EX-99.4 5 brhc10025137_ex99-4.htm EXHIBIT 99.4

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

|  | Six Months Ended |
|  | May 2, 2021 |  |  | May 3, 2020 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 25,830 |  |  | $ | 18,900 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 47,121 |  |  |  | 47,896 |
Share-based compensation |  |  | 2,723 |  |  |  | 2,576 |
Changes in operating assets, liabilities and other |  |  | (17,455 | ) |  |  | (8,049 | )
Net cash provided by operating activities |  |  | 58,219 |  |  |  | 61,323 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (73,516 | ) |  |  | (30,127 | )
Government incentives |  |  | 5,775 |  |  |  | 5,260 |
Other |  |  | (157 | ) |  |  | (139 | )
Net cash used in investing activities |  |  | (67,898 | ) |  |  | (25,006 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 12,439 |  |  |  | 1,140 |
Contribution from noncontrolling interest |  |  | - |  |  |  | 7,600 |
Purchase of treasury stock |  |  | (23,250 | ) |  |  | (16,894 | )
Repayments of debt |  |  | (8,636 | ) |  |  | (389 | )
Proceeds from share-based arrangements |  |  | 1,180 |  |  |  | 3,423 |
Other |  |  | (371 | ) |  |  | (251 | )
Net cash used in financing activities |  |  | (18,638 | ) |  |  | (5,371 | )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 5,686 |  |  |  | 475 |
Net (decrease) increase in cash, cash equivalents, and restrcited cash |  |  | (22,631 | ) |  |  | 31,421 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 281,602 |  |  |  | 209,291 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 258,971 |  |  | $ | 240,712 |