EX-99.4 5 brhc10020762_ex99-4.htm EXHIBIT 99.4

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

|  | Three Months Ended |
|  | January 31, 2021 |  |  | February 2, 2020 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 9,509 |  |  | $ | 10,928 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 23,724 |  |  |  | 24,626 |
Share-based compensation |  |  | 1,301 |  |  |  | 1,356 |
Changes in operating assets, liabilities and other |  |  | (8,247 | ) |  |  | (6,125 | )
Net cash provided by operating activities |  |  | 26,287 |  |  |  | 30,785 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (17,532 | ) |  |  | (13,807 | )
Government incentives |  |  | 397 |  |  |  | 2,417 |
Other |  |  | (61 | ) |  |  | (139 | )
Net cash used in investing activities |  |  | (17,196 | ) |  |  | (11,529 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 6,205 |  |  |  | 1,140 |
Purchase of treasury stock |  |  | (13,209 | ) |  |  | (11,000 | )
Repayments of debt |  |  | (7,796 | ) |  |  | (389 | )
Proceeds from share-based arrangements |  |  | 765 |  |  |  | 2,886 |
Other |  |  | (315 | ) |  |  | (248 | )
Net cash used in financing activities |  |  | (14,350 | ) |  |  | (7,611 | )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 5,195 |  |  |  | 149 |
Net (decrease) increase in cash, cash equivalents, and restrcited cash |  |  | (64 | ) |  |  | 11,794 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 281,602 |  |  |  | 209,291 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 281,538 |  |  | $ | 221,085 |