EX-99.4 5 brhc10031620_ex99-4.htm EXHIBIT 99.4

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

|  | Year Ended |
|  | October 31, 2021 |  |  | October 31, 2020 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 78,816 |  |  | $ | 40,343 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 90,396 |  |  |  | 93,814 |
Share-based compensation |  |  | 5,348 |  |  |  | 4,927 |
Changes in operating assets, liabilities and other |  |  | (23,788 | ) |  |  | 3,962 |
Net cash provided by operating activities |  |  | 150,772 |  |  |  | 143,046 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (109,099 | ) |  |  | (70,815 | )
Government incentives |  |  | 5,775 |  |  |  | 5,263 |
Purchases of intangible assets |  |  | (170 | ) |  |  | (159 | )
Net cash used in investing activities |  |  | (103,494 | ) |  |  | (65,711 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 20,858 |  |  |  | 20,340 |
Purchases of treasury stock |  |  | (48,250 | ) |  |  | (34,394 | )
Repayments of debt |  |  | (20,352 | ) |  |  | (7,392 | )
Dividends paid to noncontrolling interests |  |  | (9,597 | ) |  |  | (16,151 | )
Proceeds from share-based arrangements |  |  | 3,874 |  |  |  | 4,239 |
Contribution from noncontrolling interest |  |  | - |  |  |  | 17,596 |
Net settlements of restricted stock awards |  |  | (436 | ) |  |  | (248 | )
Net cash used in financing activities |  |  | (53,903 | ) |  |  | (16,010 | )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 4,703 |  |  |  | 10,986 |
Net (decrease) increase in cash, cash equivalents, and restricted cash |  |  | (1,922 | ) |  |  | 72,311 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 281,602 |  |  |  | 209,291 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 279,680 |  |  | $ | 281,602 |