EX-99.4 5 brhc10028318_ex99-4.htm EXHIBIT 99.4

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

|  | Nine Months Ended |
|  | August 1, 2021 |  |  | August 2, 2020 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 50,185 |  |  | $ | 31,764 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 69,305 |  |  |  | 71,120 |
Share-based compensation |  |  | 4,034 |  |  |  | 3,773 |
Changes in operating assets, liabilities and other |  |  | (10,428 | ) |  |  | (28,393 | )
Net cash provided by operating activities |  |  | 113,096 |  |  |  | 78,264 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (92,301 | ) |  |  | (36,693 | )
Government incentives |  |  | 5,775 |  |  |  | 5,263 |
Purchases of intangible assets |  |  | (170 | ) |  |  | (139 | )
Net cash used in investing activities |  |  | (86,696 | ) |  |  | (31,569 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 20,858 |  |  |  | 5,699 |
Purchases of treasury stock |  |  | (35,750 | ) |  |  | (16,894 | )
Repayments of debt |  |  | (13,311 | ) |  |  | (5,929 | )
Contribution from noncontrolling interest |  |  | - |  |  |  | 17,596 |
Proceeds from share-based arrangements |  |  | 2,251 |  |  |  | 3,869 |
Net settlements of restricted stock awards |  |  | (403 | ) |  |  | (248 | )
Net cash (used in) provided by financing activities |  |  | (26,355 | ) |  |  | 4,093 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 4,602 |  |  |  | 3,486 |
Net increase in cash, cash equivalents, and restricted cash |  |  | 4,647 |  |  |  | 54,274 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 281,602 |  |  |  | 209,291 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 286,249 |  |  | $ | 263,565 |