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REVENUE RECOGNITION | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE RECOGNITION | 21. REVENUE RECOGNITION: The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). The standard establishes the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows from a contract with a customer. For the three months ended March 31, 2024 and 2023, the Company recorded 98% and 96%, respectively, of its revenue from OLED related sales and 2% and 4%, respectively, from the providing of services through Adesis. Contract Balances The following table provides information about assets and liabilities associated with our contracts from customers (in thousands):
|  | As of March 31, 2024 |
Accounts receivable |  | $ | 119,584 |
Short-term unbilled receivables |  |  | 22,440 |
Long-term unbilled receivables |  |  | 10,278 |
Short-term contract assets |  |  | 2,747 |
Long-term contract assets |  |  | 8,688 |
Short-term deferred revenue |  |  | 19,157 |
Long-term deferred revenue |  |  | 13,292 |
Short-term and long-term unbilled receivables and contract assets are classified as other current assets and other assets, respectively, on the Consolidated Balance Sheets. Contract assets represent consideration related to the renewal of customer contracts which is recognized over the contract term based on material units sold. The deferred revenue balance as of March 31, 2024 will be recognized as materials are shipped to customers over the remaining contract periods. As of March 31, 2024, the Company had $35.9 million of backlog associated with committed purchase orders from its customers for phosphorescent emitter material. These orders are anticipated to be fulfilled within the next 90 days. Significant changes in the assets and liabilities balances associated with the Company's contracts from customers for the three months ended March 31, 2024 and 2023 are as follows (in thousands):
|  | Three Months Ended March 31, 2024 |
|  | Assets |  |  | Liabilities |
Balance at December 31, 2023 |  | $ | 42,134 |  |  | $ | (59,719 | )
Revenue recognized that was previously included in deferred revenue, net |  |  | — |  |  |  | 61,095 |
Increases due to cash received |  |  | — |  |  |  | (33,323 | )
Cumulative catch-up adjustment arising from changes in estimates of transaction price, net |  |  | — |  |  |  | (502 | )
Unbilled receivables recorded, net |  |  | 2,560 |  |  |  | — |
Contract assets recorded, net |  |  | (541 | ) |  |  | — |
Net change |  |  | 2,019 |  |  |  | 27,270 |
Balance at March 31, 2024 |  | $ | 44,153 |  |  | $ | (32,449 | )
|  | Three Months Ended March 31, 2023 |
|  | Assets |  |  | Liabilities |
Balance at December 31, 2022 |  | $ | 38,457 |  |  | $ | (63,878 | )
Revenue recognized that was previously included in deferred revenue, net |  |  | — |  |  |  | 41,086 |
Increases due to cash received |  |  | — |  |  |  | (38,153 | )
Cumulative catch-up adjustment arising from changes in estimates of transaction price, net |  |  | — |  |  |  | 5,683 |
Unbilled receivables recorded, net |  |  | 11,878 |  |  |  | — |
Contract assets recorded, net |  |  | (520 | ) |  |  | — |
Transferred to receivables from unbilled receivables |  |  | (19,983 | ) |  |  | — |
Net change |  |  | (8,625 | ) |  |  | 8,616 |
Balance at March 31, 2023 |  | $ | 29,832 |  |  | $ | (55,262 | )
The cumulative catch-up adjustment recorded to revenue arising from changes in estimates of transaction price, net was a reduction of $502,000 for three months ended March 31, 2024 as compared to an increase of $5.7 million for the three months ended March 31, 2023. For the three months ended March 31, 2023, the adjustment resulted from an increase in the average price per gram that was primarily due to the decrease in anticipated demand by several of the Company's customers over the remaining lives of their contracts, resulting from changes in global macroeconomic factors.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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