Universal Display Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	221.75	222.08	203.01	210.06	184.21	133.37
Depreciation & Amortization	45.58	44.14	43.4	42.27	41.96	37.19
Asset Writedown & Restructuring Costs	7.5	7.5	-	-	-	-
Loss (Gain) From Sale of Investments	-8.1	-7.4	-11.6	0.5	-0.37	-4.96
Stock-Based Compensation	29.11	30.03	24.11	29.95	36.28	28.28
Other Operating Activities	-3.57	-17.31	-0.64	-21.67	10.62	1.21
Change in Accounts Receivable	13.48	26.2	-47.19	14.98	-25.38	-21.81
Change in Inventory	-36.66	-7.14	7.43	-49.06	-42.57	-27.64
Change in Accounts Payable	1.26	10.36	4.05	3.34	1.9	-8.31
Change in Unearned Revenue	-24.92	-26.11	-4.16	-93.2	-5.22	17.44
Change in Other Net Operating Assets	-31.03	-28.61	-63.63	-10.35	-10.33	-5.98
Operating Cash Flow	214.39	253.74	154.78	126.82	191.11	148.79
Operating Cash Flow Growth	-16.28%	63.94%	22.05%	-33.64%	28.44%	-23.27%
Capital Expenditures	-53.06	-42.64	-59.79	-42.5	-43.16	-27.99
Sale (Purchase) of Intangibles	-	-	-66.56	-4.71	-0.39	-0.06
Investment in Securities	-29.19	-121.77	43.06	-233.54	-414.2	419.31
Investing Cash Flow	-82.25	-164.41	-83.29	-280.74	-457.75	391.26
Issuance of Common Stock	2.06	2.22	2.01	1.57	1.51	1.18
Repurchase of Common Stock	-9.61	-8.39	-8.21	-9.21	-14.95	-14.39
Common Dividends Paid	-82.56	-76.17	-66.74	-57	-37.93	-28.45
Financing Cash Flow	-90.1	-82.34	-72.93	-64.64	-51.37	-41.66
Net Cash Flow	42.05	7	-1.45	-218.56	-318.02	498.39
Free Cash Flow	161.33	211.1	94.99	84.32	147.94	120.8
Free Cash Flow Growth	-26.18%	122.25%	12.65%	-43.01%	22.47%	-26.27%
Free Cash Flow Margin	25.21%	32.59%	16.48%	13.67%	26.73%	28.17%
Free Cash Flow Per Share	3.38	4.43	2.00	1.78	3.12	2.56
Cash Income Tax Paid	65.2	71.97	96.18	72.35	52.65	36.27
Levered Free Cash Flow	108.63	190.02	-21.11	80.4	130.35	90.81
Unlevered Free Cash Flow	108.63	190.02	-21.11	80.4	130.35	90.81
Change in Working Capital	-77.88	-25.3	-103.51	-134.3	-81.6	-46.29

Source: S&P Global Market Intelligence. Standard template. Financial Sources.