EX-99.4 5 brhc10038074_ex99-4.htm EXHIBIT 99.4

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

|  | Six Months Ended |
|  | May 1, 2022 |  |  | May 2, 2021 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 77,166 |  |  | $ | 25,830 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 41,405 |  |  |  | 47,121 |
Share-based compensation |  |  | 3,041 |  |  |  | 2,723 |
Changes in operating assets, liabilities and other |  |  | (18,323 | ) |  |  | (17,455 | )
Net cash provided by operating activities |  |  | 103,289 |  |  |  | 58,219 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (34,809 | ) |  |  | (73,516 | )
Government incentives |  |  | 1,394 |  |  |  | 5,775 |
Other |  |  | (199 | ) |  |  | (157 | )
Net cash used in investing activities |  |  | (33,614 | ) |  |  | (67,898 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of debt |  |  | (27,571 | ) |  |  | (8,636 | )
Purchases of treasury stock |  |  | (2,522 | ) |  |  | (23,250 | )
Contribution from noncontrolling interest |  |  | 24,995 |  |  |  | - |
Proceeds from share-based arrangements |  |  | 4,384 |  |  |  | 1,180 |
Proceeds from long-term debt |  |  | - |  |  |  | 12,439 |
Net settlements of restricted stock awards |  |  | (1,452 | ) |  |  | (371 | )
Net cash used in financing activities |  |  | (2,166 | ) |  |  | (18,638 | )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | (14,917 | ) |  |  | 5,686 |
Net increase (decrease) in cash, cash equivalents, and restricted cash |  |  | 52,592 |  |  |  | (22,631 | )
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 279,680 |  |  |  | 281,602 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 332,272 |  |  | $ | 258,971 |