Universal display corporation (OLED)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income

38,155

26,428

36,962

43,440

31,474

19,249

22,818

10,814

5,959

32,813

13,520

47,187

10,365

25,819

-1,500

21,802

1,949

18,088

7,047

-11,771

1,314

13,126

4,285

20,421

4,022

57,886

5,542

15,382

-4,758

5,385

-5,468

10,964

-1,221

5,734

5,989

3,313

-11,881

Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred revenue and recognition of unbilled receivables

40,511

34,289

37,137

36,966

26,976

16,580

23,059

16,677

12,589

3,916

2,333

2,183

2,690

2,125

1,680

1,569

2,032

1,963

2,138

3,716

1,177

449

2,156

542

1,127

2,598

1,447

1,157

678

2,599

848

920

917

1,041

3,713

-2,184

705

Depreciation

3,600

3,500

3,200

3,000

2,800

2,500

1,700

2,228

2,172

1,262

1,240

1,188

1,210

1,268

1,163

937

902

863

784

737

702

578

562

436

501

551

508

476

509

529

522

509

418

359

358

362

372

Amortization of intangibles

5,490

5,493

5,493

5,490

5,486

5,483

5,493

5,495

5,491

5,498

5,498

5,495

5,492

5,453

5,460

2,829

2,750

2,750

2,749

2,750

2,750

2,749

2,750

2,748

2,750

2,749

2,741

2,741

2,742

2,743

2,097

14

15

15

15

14

5

Change in excess inventory reserve

611

1,700

0

3,976

224

2,600

817

183

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of premium and discount on investments, net

-2,005

-2,115

-1,378

-1,409

-1,741

-1,940

-1,862

-1,363

-966

-816

-795

-698

-562

-514

-515

-504

-297

-218

-194

-150

-135

-126

-136

-133

-136

-122

-117

-103

-116

-166

-175

-199

-238

-292

-317

-102

-64

Stock-based compensation to employees

5,735

5,451

3,591

3,496

3,610

2,735

3,534

3,387

2,776

3,817

3,063

2,263

3,141

3,143

2,830

2,571

2,830

2,414

2,720

2,324

1,715

1,945

1,807

1,627

1,899

1,563

1,579

1,761

1,174

1,152

1,160

1,151

800

1,103

1,119

1,112

1,039

Non-cash expense under materials and license agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

9

Stock-based compensation to Board of Directors and Scientific Advisory Board

254

422

242

368

516

1,130

1,231

1,106

897

719

562

619

709

442

382

483

408

473

159

293

366

266

266

260

203

212

203

170

224

133

211

224

213

125

534

189

529

Change in earnout liability recorded for Adesis acquisition

-

-

-

-

-

-

-

-

-

10

40

175

294

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on stock warrant liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-8,620

13,356

-8,926

Deferred income tax expense (benefit)

940

-3,143

-1,415

-626

-592

-28,634

-3,492

19,240

72

17,592

-604

6,359

1,049

-1,632

-100

4,995

-169

2,846

307

3,650

334

371

1,904

5,060

1,773

-41,418

0

0

0

-

-

-

-

-

-

-

-

Retirement plan expense

1,414

1,439

1,439

1,439

1,501

1,088

1,126

1,126

1,126

1,137

1,126

1,083

1,005

961

1,022

953

1,029

921

921

920

592

422

419

419

419

415

416

417

417

435

388

389

388

382

382

381

382

Decrease (increase) in assets:
Accounts receivable

22,140

-5,322

-1,178

14,828

8,995

-78

7,624

12,815

-29,587

9,099

3,554

3,381

11,327

2,518

3,022

-2,882

-3,863

-3,621

10,972

-786

-3,911

-32

1,607

-4,008

8,851

-2,128

3,334

3,924

1,870

786

-1,709

872

-2,019

-1,034

3,806

1,970

-1,263

Inventory

10,726

7,965

-2,367

-3,972

-1,735

3,554

14,033

2,405

17,373

3,532

8,296

7,769

-646

1,211

-470

1,758

1,961

-940

-3,281

11,002

1,858

11,175

9,170

6,072

3,997

2,742

-821

-409

-1,936

1,567

880

2,997

1,731

1,613

2,687

-548

89

Other current assets

-7,706

10,636

1,786

2,993

-177

-4,976

-8,942

5,033

4,025

1,049

2,036

1,415

-616

-1,107

1,803

878

2,296

-2,136

-250

1,120

-703

-8,979

261

1,564

4,887

248

145

-1,390

3,703

-461

488

1,430

827

-70

124

-1

-394

Other assets

3,245

3,032

4,413

2,880

2,966

26,153

-140

37,732

177

257

30

102

-92

-116

-120

-103

472

-58

-113

-60

-20

-83

14

252

0

-40

7

16

-18

4

-27

5

-15

-14

203

-223

116

Increase (decrease) in liabilities:
Accounts payable and accrued expenses

-29,340

17,343

272

10,018

-12,117

1,124

13,562

-8,682

-4,441

12,516

5,820

6,367

-8,283

9,496

491

3,509

-9,134

-402

366

9,410

-8,584

6,174

-5,033

6,512

-4,598

3,349

451

6,651

-6,837

3,180

-361

3,886

-1,987

1,468

3,471

1,583

253

Other current liabilities

3,114

-10,770

-1,149

2,992

3,744

5,795

-9

0

-25

-1,149

53

-602

-219

4,367

-261

-334

590

63

51

-3

-55

-382

52

-600

1,017

10

-925

904

0

14

-208

206

-1

-2

25

0

0

Deferred revenue

43,685

43,472

45,636

35,133

33,080

30,699

35,517

34,092

30,331

6,539

1,358

399

106

64

1,046

0

2,250

401

-1

2,030

46,382

2,000

101

0

3,692

636

755

1,332

44

1,676

292

293

1,042

1,255

1,685

345

1,300

Other liabilities

2,994

17,465

806

-3,789

3,132

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

5,746

56,166

53,867

49,829

34,050

26,840

45,004

11,137

38,815

62,104

14,632

54,985

1,644

40,004

4,103

36,021

210

32,991

5,443

28,198

46,980

28,493

-6,231

32,328

-7,320

22,411

7,041

26,433

-10,898

10,575

-2,022

11,213

-2,012

8,614

5,955

223

1,617

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment

4,782

4,742

4,995

7,039

13,283

4,466

7,505

4,687

8,733

6,582

13,504

9,086

631

2,939

2,199

1,646

516

453

1,504

1,196

1,950

1,939

1,263

2,034

917

510

1,765

1,886

549

459

224

252

1,802

416

3,718

-1,985

475

Purchases of intangibles

-

0

0

0

401

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-8

260

38

69

0

109,084

18

0

0

880

-880

440

Purchases of investments

148,592

283,848

284,411

198,124

165,471

127,804

240,274

137,336

123,375

138,019

201,040

85,088

170,136

70,017

55,034

131,297

193,929

238,204

186,152

215,563

51,957

107,050

118,236

56,444

127,244

78,257

99,267

83,172

102,142

95,256

31,795

37,937

139,512

47,173

544,173

-291,250

37,346

Proceeds from sale of investments

250,400

133,050

152,750

267,750

170,050

217,482

203,850

65,301

146,546

147,484

161,689

58,688

130,647

113,791

70,666

155,446

208,571

212,751

162,602

172,182

90,876

94,592

102,623

72,780

102,823

58,110

79,929

93,729

81,364

101,841

57,860

41,914

178,638

83,991

27,226

22,104

23,396

Net cash provided by (used in) investing activities

97,026

-155,540

-136,656

62,587

-9,105

85,212

-43,929

-76,722

14,438

2,883

-52,855

-35,486

-40,120

40,618

-19,686

-73,530

14,126

-25,906

-25,054

-44,577

36,969

-14,397

-16,876

14,302

-25,338

-20,649

-21,363

8,633

-21,396

6,126

-83,243

3,707

37,324

36,402

-9,837

-195,489

-14,865

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock

259

231

213

241

204

182

180

235

201

205

180

190

159

122

115

103

99

91

92

81

90

49

117

76

86

75

91

84

93

77

107

66

71

69

45

19

249,803

Repurchase of common stock

-

0

0

0

649

0

0

0

477

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

5,456

5,202

0

0

0

-

-

-

-

Proceeds from the exercise of common stock options

-

-

-

-

-

-

-

-

-

9

-1

6

24

3

0

31

151

405

257

670

702

886

337

48

616

1,942

619

205

66

160

380

402

541

60

5,740

2,423

5,120

Payment of withholding taxes related to stock-based compensation to employees

4,816

60

1,448

8,715

5,757

22

567

5,199

5,832

102

829

4,960

3,541

30

46

2,786

2,008

24

33

310

4,970

4

10

131

2,699

278

5

189

2,796

6

628

35

3,473

474

7,979

-7,918

3,938

Cash dividends paid

7,098

4,711

4,712

4,713

4,717

2,828

2,827

2,828

2,831

1,412

1,412

1,414

1,414

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

-11,655

-4,540

-5,947

-13,187

-10,919

-2,668

-3,214

-7,792

-8,939

-1,300

-2,062

-6,178

-4,772

4,327

69

-2,652

-1,758

472

316

441

-4,178

-6,069

-15,056

-7,007

-1,997

1,739

705

100

-8,093

-4,971

-141

433

-2,861

-345

5,766

2,400

250,985

INCREASE IN CASH AND CASH EQUIVALENTS

91,117

-103,914

-88,736

99,229

14,026

109,384

-2,139

-73,377

44,314

63,687

-40,285

13,321

-43,248

84,949

-15,514

-40,161

12,578

7,557

-19,295

-15,938

79,771

8,027

-38,163

39,623

-34,655

3,501

-13,617

35,166

-40,387

11,730

-85,406

15,353

32,451

44,671

1,884

-192,866

237,737

The following non-cash activities occurred:
Unrealized loss on available-for-sale securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

23

65

-104

-

-197

195

11

Common stock issued to Board of Directors and Scientific Advisory Board that was earned in a previous period

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

328

-

0

0

300

Common stock issued to employees that was accrued for in a previous period, net of shares withheld for taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

252

-

0

0

1,113

Property and equipment purchases included in accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Fair value of stock warrant liability reclassified to shareholders' equity upon exercise

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,349

4,025

6,476