Universal display corporation (OLED)
CashFlow / TTM
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

144,985

138,304

131,125

116,981

84,355

58,840

72,404

63,106

99,479

103,885

96,891

81,871

56,486

48,070

40,339

48,886

15,313

14,678

9,716

6,954

39,146

41,854

86,614

87,871

82,832

74,052

21,551

10,541

6,123

9,660

10,009

21,466

13,815

3,155

0

0

0

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

148,903

135,368

117,659

103,581

83,292

68,905

56,241

35,515

21,021

11,122

9,331

8,678

8,064

7,406

7,244

7,702

9,849

8,994

7,480

7,498

4,324

4,274

6,423

5,714

6,329

5,880

5,881

5,282

5,045

5,284

3,726

6,591

3,487

3,275

0

0

0

Depreciation

13,300

12,500

11,500

10,000

9,228

8,600

7,362

6,902

5,862

4,900

4,906

4,829

4,578

4,270

3,865

3,486

3,286

3,086

2,801

2,579

2,278

2,077

2,050

1,996

2,036

2,044

2,022

2,036

2,069

1,978

1,808

1,644

1,497

1,451

0

0

0

Amortization of intangibles

21,966

21,962

21,952

21,952

21,957

21,962

21,977

21,982

21,982

21,983

21,938

21,900

19,234

16,492

13,789

11,078

10,999

10,999

10,998

10,999

10,997

10,997

10,997

10,988

10,981

10,973

10,967

10,323

7,596

4,869

2,141

59

59

49

0

0

0

Change in excess inventory reserve

6,287

5,900

6,800

7,617

3,824

3,600

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of premium and discount on investments, net

-6,907

-6,643

-6,468

-6,952

-6,906

-6,131

-5,007

-3,940

-3,275

-2,871

-2,569

-2,289

-2,095

-1,830

-1,534

-1,213

-859

-697

-605

-547

-530

-531

-527

-508

-478

-458

-502

-560

-656

-778

-904

-1,046

-949

-775

0

0

0

Stock-based compensation to employees

18,273

16,148

13,432

13,375

13,266

12,432

13,514

13,043

11,919

12,284

11,610

11,377

11,685

11,374

10,645

10,535

10,288

9,173

8,704

7,791

7,094

7,278

6,896

6,668

6,802

6,077

5,666

5,247

4,637

4,263

4,214

4,173

4,134

4,373

0

0

0

Non-cash expense under materials and license agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9

0

0

0

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

1,286

1,548

2,256

3,245

3,983

4,364

3,953

3,284

2,797

2,609

2,332

2,152

2,016

1,715

1,746

1,523

1,333

1,291

1,084

1,191

1,158

995

941

878

788

809

730

738

792

781

773

1,096

1,061

1,377

0

0

0

Change in earnout liability recorded for Adesis acquisition

-

-

-

-

-

-

-

-

-

519

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on stock warrant liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-4,190

0

0

0

Deferred income tax expense (benefit)

-4,244

-5,776

-31,267

-33,344

-13,478

-12,814

33,412

36,300

23,419

24,396

5,172

5,676

4,312

3,094

7,572

7,979

6,634

7,137

4,662

6,259

7,669

9,108

-32,681

-34,585

-39,645

-41,418

0

0

0

-

-

-

-

-

-

-

-

Retirement plan expense

5,731

5,818

5,467

5,154

4,841

4,466

4,515

4,515

4,472

4,351

4,175

4,071

3,941

3,965

3,925

3,824

3,791

3,354

2,855

2,353

1,852

1,679

1,672

1,669

1,667

1,665

1,685

1,657

1,629

1,600

1,547

1,541

1,533

1,527

0

0

0

Decrease (increase) in assets:
Accounts receivable

30,468

17,323

22,567

31,369

29,356

-9,226

-49

-4,119

-13,553

27,361

20,780

20,248

13,985

-1,205

-7,344

606

2,702

2,654

6,243

-3,122

-6,344

6,418

4,322

6,049

13,981

7,000

9,914

4,871

1,819

-2,070

-3,890

1,625

2,723

3,479

0

0

0

Inventory

12,352

-109

-4,520

11,880

18,257

37,365

37,343

31,606

36,970

18,951

16,630

7,864

1,853

4,460

2,309

-502

8,742

8,639

20,754

33,205

28,275

30,414

21,981

11,990

5,509

-424

-1,599

102

3,508

7,175

7,221

9,028

5,483

3,841

0

0

0

Other current assets

7,709

15,238

-374

-11,102

-9,062

-4,860

1,165

12,143

8,525

3,884

1,728

1,495

958

3,870

2,841

788

1,030

-1,969

-8,812

-8,301

-7,857

-2,267

6,960

6,844

3,890

2,706

1,997

2,340

5,160

2,284

2,675

2,311

880

-341

0

0

0

Other assets

13,570

13,291

36,412

31,859

66,711

63,922

38,026

38,196

566

297

-76

-226

-431

133

191

198

241

-251

-276

-149

163

183

226

219

-17

-35

9

-25

-36

-33

-51

179

-49

82

0

0

0

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

-1,707

15,516

-703

12,587

-6,113

1,563

12,955

5,213

20,262

16,420

13,400

8,071

5,213

4,362

-5,536

-5,661

240

790

7,366

1,967

-931

3,055

230

5,714

5,853

3,614

3,445

2,633

-132

4,718

3,006

6,838

4,535

6,775

0

0

0

Other current liabilities

-5,813

-5,183

11,382

12,522

9,530

5,761

-1,183

-1,121

-1,723

-1,917

3,599

3,285

3,553

4,362

58

370

701

56

-389

-388

-985

87

479

-498

1,006

-11

-7

710

12

11

-5

228

22

23

0

0

0

Deferred revenue

167,926

157,321

144,548

134,429

133,388

130,639

106,479

72,320

38,627

8,402

1,927

1,615

1,216

3,360

3,697

2,650

4,680

48,812

50,411

50,513

48,483

5,793

4,429

5,083

6,415

2,767

3,807

3,344

2,305

3,303

2,882

4,275

4,327

4,585

0

0

0

Other liabilities

17,476

17,614

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

165,608

193,912

164,586

155,723

117,031

121,796

157,060

126,688

170,536

133,365

111,265

100,736

81,772

80,338

73,325

74,665

66,842

113,612

109,114

97,440

101,570

47,270

41,188

54,460

48,565

44,987

33,151

24,088

8,868

17,754

15,793

23,770

12,780

16,409

0

0

0

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment

21,558

30,059

29,783

32,293

29,941

25,391

27,507

33,506

37,905

29,803

26,160

14,855

7,415

7,300

4,814

4,119

3,669

5,103

6,589

6,348

7,186

6,153

4,724

5,226

5,078

4,710

4,659

3,118

1,484

2,737

2,694

6,188

3,951

2,624

0

0

0

Purchases of intangibles

-

401

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

359

367

109,191

109,171

109,102

109,102

898

0

440

0

0

0

Purchases of investments

914,975

931,854

775,810

731,673

670,885

628,789

639,004

599,770

547,522

594,283

526,281

380,275

426,484

450,277

618,464

749,582

833,848

691,876

560,722

492,806

333,687

408,974

380,181

361,212

387,940

362,838

379,837

312,365

267,130

304,500

256,417

768,795

439,608

337,442

0

0

0

Proceeds from sale of investments

803,950

723,600

808,032

859,132

656,683

633,179

563,181

521,020

514,407

498,508

464,815

373,792

470,550

548,474

647,434

739,370

756,106

638,411

520,252

460,273

360,871

372,818

336,336

313,642

334,591

313,132

356,863

334,794

282,979

380,253

362,403

331,769

311,959

156,717

0

0

0

Net cash provided by (used in) investing activities

-132,583

-238,714

2,038

94,765

-44,544

-21,001

-103,330

-112,256

-71,020

-125,578

-87,843

-54,674

-92,718

-38,472

-104,996

-110,364

-81,411

-58,568

-47,059

-38,881

19,998

-42,309

-48,561

-53,048

-58,717

-54,775

-28,000

-89,880

-94,806

-36,086

-5,810

67,596

-131,600

-183,789

0

0

0

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

944

889

840

807

801

798

821

821

776

734

651

586

499

439

408

385

363

354

312

337

332

328

354

328

336

343

345

361

343

321

313

251

204

249,936

0

0

0

Repurchase of common stock

-

649

649

649

649

477

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,456

10,658

10,658

10,658

5,202

0

0

0

-

-

-

-

Proceeds from the exercise of common stock options

-

-

-

-

-

-

-

-

-

38

32

33

58

185

587

844

1,483

2,034

2,515

2,595

1,973

1,887

2,943

3,225

3,382

2,832

1,050

811

1,008

1,483

1,383

6,743

8,764

13,343

0

0

0

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

15,039

15,980

15,942

15,061

11,545

11,620

11,700

11,962

11,723

9,432

9,360

8,577

6,403

4,870

4,864

4,851

2,375

5,337

5,317

5,294

5,115

2,844

3,118

3,113

3,171

3,268

2,996

3,619

3,465

4,142

4,610

11,961

4,008

4,473

0

0

0

Cash dividends paid

21,234

18,853

16,970

15,085

13,200

11,314

9,898

8,483

7,069

5,652

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

-35,329

-34,593

-32,721

-29,988

-24,593

-22,613

-21,245

-20,093

-18,479

-14,312

-8,685

-6,554

-3,028

-14

-3,869

-3,622

-529

-2,949

-9,490

-24,862

-32,310

-30,129

-22,321

-6,560

547

-5,549

-12,259

-13,105

-12,772

-7,540

-2,914

2,993

4,960

258,806

0

0

0

INCREASE IN CASH AND CASH EQUIVALENTS

-2,304

-79,395

133,903

220,500

47,894

78,182

32,485

-5,661

81,037

-6,525

14,737

39,508

-13,974

41,852

-35,540

-39,321

-15,098

52,095

52,565

33,697

89,258

-25,168

-29,694

-5,148

-9,605

-15,337

-7,108

-78,897

-98,710

-25,872

7,069

94,359

-113,860

91,426

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Property and equipment purchases included in accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0