UNIVERSAL DISPLAY CORP PA
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 22, 2024
OLED$90.38+0.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $203,011 | $210,061 | $184,213 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 27,409 | 24,815 | 19,968 |
| Amortization of intangibles | 15,993 | 17,459 | 21,994 |
| Amortization of premium and discount on investments, net | (11,603) | (6,461) | (373) |
| Impairment of minority investments | — | 6,962 | — |
| Stock-based compensation to employees | 22,335 | 28,380 | 34,871 |
| Stock-based compensation to Board of Directors and Scientific Advisory Board | 1,774 | 1,566 | 1,404 |
| Deferred income tax (benefit) expense | (3,766) | (26,946) | 1,748 |
| Retirement plan expense, net of benefit payments | 3,129 | 5,276 | 8,875 |
| Decrease (increase) in assets: | |||
| Accounts receivable | (47,186) | 14,975 | (25,378) |
| Inventory | 7,425 | (49,060) | (42,569) |
| Other current assets | (41,574) | (24,843) | (202) |
| Other assets | 4,450 | 25,971 | (32,369) |
| Increase (decrease) in liabilities: | |||
| Accounts payable and accrued expenses | 4,047 | 3,338 | 1,902 |
| Other current liabilities | (21,481) | 20,917 | 2,105 |
| Deferred revenue | (4,159) | (93,203) | (5,220) |
| Other liabilities | (5,027) | (32,392) | 20,136 |
| Net cash provided by operating activities | 154,777 | 126,815 | 191,105 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (59,792) | (42,497) | (43,161) |
| Purchase of intangibles | (66,563) | (4,709) | (394) |
| Purchases of investments | (531,103) | (701,993) | (642,180) |
| Proceeds from sale and maturity of investments | 574,165 | 468,456 | 227,984 |
| Net cash used in investing activities | (83,293) | (280,743) | (457,751) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of common stock | 2,012 | 1,570 | 1,507 |
| Payment of withholding taxes related to stock-based compensation to employees | (8,206) | (9,209) | (14,949) |
| Cash dividends paid | (66,735) | (56,996) | (37,931) |
| Net cash used in financing activities | (72,929) | (64,635) | (51,373) |
| DECREASE IN CASH AND CASH EQUIVALENTS | (1,445) | (218,563) | (318,019) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 93,430 | 311,993 | 630,012 |
| CASH AND CASH EQUIVALENTS, END OF YEAR | $91,985 | $93,430 | $311,993 |
| The following non-cash activities occurred: | |||
| Unrealized loss on available-for-sale securities | $(8,938) | $(8,100) | $(295) |
| Common stock issued to Board of Directors and Scientific Advisory Board that was earned and accrued for in a previous period | 300 | 300 | 300 |
| Net change in accounts payable and accrued expenses related to purchases of property and equipment | 678 | 3,069 | (3,526) |
| Cash paid for income taxes, net of refunds | 96,176 | 72,347 | 52,650 |
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