Universal Display at Citi’s 2025 Global TMT Conference: OLED Expansion Insights

On Thursday, 04 September 2025, Universal Display Corporation (NASDAQ:OLED) presented at Citi’s 2025 Global TMT Conference, outlining strategic initiatives in the OLED market. CFO Brian Millard shared insights into growth opportunities and challenges, including investments in technology and market expansion. While the company maintains strong financial guidance, it faces geopolitical and supply chain hurdles.

Key Takeaways

• Universal Display reaffirmed its full-year revenue guidance with a midpoint of $675 million.
• Significant investments in Gen 8.6 fabs by Samsung Display, BOE Technology, and Visionox aim to boost OLED demand in IT products.
• The company is advancing phosphorescent blue emitter technology, promising enhanced energy efficiency.
• OLED adoption in the automotive sector, especially in EVs, represents a substantial growth opportunity.
• Universal Display is addressing supply chain challenges through partnerships with PPG and a new facility in Chengdu, China.

Financial Results

Universal Display reiterated its full-year revenue guidance, targeting a midpoint of $675 million. The company expects a balanced revenue distribution between the first and second halves of the year. Gross margins are forecasted to remain robust at 76% to 77%, reflecting ongoing efforts to enhance manufacturing efficiencies and manage raw material costs, such as Iridium. Additionally, increased R&D investments in computational chemistry and machine learning are set to bolster technological advancements.

Operational Updates

The company highlighted its focus on the OLED market segments, including smartphones, TVs, and IT products like tablets and laptops. The IT market is poised for significant growth due to low OLED penetration and rising adoption rates. Investments totaling $20 billion in Gen 8.6 fabs by major players such as Samsung Display, BOE Technology, and Visionox are expected to meet this demand. The use of tandem structures in IT products could increase material sales by 1.5 to 2 times. Furthermore, LG Display’s development of a commercial-performing device using UDC’s phosphorescent blue material underscores the potential for energy-efficient displays.

Future Outlook

Universal Display anticipates continued investment in OLED technology for IT products, with phosphorescent blue emitters expected to command premium pricing. The automotive market, particularly in EVs, presents increasing opportunities as OLED adoption expands. The company is also exploring Universal Vapor Jet Printing (UVJP) technology for non-display applications, including drug delivery systems and semi-packaging systems.

Q&A Highlights

During the Q&A session, CFO Brian Millard discussed the anticipated premium pricing for phosphorescent blue materials compared to red and green, although contracts have yet to be finalized. The timing of phosphorescent blue commercialization will depend on customer decisions regarding its application in products like smartphones and tablets. To counter competition in China, Universal Display is leveraging its intellectual property portfolio and R&D while enhancing local customer support through a new facility in Chengdu.

For more detailed insights, readers are encouraged to refer to the full transcript available below.

Full transcript - Citi’s 2025 Global TMT Conference:

Atif, Analyst, Citi: U.S. Semiconductors, Semiconductor Equipment, and Networking Equipment stocks here at Citi. It’s my pleasure to welcome Brian Millard, CFO and Treasurer of Universal Display Corporation. We also have Friendly Neighborhood IR, Terrace, in the audience as well. Thank you guys for coming to Citi Conference.

Brian Millard, CFO and Treasurer, Universal Display Corporation: Thanks, Atif.

Atif, Analyst, Citi: I’ll kick it off with my questions first. If you have a question, you can raise your hand anytime, and we’ll do more Q&A. Brian, just as a starting point, kind of state of the union on the OLED market. You know, when you entered this year versus where we are right now, there have been tariffs and pull forwards in some of the consumer end markets. Just kind of walk us through how this year has played out so far, and then the state of the OLED market.

Brian Millard, CFO and Treasurer, Universal Display Corporation: Sure. Before I get started, I just want to give a quick safe harbor. I may make some forward-looking statements today as part of my remarks. Our actual results may differ materially from those, so we’d encourage everyone to look at our SEC filings before investing in the company. To your question on the markets, I think there’s really three key segments that we track: smartphones, TVs, and the IT market, which the IT market encompasses tablets, laptops, and monitors. This year, I think what we’ve seen, we started out the year with a guidance of $640 to $700 million. I think through this period in time, our years are really playing out very much in line with expectations. There was a bit of a pull acceleration in the sense that April was a really big month for us, with the tariff-related purchasing that some of our customers did.

After the U.S. announced its tariffs in the early days in April, we saw accelerated buying from our customers in the following days. We did see the first half of the year come in quite strong compared to our expectations. The full year we do still think is going to be quite strong. The midpoint of our guidance is $675 million at this point. That kind of contemplates a flat first half, second half orientation. As it relates to the markets, the IT market is the one where we think there’s a lot of growth in the coming years as many OEMs introduce more and more OLED products into their IT portfolios. The TV market and the smartphone market are also growing.

The rates of growth in those are just slightly below what we expect for IT, just based on the very low penetration rates today in IT and the expectation that many models are going to convert over the coming years. As it relates to 2025, feeling good about where we are, a little more than halfway through the year.

Atif, Analyst, Citi: Great. When we talk to Applied Materials and equipment makers, they’ve started to see an improvement in the spending for display. The question is on Gen 8.6 OLED fabs, the activities going on, when do you expect what you’re seeing in the market will translate to revenue opportunities for UDC?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, so there’s been a lot of announcements over the last few years of investments in these Gen 8.6 fabs. Three of our major customers, Samsung Display, BOE Technology Group, and Visionox, all three have announced significant investments that they’re making in this Gen 8.6 capacity, specifically for the IT market, to meet the demand that I mentioned earlier. The Samsung Display fab is expected to come online, I think, around Q2 next year is the current expectation. The BOE Technology Group fab in the second half of next year, followed by Visionox, likely sometime late in 2027, I think, is the current estimate of that. Collectively, those three companies are spending $20 billion of investment in this new capacity because they know the industry needs it to meet the rising demand for IT products. It’s a really exciting new opportunity for us.

We think that this is really just the first of many announcements in the next few years, more capacity largely for the IT market. It’s a great opportunity. We’re really excited about the growth in capacity. It’s also important to note many of these IT products that have been launched and that are expected to be launched are tandem structures. That means they have two emissive layers in the display. That’s an incremental material sales opportunity for us because that’s somewhere between one and a half to two times the material per square inch compared to a single layer. These fabs that are being constructed at the Gen 8.6 scale all will have the ability to manufacture tandem displays through a single manufacturing process.

There’s a lot of opportunity both in terms of just the general square area as well as the tandem effect above and beyond that for the IT market.

Atif, Analyst, Citi: Great. Let’s start with the mobility market. It is the most penetrated in terms of OLED adoption. There are some exciting form factors like foldable phones that are being talked about next year. When we look at the mobility market and the foldable phones, first of all, we’re curious where you think is the penetration rate for OLEDs in the mobility market. For something like a foldable phone with an increase in area, how big of a driver that could be to add incremental demand?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, foldables are a really exciting opportunity for the smartphone market. We think that in the coming years, there’s many OEMs that are going to continue to increase their quantity of foldable models. The smartphone market in the general sense is roughly 60% or approaching 60% penetrated with OLED today. Very strong penetration already at this point in time. Foldables is an opportunity in two ways, we believe. One is just the square area and square inches of display in a foldable is somewhere between, can be up to two and a half times the quantity of square inches compared to a single layer. That’s compelling for our business because there’s more surface area for our material to cover.

We believe as these foldables come to market, that should spur replacement cycles to a greater degree as more and more consumers are going to want to upgrade to these foldable devices. There’s a few different angles through which we think it’s really compelling. The smartphone market in the general sense today, that 60% penetration is really 100% penetration in the premium smartphone market. Solid penetration, very strong penetration in the mid-range, and even some low-end models that we’ve seen over the last few years that have adopted OLED displays as the price of those displays has come down and as OEMs look to continue to refresh their products on an ongoing basis.

Atif, Analyst, Citi: All right. I waited till question number four to talk about Blue. Let’s talk about Blue. I think you guys shared some excitement earlier this year. You’re starting to see more activity. There was an announcement by LG Display. For the audience, I think it’ll be important to know why does Blue matter? Why do we need phosphorescent blue in our phones? What will it get the consumers? What’s the latest progress on it?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, so our core business today is really phosphorescent red and green emitters. Red, green, and blue are the colors needed to produce a display. The benefit of phosphorescence is that it has 100% internal quantum efficiency. It really uses 100% of the electrical current converted into light. Whereas fluorescent, which is the alternative technology and the technology that’s used today for blue, is very energy inefficient. Only about 25% of that current is converted to light in a fluorescent approach. You have a lot of wasted heat emission and inherent inefficiency. We’ve been working for many years to develop phosphorescent blue material. The benefit of that would be when you include a phosphorescent blue into an all-phosphorescent device, you would have about a 25% increase in energy efficiency of that display.

It’s very compelling for our customers and the OEMs and consumers to have a more energy-efficient display that allows either smaller batteries to be used or the same battery with longer lifetime of the device. As well as when you look at AI and some of these more power-consuming features that are being added to more and more devices, the ability to leverage more energy efficiency in the display to offset the power consumption needs of those new enhancements. That’s really the key benefit of not just blue, but our company’s materials in general is the energy efficiency that we provide. As you mentioned earlier, this year in May, LG Display, who’s one of our major customers, announced that they had produced a commercial-performing device using our material and that they had validated that device or the production of that on a commercial production line at LG.

That was a really key milestone in our blue journey and ultimately getting our phosphorescent blue into market. The technology approach that they took was to use a tandem structure. They used kind of a tablet-sized display that was a tandem. For the blue color, they replaced one of the layers with phosphorescence and retained one of the fluorescent layers. It’s not an all-phosphorescent approach, but it is an approach that they took to incorporate our material into a commercial device. We’re very, very pleased with how that came out, they said that. We’re working with not just LG, but other customers as well on their development efforts. Ultimately, we’ll see, it’s up to our customers at this point really to determine exactly how this product gets incorporated into a device with an OEM and ultimately serve to consumers. This is a key milestone.

We continue to do work on our side to introduce new materials that continue to improve their performance that will unlock even more opportunities for our customers as they continue their development journey there.

Atif, Analyst, Citi: Brian, just on that point that one layer is fluorescent and one is phosphorescent, is cost a reason for it, or is it performance, or is it manufacturing flow, or what is the reason why they’re using one layer and not the other?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, LG noted in their release that they were able to get the energy efficiency benefits of the phosphorescent material from Universal Display Corporation, and they were able to get the stability benefits of fluorescent. Stability is kind of code for lifetime. There are three things that we assess when we develop new materials, which is, you know, what is the color, so how deep is the blue or how light is the blue, and having that right commercial spec, which we’ve had for a while now, the color point at a good level, the energy efficiency of the material, as well as the lifetime of the material. Lifetime has been the most challenging for phosphorescent blue.

We’ve seen that our customers, LG Display in this case, were able to incorporate the stability of fluorescence and the energy efficiency of phosphorescence and get a commercially performing device and be able to make that on a commercial mass production line, which is a great step.

Atif, Analyst, Citi: All right. It moved from a lab to a pilot fab. What’s the next step in terms of volume adoption? When we read about the next generation iPhone, whether it’s thinner, it’s going to have lower battery life. You definitely need tools like phosphorescence to extend the battery life if the form factors are going to become thinner. What’s the next milestone that you guys are watching for?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, we’re continuing to support our customers, and they are determining at what point they’re comfortable having conversations with OEMs and having more technical conversations about product roadmaps, which we’re not privy to. That’s really for our customers to be leading those with the OEMs. The thing that we’re doing is continuing to support them, continuing to improve our material performance, continuing to have joint engineering experiments with them on our material. We’re doing this, there’s interest across our full customer base in phosphorescent blue. It’s a very compelling value proposition for them to be able to include this higher-performing material in their devices. We know there’s interest in the OEMs as well as the broader OLED ecosystem and display ecosystem in this material. It’s never fast enough, but we’re pleased with the progress that we’re making and continuing to help our customers enable getting this into the market.

Atif, Analyst, Citi: All right. I missed out on Best ID Display Conference this year. Was there any update by any other customers like Samsung Display or others on blue?

Brian Millard, CFO and Treasurer, Universal Display Corporation: There weren’t any specific phosphorescent blue announcements other than LG Display at their booth. They did have at their public booth at the conference back in May, they had a conventional tablet-sized display and one that they had produced using phosphorescent blue. They had power meters on both, and you could see that the energy efficiency improvement was about 15+% using the phosphorescent material from us.

Atif, Analyst, Citi: All right. When it gets volume adopted, can you walk us through the impact it could have on your content per phone or your overall dollar content opportunity?

Brian Millard, CFO and Treasurer, Universal Display Corporation: We haven’t fully nailed down pricing with any of our customers on blue. We have had various conversations over the last number of years on pricing. We believe that the pricing is a premium compared to our red and green material pricing, but we haven’t fully secured those contracts. It’s very hard to nail down that piece of the equation. On volume, it really depends on, you know, is it an all-phosphorescent approach? Is it a hybrid tandem like the approach that LG Display was public with? Is it something else? It’s really hard to put an exact point on it other than to say, even our red and green materials today are not a significant component of the bill of materials.

Even with a premium price for blue per unit, we are not going to be a hindrance to adoption in terms of the way that we price the material.

Atif, Analyst, Citi: Is it being evaluated across all your ABCD customers, or is it one or two at this point?

Brian Millard, CFO and Treasurer, Universal Display Corporation: We have projects underway with multiple customers, all of our major customers we’re working with on blue.

Atif, Analyst, Citi: All right. On the licensing and royalty side, will this be incremental to the existing agreements that you have with these major customers?

Brian Millard, CFO and Treasurer, Universal Display Corporation: The materials is certainly incremental. On the license and royalty side, we have most of our customers under portfolio license agreements, which incorporates access to all of our IP, inclusive of Blue. Samsung’s contract is the one that currently does exclude Blue from it. We’re confident that when we need to reach a deal on how to layer that into their contract, we’ll be able to make that happen.

Atif, Analyst, Citi: All right. Let’s switch to the auto market. It may not match the scale of smartphones or TVs, but early adoption in autos is gaining momentum. How do you view the long-term opportunity and the adoption in that market?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, automotive is one that’s interesting because it’s really gaining a lot of momentum with our customers. Our customers, most of them have development projects, and many have commercial projects already underway within the automotive sector. It’s particularly compelling for EVs where energy efficiency is very important, and OLEDs are a great way to take more energy efficiency out of that vehicle. The total auto market is roughly 85 million units globally each year. Today, less than a million of those have OLED products in them. We’re seeing more and more interest in OLED products, not only in EVs, but also in traditional ICE models. As more displays are incorporated in models, we’re seeing more interest in high-performing displays like OLEDs.

Atif, Analyst, Citi: Okay. On the whole geopolitical tensions, can you talk about you and your partner, PPG, how you’re managing the supply chain? You’re manufacturing in the U.S. and Ireland. What’s the current production split and just kind of overall impact to the margin structure?

Brian Millard, CFO and Treasurer, Universal Display Corporation: PPG has been our long-term manufacturing partner. It’s been a 25-year relationship that we’ve had with them. They manufacture our product at two sites in the U.S. that they own and operate, and then one site in Ireland that we own. That site, but they operate it on our behalf. The Ireland site has been really critical over the course of the last year. As we’ve been navigating some of the trade issues, it also added additional volume to our manufacturing network, which is important for the next few years as we see the volumes increasing across the industry. We’ve been able to manufacture a product in Ireland and ship directly to China, as well as supply our customers from the U.S. as well. We’re just having an increasing conversation as we introduce new materials of where’s the best place to manufacture it.

It used to be a little more clear cut, and now it’s a multifactor equation that we have to go into in terms of which customers are using it. You know, how do we balance production? Do we make it in both facilities? Do we make it only in Ireland? We’ve been able to really successfully navigate the tariff situation thus far. Our customers’ agreements are also generally structured that the tariff importing into their country is something that they’re responsible for paying for. Nonetheless, we want to keep the friction of doing business with us as low as possible and make sure that we’re helping be good partners and balance our production as best as we can.

Atif, Analyst, Citi: Let me pause here and see if there are any questions in the audience. Can you hear the mic up there?

Unidentified speaker: On the LG Display phone or implementation, how much cost was added for them to have the dual phosphorescent and fluorescent elements in their device?

Brian Millard, CFO and Treasurer, Universal Display Corporation: The material we purchased to use was under a development pricing scheme, which is quite different than the commercial pricing contracts that we’ll enter into with them at the right point in time. We can’t speak to the exact quantity. It’s a little hard for us to answer at this point just because we don’t know the exact quantity of phosphorescence that they use in that layer that they had.

Unidentified speaker: When do you get your blue to a point where the lifetime of that is long enough to get into an automotive or any of these larger displays that have more than a 1.5 year lifecycle?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, that’s something our team is working on every day, how we continue to invent new materials that have greater lifetime. If you look over the last few years, we’ve seen good improvement. There’s very strong improvement in lifetime, which is why LG Display was able to do what they announced back in May, because of the improvements that we’ve had in lifetime, in part due to the improvements we’ve had in lifetime.

Unidentified speaker: Where does it stand now versus red and green?

Brian Millard, CFO and Treasurer, Universal Display Corporation: We haven’t disclosed that. It was suitable enough to perform commercially in that device that they produced and announced back in May.

Unidentified speaker: Could you talk about what is the application for LG Display’s hybrid tandem structure? Is it for tablets? Is it for smartphones or monitors?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, so typically the first use in a major way of tandem structures was in automotive context. That was kind of the original use of tandem. Recently, the iPad Pro that launched last year had a tandem structure. That’s clearly an IT tablet product. There’s been a very limited, very, very, very limited number of smartphones that have been made so far using tandem structures. There have been some recent things that we’ve read about in the press where they’re potentially being considered for use in some smartphones. It tends to be primarily an IT and automotive application, the tandem architecture, but it’s certainly possible to be used in smartphones if an OEM desired that.

Unidentified speaker: When Blue goes commercial, is it going to start with IT and tablets too?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Great question. That’s really up for our customers to determine and working with their OEM customers to figure out exactly what is the first application. To your point, is it a smartphone? Is it a tablet? Is it some other OLED product? We know that there’s interest in using phosphorescent blue across all OLED applications. Exactly what the first use is, is something that’s really for our customers and their customers to determine.

Unidentified speaker: Is there anything you could share with your other customers other than LG Display in terms of where they are in the development of blue phosphorescent?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Unfortunately not. Obviously, we need to be sensitive to each customer’s proprietary information. We can’t share anything about their progress other than to say we’re working with multiple customers on development and we’re continuing to support their efforts.

Atif, Analyst, Citi: Brian, on China, can you talk about the risk from domestic material suppliers in China, and how do you maintain your pricing power?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, so there has been, you know, over the last few years, a heightened competitive environment in the Chinese market. Some of that’s driven by China’s desire for localization and government-driven focus in that regard in the Chinese market. We continue to believe that with the breadth of our IP portfolio on a global scale, as well as the products that we have in R&D and continued strength of the relationships and desire for our customers to maintain strong ties with UDC, that we’re not very concerned about the competitive threat. We do monitor it. It’s something that we very much focus on, making sure that we continue to stay close to our customers. We’re also looking at how we support our customers in China and Korea, but China specifically given some of the competitive threats, that we’re having more labs locally.

We’re setting up a new facility in Chengdu, which is very close to our customers that we’ll be able to do experimentation with. We’ll also be able to house inventory there. We’re looking at our support model across our customer base just to make sure we’re continuing to serve our customers in the highest way possible.

Atif, Analyst, Citi: Okay. Beyond Blue and Octo being a big opportunity, are there lesser-known or emerging OLED applications that are exciting for you guys?

Brian Millard, CFO and Treasurer, Universal Display Corporation: I think certainly we’ve talked about automotive. There’s many uses, the wearable market, AR, VR. There’s even been some recent reports of some robotics that are using OLEDs for whether it’s the skin or the facial elements of the robot. There’s a lot of applications that our customers are evaluating across the full landscape of display. I think beyond the core three of smartphone, TV, and IT, automotive is one that just with the quantity of displays increasing, whether it’s cockpit displays or entertainment displays in the rear or taillights, there’s just many, many uses in autos to cover OLEDs in a lot of different places. That’s one that clearly our customers are honed in on based on the development efforts and projects that they have underway.

Atif, Analyst, Citi: Okay. If you can walk us through the gross margin, what are the normalized gross margins for the company and the operating margins, and how do you balance the growth with the spending?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, we have a very strong margin profile. We have roughly 76% to 77% as the guide of gross margin, total gross margin for this year. We’ve been roughly in the 77% range for the last few years. At the gross margin level, there are a couple of factors. One is certainly ASP and the contracts that we negotiate with our customers, making sure that we’re maximizing the value that we can through those agreements. On the COG side, we are continually looking at efficiencies in our manufacturing process. As we have more volume in the coming years, there’s the ability to absorb our fixed costs over a greater number of units and have leverage there, as well as have yield improvements and continued efficiencies because the more we make of a product, the better we get at it, and we can continue to find opportunity for cost improvement there.

From a headwind perspective, we do have certain raw materials that we use in our manufacturing process that have fluctuated in price over the last few years. Iridium is one that is a key raw material for some of our products, and that’s had a variety of different price points over the last five years or so. Maximizing our supply chain and how we source materials is also an area that we can try to find value. In terms of R&D and SG&A and at the OpEx level, we are an innovation company, so investing in R&D is critical to maintaining our technological edge and advantage. We’ll continue to find ways that we can appropriately put dollars to more and more projects. One area that we’ve had success in is using our computational chemistry team.

We’ve had a machine learning organization for the last 10 years or so, and they’ve been helping fuel our innovation on the OLED discovery side. That’s an area that in the coming years we’ll likely be putting even more investment to make sure that we’re leveraging all the technology available to us to keep ahead on the materials discovery side. SG&A, we’ve had a very lean SG&A organization. We’ll continue to. We’ve made some really great investments recently that I think are proving good value on that side as well.

Atif, Analyst, Citi: Great. On the capital allocation front, Universal Display Corporation has historically made targeted moves acquiring OLED-related patent portfolios and even a contract research organization. Has your appetite for M&A changed?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, like you said, we do routinely look at portfolios that various companies may have that might be additive to our suite of 6,500 plus patents that we have today. We’ve done a number of those over the years. The most recent was two years ago when we acquired one of Merck’s patent portfolios. We’ll continue to look at those opportunities as they come to us. In terms of true business acquisitions, we don’t have a significant history of those. It’s something that we do talk about. If there were the right strategic fit with the business, we would certainly consider that and evaluate it. We’re also able to play and participate in the broader technology ecosystem through UDC Ventures, which is our internal VC that we have.

We have a number of investments in that portfolio that we’re able to both display and non-display companies in that portfolio that we’re able to have our toe in a number of different areas. If we were to see something in that regard that might be interesting, that’s another opportunity for potential M&A at some point.

Atif, Analyst, Citi: Okay. Dividend remains the primary mode of cash return to shareholders. I think you guys did some share buyback this year too.

Brian Millard, CFO and Treasurer, Universal Display Corporation: We do have an authorization for a buyback authorization that our board put in place for $100 million back in April. We’re going to be opportunistic in how we look to deploy that. We do think the dividend is our primary method of returning capital. We’ve had a dividend program in place for many years now and have annually increased that dividend. The plan would be to strive to continue to do that going forward.

Atif, Analyst, Citi: If you can talk about the vapor phase JV that you have, any update on that side?

Brian Millard, CFO and Treasurer, Universal Display Corporation: Yeah, so OVJP is, which we’ve kind of rebranded as UVJP, Universal Vapor Jet Printing. That is a technology that was originally focused on large area TV-sized displays. It was focused on how do you print red, green, and blue pixels side by side just the same way you do a smartphone today? How do you have a TV-sized display that has that same fundamental RGB architecture that you have for a smartphone? We made a lot of great improvements over the last few years. We had a team in California that did a lot of work to advance the scale and size of that operation. What we identified last year was the TV opportunity and the desire for investment in TV CapEx right now just isn’t there because our customers are really focused on the IT market.

That $20 billion that we mentioned earlier, they’re investing and others that they’ll invest beyond that in the IT opportunity. We also identified there’s a lot of areas and opportunity for UVJP in non-display context, whether that’s drug delivery systems, semi-packaging systems, battery manufacturing. We set up a team in Singapore now that’s approaching roughly 10 people. They’re going to be in the lab kind of proving out and doing proof of concepts on some of these other use cases. We feel really confident in the leadership we have in that Singapore team. We hired an equipment industry veteran to lead that team. Now what they’re focused on is having conversations with people, potential customers, these other areas, as well as doing proofs of concept on these other potential opportunities for the technology.

Atif, Analyst, Citi: Great. We’re almost out of time. Brian, thank you for coming to the CITI Conference.

Brian Millard, CFO and Treasurer, Universal Display Corporation: Thanks, Atif. Appreciate it.

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