EX-99.4 5 ex99_4.htm EXHIBIT 99.4

Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

|  | Year Ended |
|  | October 31, 2019 |  |  | October 31, 2018 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 40,491 |  |  | $ | 61,236 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 83,879 |  |  |  | 84,333 |
Share-based compensation |  |  | 3,680 |  |  |  | 3,180 |
Changes in operating assets, liabilities and other |  |  | (56,210 | ) |  |  | (18,182 | )
Net cash provided by operating activities |  |  | 71,840 |  |  |  | 130,567 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (177,191 | ) |  |  | (92,585 | )
Government incentives |  |  | 22,364 |  |  |  | 1,005 |
Other |  |  | (33 | ) |  |  | 711 |
Net cash used in investing activities |  |  | (154,860 | ) |  |  | (90,869 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from debt |  |  | 54,633 |  |  |  | - |
Contribution from noncontrolling interest |  |  | 29,394 |  |  |  | 17,996 |
Repayments of debt |  |  | (61,319 | ) |  |  | (4,639 | )
Dividends paid to noncontrolling interests |  |  | (45,050 | ) |  |  | (8,166 | )
Purchase of treasury stock |  |  | (21,696 | ) |  |  | (23,111 | )
Proceeds from share-based arrangements |  |  | 2,071 |  |  |  | 4,634 |
Other |  |  | (92 | ) |  |  | (519 | )
Net cash used in financing activities |  |  | (42,059 | ) |  |  | (13,805 | )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 2,381 |  |  |  | (4,840 | )
Net (decrease) increase in cash, cash equivalents, and restricted cash |  |  | (122,698 | ) |  |  | 21,053 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 331,989 |  |  |  | 310,936 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 209,291 |  |  | $ | 331,989 |