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UDC Q1 2017 CC notes - 5/4/17

UDC Q1 2017 CC notes - 5/4/17

- Q1 revenue $55.6M, up 87% YoY. Material sales $46.6M, with commercial $35.8M and development $10.8M. They later explained that development materials are new materials that are ramping up and do not reflect what the customer is doing with them.

- Net income $10.4M, .22/sh.

- New 2017 guidance is $260M to $280M, or growth of 30% to 40%. They were emphatic they expect AT LEAST this range, although they did clarify that it is possible it will be under or over this new range.

- Royalties $7M, up 32% YoY.

- Contract revenue $1.9M

- By region, Korea at $47.9M, US at $3.3M, China at $2.4M

- Contract with USC was extended for 3 years on 5/1/17 and they may pay up to $7.2M for this new work.

- Commercial emitter up 61% YoY and QoQ.

- Green emitter $24.5M, up 46% from $16.8M in Q4.

- Red emitter $11.3M up 105% from $5.5M in Q4.

- Maintain GM guidance of 70-75% for the year.

- Blue - "It has been a challenge, but they have made significant progress and they believe they will have a commercial PHOLED blue, but cannot give a timeframe. Their acquired IP is beginning to show a pathway to a commercial blue."

- The ratio of red to green is tracking within their expectations, nothing is amiss.

- On Micro-LED, Sid said it is an interesting research project and they are watching developments. He doesn't sound like he expects it to be an issue.

- Green emitters are being adopted by new mobile customers(plural), but volumes are small!!!!


PS Only 2 congrats, Brian Lee from Goldman and Andy Abrams.

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