Business Context and Reporting Period
Company: Universal Display Corporation (OLED)
Filing Type: Form 8-K (Current Report)
Date of Report: August 1, 2019
Context: This filing addresses an inadvertent immaterial error in the "Concentration of Risk" table within the Notes to Consolidated Financial Statements of the Form 10-Q for the quarterly period ended June 30, 2019.
Key Financial Metrics
This filing does not report new revenue, profit, cash flow, or debt figures. It solely corrects historical customer concentration percentages for the prior year (2018) and provides current accounts receivable balances for the top three customers as of June 30, 2019.
| Customer | % Revenue (3 Months Ended June 30, 2019) | % Revenue (3 Months Ended June 30, 2018) - Corrected | % Revenue (6 Months Ended June 30, 2019) | % Revenue (6 Months Ended June 30, 2018) - Corrected | Accounts Receivable (June 30, 2019) in thousands |
|---|---|---|---|---|---|
| Customer A | 39% | 33% | 39% | 26% | $15,041 |
| Customer B | 24% | 5% | 19% | 8% | $17,088 |
| Customer C | 23% | 42% | 26% | 48% | $16,701 |
Material Changes Versus Prior Period
The filing corrects previously reported data for the three and six months ended June 30, 2018, regarding Customer B's revenue contribution:
- Three Months Ended June 30, 2018: Corrected from an erroneous figure to 5% of total revenues.
- Six Months Ended June 30, 2018: Corrected from an erroneous figure to 8% of total revenues.
The company explicitly states these errors were immaterial.
Guidance, Outlook, and Risks
Management Commentary: Management identified the error as "inadvertent" and "immaterial." No new guidance, outlook, or risk factors were introduced in this specific filing.
Unusual Items: The filing serves as a correction mechanism for a data presentation error in a prior report.
Important Facts for Investor Verification
- Verify the corrected revenue concentration percentages for Customer B for the 2018 periods (5% for Q2 and 8% for H1).
- Confirm that the error was deemed immaterial by management and does not require restatement of prior financial statements.
- Note the significant shift in customer concentration for Customer C between 2018 (42% in Q2) and 2019 (23% in Q2), as highlighted in the corrected table.
- Review the full Form 10-Q for the period ended June 30, 2019, for complete financial performance data not included in this 8-K.