UNIVERSAL DISPLAY CORP PA
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $222,079 | $203,011 | $210,061 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 25,940 | 27,409 | 24,815 |
| Impairment of property and equipment and right-of-use asset due to OVJP restructuring | 7,498 | — | — |
| Amortization of intangibles | 18,200 | 15,993 | 17,459 |
| Amortization of premium and discount on investments, net | (7,399) | (11,603) | (6,461) |
| Impairment of minority investments | — | — | 6,962 |
| Stock-based compensation | 30,032 | 24,109 | 29,946 |
| Deferred income tax benefit | (19,117) | (3,766) | (26,946) |
| Retirement plan expense, net of benefit payments | 1,808 | 3,129 | 5,276 |
| Decrease (increase) in assets: | |||
| Accounts receivable | 26,202 | (47,186) | 14,975 |
| Inventory | (7,143) | 7,425 | (49,060) |
| Other current assets | (23,210) | (41,574) | (24,843) |
| Other assets | (2,968) | 4,450 | 25,971 |
| Increase (decrease) in liabilities: | |||
| Accounts payable and accrued expenses | 10,357 | 4,047 | 3,338 |
| Other current liabilities | 1,269 | (21,481) | 20,917 |
| Deferred revenue | (26,108) | (4,159) | (93,203) |
| Other liabilities | (3,700) | (5,027) | (32,392) |
| Net cash provided by operating activities | 253,740 | 154,777 | 126,815 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (42,637) | (59,792) | (42,497) |
| Purchase of intangibles | — | (66,563) | (4,709) |
| Purchases of investments | (594,848) | (531,103) | (701,993) |
| Proceeds from sale and maturity of investments | 473,075 | 574,165 | 468,456 |
| Net cash used in investing activities | (164,410) | (83,293) | (280,743) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of common stock | 2,220 | 2,012 | 1,570 |
| Payment of withholding taxes related to stock-based compensation to employees | (8,386) | (8,206) | (9,209) |
| Cash dividends paid | (76,169) | (66,735) | (56,996) |
| Net cash used in financing activities | (82,335) | (72,929) | (64,635) |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6,995 | (1,445) | (218,563) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 91,985 | 93,430 | 311,993 |
| CASH AND CASH EQUIVALENTS, END OF YEAR | $98,980 | $91,985 | $93,430 |
| SUPPLEMENTAL DISCLOSURES: | |||
| Unrealized gain (loss) on available-for-sale securities | $411 | $8,938 | $(8,100) |
| 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 | (9,448) | 678 | 3,069 |
| Cash paid for income taxes, net of refunds | 71,973 | 96,176 | 72,347 |
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