Universal Display Corporation (NASDAQ:OLED) Q1 2024 Earnings Call Transcript

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Brian Lee: Okay, fair enough. I’ll pass it on. Thanks, guys.

Steven Abramson: Thanks, Brian.

Operator: [Operator Instructions] Our next question is from Jim Ricchiuti with Needham & Company. Please proceed.

Chris Grenga: Hi, and good afternoon. This is Chris Grenga from Needham. Thank you for taking the question. I noticed that our R&D expense stepped up a bit on a sequential basis and year-over-year. I’m just curious if you could provide any additional color on that.

Brian Millard: Sure. Hi, Chris. In Q1, we did see an increase. We’re continuing to invest in inventing new materials, so I think that had an increase. There were also some higher employee costs affected in both R&D and SG&A compared to prior periods. So, it’s really a combination of employee-related expenses as well as some higher development expenses that we had with outside parties.

Chris Grenga: Great. Thanks very much.

Brian Millard: Thank you.

Operator: We have reached the end of our question-and-answer session. I would like to turn the call back over to Brian Millard for any additional closing remarks.

Brian Millard: Thank you all for joining our call today. We appreciate your time and support.

Operator: This concludes our conference call today. You may now disconnect.

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