EX-99.4 5 brhc10014680_ex99-4.htm EXHIBIT 99.4

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

|  | Nine Months Ended |
|  | August 2, 2020 |  |  | July 28, 2019 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 31,764 |  |  | $ | 27,454 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 71,120 |  |  |  | 60,387 |
Share-based compensation |  |  | 3,773 |  |  |  | 2,871 |
Changes in operating assets, liabilities and other |  |  | (28,393 | ) |  |  | (67,208 | )
Net cash provided by operating activities |  |  | 78,264 |  |  |  | 23,504 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (36,693 | ) |  |  | (160,149 | )
Government incentive |  |  | 5,263 |  |  |  | 17,694 |
Other |  |  | (139 | ) |  |  | (24 | )
Net cash used in investing activities |  |  | (31,569 | ) |  |  | (142,479 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 5,699 |  |  |  | 53,227 |
Contribution from noncontrolling interest |  |  | 17,596 |  |  |  | 29,394 |
Purchase of treasury stock |  |  | (16,894 | ) |  |  | (10,696 | )
Repayments of debt |  |  | (5,929 | ) |  |  | (61,319 | )
Proceeds from share-based arrangements |  |  | 3,869 |  |  |  | 1,314 |
Dividends paid to noncontrolling interests |  |  | - |  |  |  | (26,102 | )
Other |  |  | (248 | ) |  |  | (92 | )
Net cash provided by (used in) financing activities |  |  | 4,093 |  |  |  | (14,274 | )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 3,486 |  |  |  | 1,206 |
Net increase (decrease) in cash, cash equivalents, and restricted cash |  |  | 54,274 |  |  |  | (132,043 | )
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 209,291 |  |  |  | 331,989 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 263,565 |  |  | $ | 199,946 |