Universal Display (OLED) Annual Income Statement

Income Statement Summary

Universal Display (OLED) annual income statement covering fiscal 2017 through 2022, as reported to the SEC.

Universal Display reported total revenue of $616.62M in fiscal 2022, up 11.4% from $553.52M in fiscal 2021.
Gross profit was $488.72M, up 11.4% from $438.53M. That is a gross margin of 79.3%.
Operating income was $267.11M, up 17.3% from $227.64M. Operating margin was 43.3%.
Net income was $210.06M, up 14% from $184.21M. Net margin was 34.1%.
Diluted earnings per share was $4.40, up 13.7% from $3.87.
Cost of sales took 20.7% of total revenue, research and development 19% and selling, general and administrative 12.6%.

Total revenue has grown 12.9% a year on average since fiscal 2017, from $335.63M to $616.62M.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17
REVENUE:
Technology development and support revenue
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Technology development and support revenue						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total revenue
616,619	553,525	428,867	405,177	247,414	335,629	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total revenue						616,619	553,525	428,867	405,177	247,414	335,629	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
COST OF SALES
127,896	114,991	85,478	75,374	53,541	54,698	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
COST OF SALES						127,896	114,991	85,478	75,374	53,541	54,698	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross margin
488,723	438,534	343,389	329,803	193,873	280,931	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross margin						488,723	438,534	343,389	329,803	193,873	280,931	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING EXPENSES:
Research and development
117,062	99,673	83,894	71,276	53,717	49,144	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Research and development						117,062	99,673	83,894	71,276	53,717	49,144	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selling, general and administrative
77,886	80,372	61,346	59,613	46,999	46,808	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selling, general and administrative						77,886	80,372	61,346	59,613	46,999	46,808	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization of acquired technology and other intangible assets
17,459	21,994	21,969	21,962	21,962	21,983	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Amortization of acquired technology and other intangible assets						17,459	21,994	21,969	21,962	21,962	21,983	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Patent costs
8,329	8,160	7,529	6,833	7,464	7,010	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Patent costs						8,329	8,160	7,529	6,833	7,464	7,010	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Royalty and license expense
877	691	11,125	11,776	6,996	9,739	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Royalty and license expense						877	691	11,125	11,776	6,996	9,739	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating expenses
221,613	210,890	185,863	171,460	137,138	134,684	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating expenses						221,613	210,890	185,863	171,460	137,138	134,684	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING INCOME
267,110	227,644	157,526	158,343	56,735	146,247	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING INCOME						267,110	227,644	157,526	158,343	56,735	146,247	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest income, net
7,811	505	5,139	10,795	7,659	3,294	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest income, net						7,811	505	5,139	10,795	7,659	3,294	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INTEREST EXPENSE
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INTEREST EXPENSE						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other loss, net
-6,691	98	864	767	-83	-4	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other loss, net						-6,691	98	864	767	-83	-4	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest and other income, net
1,120	603	6,003	11,562	7,576	3,290	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest and other income, net						1,120	603	6,003	11,562	7,576	3,290	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME BEFORE INCOME TAXES
268,230	228,247	163,529	169,905	64,311	149,537	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME BEFORE INCOME TAXES						268,230	228,247	163,529	169,905	64,311	149,537	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
LOSS ON STOCK WARRANT LIABILITY
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
LOSS ON STOCK WARRANT LIABILITY						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax expense (benefit)
58,169	44,034	30,157	31,601	5,471	45,652	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax expense (benefit)						58,169	44,034	30,157	31,601	5,471	45,652	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME
210,061	184,213	133,372	138,304	58,840	103,885	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME						210,061	184,213	133,372	138,304	58,840	103,885	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME PER COMMON SHARE:
BASIC
4.41	3.87	2.80	2.92	1.24	2.19	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
BASIC						4.41	3.87	2.80	2.92	1.24	2.19	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DILUTED
4.40	3.87	2.80	2.92	1.24	2.18	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DILUTED						4.40	3.87	2.80	2.92	1.24	2.18	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER OMMON SHARE:
BASIC
47,390	47,296	47,198	46,959	46,849	46,725	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
BASIC						47,390	47,296	47,198	46,959	46,849	46,725	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DILUTED
47,468	47,365	47,236	46,995	46,896	46,805	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DILUTED						47,468	47,365	47,236	46,995	46,896	46,805	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
CASH DIVIDENDS DECLARED PER COMMON SHARE
1.20	0.80	0.60	0.40	0.24	0.12	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
CASH DIVIDENDS DECLARED PER COMMON SHARE						1.20	0.80	0.60	0.40	0.24	0.12	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Material Sales
Total revenue
331,081	318,623	229,749	243,413	153,204	200,259	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total revenue						331,081	318,623	229,749	243,413	153,204	200,259	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Royalty And License Fees
Total revenue
267,115	219,032	185,054	150,022	80,644	126,503	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total revenue						267,115	219,032	185,054	150,022	80,644	126,503	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Contract Research Services
Total revenue
18,423	15,870	14,064	11,742	13,566	8,867	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total revenue						18,423	15,870	14,064	11,742	13,566	8,867	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx