EX-99.4 5 brhc10034340_ex99-4.htm EXHIBIT 99.4

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

|  | Three Months Ended |
|  | January 30, 2022 |  |  | January 31, 2021 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 31,726 |  |  | $ | 9,509 |
Adjustments to reconcile net income to net cash |  |  |  |  |  |  |  |
provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 20,810 |  |  |  | 23,724 |
Share-based compensation |  |  | 1,457 |  |  |  | 1,301 |
Changes in operating assets, liabilities and other |  |  | 5,137 |  |  |  | (8,247 | )
Net cash provided by operating activities |  |  | 59,130 |  |  |  | 26,287 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (19,175 | ) |  |  | (17,532 | )
Government incentives |  |  | - |  |  |  | 397 |
Other |  |  | (43 | ) |  |  | (61 | )
Net cash used in investing activities |  |  | (19,218 | ) |  |  | (17,196 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of debt |  |  | (15,192 | ) |  |  | (7,796 | )
Purchases of treasury stock |  |  | (2,522 | ) |  |  | (13,209 | )
Contribution from noncontrolling interest |  |  | 14,997 |  |  |  | - |
Proceeds from long-term debt |  |  | - |  |  |  | 6,205 |
Proceeds from share-based arrangements |  |  | 3,840 |  |  |  | 765 |
Net settlements of restricted stock awards |  |  | (1,458 | ) |  |  | (315 | )
Net cash used in financing activities |  |  | (335 | ) |  |  | (14,350 | )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | (2,057 | ) |  |  | 5,195 |
Net increase (decrease) in cash, cash equivalents, and restricted cash |  |  | 37,520 |  |  |  | (64 | )
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 279,680 |  |  |  | 281,602 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 317,200 |  |  | $ | 281,538 |