a one year term. As a reminder, the nominees are Sherwin I. Seligsohn,Sidney D. Rosenblatt, Cynthia J. Comparin, Richard C. Elias, Elizabeth H.Gemmill, C. Keith Hartley, Celia M. Joseph, Lawrence Lacerte and I, Steven V.Abramson, in the final nominee. Biographies for each of the nominees areincluded in the proxy statement, and the Board recommends a vote for each ofthe nine director nominees.
The second item of business is the advisorynon-binding vote on the compensation of our named executive officers, asdescribed in the proxy statement. We refer to this vote as being advisory,because results are not binding on the company. However, the company's Board ofDirectors and compensation committee intends to consider the results of thisvote in making determinations in the future regarding executive compensationarrangements. And the board recommends a vote for this proposal.
The third item of business is theratification of the company's audit committee’s appointment of KPMG LLP toserve as the company’s independent auditor for the year ending December 31,2020. The Board recommends a vote for this proposal. Anyone wish to cast theirvote please do so now.
Since there is no other business to comebefore the meeting, the polls are now closed. I have the preliminary reportfrom the inspector of elections on the voting results. And I am pleased toreport that each of the proposals voting on today has been approved by therequisite vote. The inspector of elections will provide a final certifiedreport of the votes following the meeting. That report will become a part ofthe record of this meeting, and is not expected to affect the outcome of the votingI announced today. We will report the detailed voting results of today'smeeting on a form 8-K file with the Securities and Exchange Commission in thecoming days. That concludes the formal portion of the meeting. And I nowdeclare our 2020 shareholders meeting formerly adjourned.
Now, let me provide a short report on thecompany as we review 2019 and share our view of the business. Please take amoment to review our safe harbor statement. We pay our lawyers a lot of moneyfor this. During the presentation and any Q&A, I or other companymanagement members may make forward-looking statements as that term is definedin the Private Securities Litigation Reform Act of 1995 related to futureevents or results. These statements are subject to a number of significantrisks and uncertainties, and our actual results may differ materially. Theserisk and uncertainties are discussed in the company's periodic reports filedwith the SEC, and should be referenced by anyone considering making anyinvestment in the company's securities.
The COVID-19 the world is still grapplingwith the public health crisis. In these extraordinarily challenging times, wehave been able to keep our employees safe, maintain our business operations andcontinue our strategic growth programs. Our primary focus remains on the safetyand well being of our employees, customers, partners and community. During thefirst quarter, our crisis management and business continuity plans wereactivated. Under our crisis management plans, we implemented measures tosafeguard our employees, which includes modify work arrangements. And in ourfacilities, we are adhering to the recommendations from local, national andglobal health authorities to maintain a healthy and safe work environment. Ourbusiness continuity plans are mobilized to ensure our ability to continue ourR&D programs and manufacture and ship to customers our energy efficient,high performing universal PHOLED materials. In this slide, you will see asnapshot of how some of our employees are adapting to the new structure of workfrom home and social distancing in the office.
As we look to our financials, the continuedproliferation of OLEDs in smartphones, TVs and wearables, as well as earlycommercial headway into the IT and automotive market, is fueling OLED capacityinvestments and installs, which in turn helped us to achieve record resultsacross the board in 2019. 2019 revenues were $405 million, operating income was$158 million and net income was $138 million or $2.92 per diluted share. Thisslide shows the reconciliation of non-GAAP measures. For more information,please refer to our SEC filings. We have two main revenue drivers, material androyalty licensing. If you look at our revenue profile, you will see that theratio of our materials to royalty licensee revenues fall between 1.5:1 and 2:1.
Moving on to Slide 7, the display industry iscomprised of approximately a dozen panel makers. Our top three customersrepresent the top three OLED display panel makers in the world. As more OLED investmentsare made and new OLED capacity is built, we expect to see furtherdiversification in our customer profile. With respect to cash, we ended 2019with $646 million in cash, cash equivalents and short-term investments or$13.74 of cash per diluted share. With a robust balance sheet and strongpositioning in the long-term OLED growth market, we intend to continuereturning capital to our shareholders through our dividend program.
In displays, the number of OEMs adopting OLEDand the number of OLED products are both increasing. Based on 2019 marketresearch figures, about one-third of the smartphone market, 1% of the IT marketand 1.4% of the TV market, has been penetrated by OLED. And there are new andexpanding opportunities in the AR/VR wearables and automotive markets. Lookingto the near term, the COVID-19 pandemic has created uncertainty in the market.The market forecast on this slide and the next, which were published in Aprilby MDR market research, formally IHS, do not fully reflect the impact of thecurrent public health crisis.
With unclear near term demand visibility dueto the tremendous uncertainty surrounding the consumer environment and themacroeconomic environment, we withdrew our 2020 guidance last month during ourfirst quarter earnings call. Long term, we believe that the long term growthpath of OLED is unchanged and remain strong. The timing of adoption may shiftdue to the macro economy. OLED capacity is one way to gauge our revenueopportunity. The number of OEMs adopting OLED and the number of OLED productsare increasing. With this end market growth, panel makers have I continue toinvest in new OLED capacity to support their growing OEM customer base. Thisdemand momentum is fueling a multi-year OLED CapEx growth cycle. As we look to2021 and beyond, as new OLED capacity comes online, new OLED products arelaunched and progress continues with our customer's commercialization plans, weexpect it to fuel the OLED market's trajectory.
With the strength of our knowhow, experienceand broad IP framework of over 5,000 issued and pending patents worldwide withnew inventions and patents from our amazing R&D team, we believe we willmaintain our leadership position in the OLED ecosystem. As I mentioned earlier,the display industry is comprised of approximately a dozen panel makers. Thisis a list of our announced customer agreements. Let me just highlight that wehave long term multi-year agreements with all the top tier display players,including Samsung display, LG display, BOE, Tianma, Visionox and the mostrecent long term agreement is with China Star. Additionally, we have long termagreements with multiple lighting panel makers.
At the heart of our core competencies arephosphorescence technologies and materials. As noted on this slide, thediscovery of UDC’s proprietary phosphorescent technology was a majorbreakthrough in the OLED industry. With efficiencies that are up to four timeshigher than the conventional fluorescent OLED materials, UDC’s patented andaward-winning phosphorescent OLED technology and universal PHOLED materials areproven to enable low power consumption in OLED displays and lighting. Our focusremains on being in the forefront of leading edge OLED technologies andphosphorescent materials.
Our team of scientists and engineers arecontinuously inventing, developing and delivering next generation emissivematerial systems and technologies, including new reds, greens, yellows andhosts, to meet the ever changing and ever evolving customer specification foran array of consumer applications. With respect to Blue, we continue to makeexcellent progress in our ongoing development work for commercialphosphorescent Blue emissive system. Our goal is to deliver all phosphorescentOLED stack, enabling higher energy efficiency and high performance across allspecifications.
In displays, the development andcommercialization of OLED is accelerating across the consumer electronicsmarket, including smartphones with the top three OEMs all using OLED for theirpremium lines. In TVs, there are about 50 OLED TV makers in the world using LGdisplay panels in 2019. This year an additional four new OEMs, Huawei, Xiaomi,Vizio and Sharp, will launch OLED TV models, further broadening the landscapeof OLED TV players and products. And to showcase why OLED TVs are great, pleasetake a look at this video from LG.
[Audio-Video Presentation]
If someone who owns a few OLED TVs, theytruly are the best TVs in the world. Now moving along to wearables. Because thewearables market OLEDs are the display of choice due to their thickness andability to be made on plastic for conformability. In the IT market, we arebeginning to see OLED in the notebook market with products, including the DellXPS 15, GIGABYTE Aero 15W, HP Spectre x360, Alienware M15 and Razer Blade 15,as well as new tablets, like the Samsung Galaxy Tab 6. What's driving thisinterest in OLED and IT? As Samsung has noted in the past, AMOLED displays areknown not only for their outstanding color reproduction but also for propertiesthat enable low power consumption, ultra slim bezels and thinner light designs.They also know that AMOLED panels deliver the best display specifications fornotebooks, by enhancing the mobility and seamless streaming capabilities forhigh resolution gaming and graphics content.
An emerging focal point in the consumerelectronics industry is form factor. We expect the ramp of Plastic OLEDproduction to usher in new design possibilities. From conformable and foldablethen to rollable, OLEDs are the only current display technology that cancommercially enable these exciting and groundbreaking form factors. In thecoming years, new ideas, new concepts and new products, are expected toshowcase the endless possibilities that OLEDs can engender. And now here's a quickand fun video from Samsung showcasing how great foldable OLEDs are.
[Audio-Video Presentation]
On a personal note, I love my Galaxy Fold forthe practicality and portability of a two in one product of a smartphone and amini tablet. Now to the VR space. We're seeing OLEDs in the virtual realitymarket, highlighting OLED benefits of fast refresh, high contrast ratio andwide color gamut. OLED lighting development activity continues. The compellingbenefits of OLED lighting include high power efficiency, novel and innovativeform factors, beautiful natural colors and cool operating temperatures. Hereare some of the novel OLED lighting products from Acuity Brands and OLEDlighting fixtures using OLED work panels.
In addition to the mainstream consumer market,we're also seeing growing interest from the automotive margin. Not just forOLED lighting applications like taillights, interior lighting
an indicator lights, but also for displays.One of the main benefits of OLED taillights automakers is its form factor andability to create novel designs. Adoptees include Audi, BMW and Mercedes Benz,and displays some of the benefits of OLEDs include high contrast which meansless eye fatigue, wide color gamut which means natural saturated consistentcolors, low temperature fast response times which means no staggering inextreme coldness that you experience with LCDs and flexible display design,which means that not only can you create your portable displays but alsounbreakable displays that are made on plastic that can conform to the shape ofthe car.
The first car with a full color interior OLEDdisplay is a 2021 Cadillac Escalade. Organic Vapor Jet Printing, OVJP, is anovel manufacturing process for maskless, solventless, dry direct printing ofOLEDs. We believe that OVJP has a potential to revolutionize the manufacturingof large area OLED TV panels. While still a few years from the commercial OVJPsystem, we are pleased with the progress we're making and the key R&Dmilestones we are achieving with our three chamber full color pilot system.Universal Display started as a New Jersey R&D company in 1994. And now,we're a global company headquartered in Ewing, New Jersey, with offices aroundthe world, including in Taiwan, Hong Kong, Korea, Japan, China, Ireland, and awholly owned subsidiary Adesis is based in New Castle, Delaware.
Last year, we expanded our footprint in Asiato meet our customers’ growing needs with increased local technical support,including new corporate and laboratory facilities in Korea and Hong Kong, thestate of the art PHOLED application centers for device fabrication and testingwith our customers and partners. Also in 2019, we announced the formation of[UDC] Ventures, a corporate venture arm which is located in midtown Manhattan.And earlier this week, we announced our 20-year partnership milestone with PPG,our exclusive manufacturer of our proprietary phosphorus and OLED materials.Our universal PHOLED emitters are made of PPGs Monroeville, Pennsylvania andBarberton, Ohio sites.
In summary, Universal Display is atrailblazer in the growing OLED market. We have the innovation engine, as wellas the commitment to operational excellence, agility and flexibility to drivethe continued development and commercialization of state-of-the-art OLEDtechnologies of phosphorescent materials. We thank our employees around theworld for their drive, desire, dedication at heart in elevating and shapingUniversal Display’s accomplishments and advancements. To our customers andpartners, we thank you for collaborations that continue to engender our vastarray of design possibilities that are transforming the display and lightinglandscape. And to our shareholders, we thank you for your continued support aswe execute on our strategy to deliver on our vision.
And with that, we will now go into thequestion-and-answer session. We will take shareholders’ questions and commentsthat have been submitted during the meeting on the annual meeting Web site.Please note we will try to answer as many questions as time allows, but onlyquestions that are appropriate to the business of the company or the meetingwill be answered.
Constantly looking to add exceptional talentto our group of senior officers, we believe we have a good and deep group oftalent for the future. In addition, we received questions relating to our blueemitter to development. And to that point, I will say that our confidence indeveloping a commercial phosphorescent Blue emissive system continues to growdue to the significant R&D progress we are making. We currently haveapproximately 100 people working on Blue. We believe a commercial Blue is amatter of when and not if. But until we meet initial commercial specs though,we do not intend to provide specific details.
With no further questions or comments in thequeue, I now declare this 2020 annual meeting of shareholders close. Thank youall today for joining us in these unprecedented times, and I ask that youplease stay safe. If you have any follow up questions, please feel free toreach out to Investor Relations at investor@oled.com. I want to thank all thecompany’s directors, executives and partners for joining us and I'd like tothank all of our shareholders for your attendance in today's meeting, and foryour continued support of universal display corporation.
Operator
This concludes the 2020 Annual Meeting ofShareholders for Universal Display Corporation. Thank you for participating.You may now disconnect.
Question-and-AnswerSession
End of Q&A
