EX-99.4 5 brhc10017756_ex99-4.htm EXHIBIT 99.4

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

|  | Year Ended |
|  | October 31, 2020 |  |  | October 31, 2019 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 40,343 |  |  | $ | 40,491 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 93,814 |  |  |  | 83,879 |
Share-based compensation |  |  | 4,927 |  |  |  | 3,680 |
Changes in operating assets, liabilities and other |  |  | 3,962 |  |  |  | (59,664 | )
Net cash provided by operating activities |  |  | 143,046 |  |  |  | 68,386 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (70,815 | ) |  |  | (178,375 | )
Government incentive |  |  | 5,263 |  |  |  | 27,003 |
Other |  |  | (159 | ) |  |  | (34 | )
Net cash used in investing activities |  |  | (65,711 | ) |  |  | (151,406 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from debt |  |  | 20,340 |  |  |  | 54,633 |
Contributions from noncontrolling interest |  |  | 17,596 |  |  |  | 29,394 |
Purchases of treasury stock |  |  | (34,394 | ) |  |  | (21,696 | )
Dividends paid to noncontrolling interests |  |  | (16,151 | ) |  |  | (45,050 | )
Repayments of debt |  |  | (7,392 | ) |  |  | (61,319 | )
Proceeds from share-based arrangements |  |  | 4,239 |  |  |  | 2,071 |
Other |  |  | (248 | ) |  |  | (92 | )
Net cash used in financing activities |  |  | (16,010 | ) |  |  | (42,059 | )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 10,986 |  |  |  | 2,381 |
Net increase (decrease) in cash, cash equivalents, and restricted cash |  |  | 72,311 |  |  |  | (122,698 | )
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 209,291 |  |  |  | 331,989 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 281,602 |  |  | $ | 209,291 |