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