EX-96.4 5 brhc10041423_ex99-4.htm EXHIBIT 99.4

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

|  | Nine Months Ended |
|  | July 31, 2022 |  |  | August 1, 2021 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 123,978 |  |  | $ | 50,185 |
Adjustments to reconcile net income to net cash |  |  |  |  |  |  |  |
provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 61,210 |  |  |  | 69,305 |
Share-based compensation |  |  | 4,623 |  |  |  | 4,034 |
Changes in operating assets, liabilities and other |  |  | 6,110 |  |  |  | (10,428 | )
Net cash provided by operating activities |  |  | 195,921 |  |  |  | 113,096 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (46,337 | ) |  |  | (92,301 | )
Government incentives |  |  | 1,394 |  |  |  | 5,775 |
Other |  |  | (179 | ) |  |  | (170 | )
Net cash used in investing activities |  |  | (45,122 | ) |  |  | (86,696 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of debt |  |  | (51,917 | ) |  |  | (13,311 | )
Purchases of treasury stock |  |  | (2,522 | ) |  |  | (35,750 | )
Contributions from noncontrolling interest |  |  | 24,995 |  |  |  | - |
Proceeds from share-based arrangements |  |  | 5,505 |  |  |  | 2,251 |
Proceeds from long-term debt |  |  | - |  |  |  | 20,858 |
Net settlements of restricted stock awards |  |  | (1,463 | ) |  |  | (403 | )
Net cash used in financing activities |  |  | (25,402 | ) |  |  | (26,355 | )
Effects of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | (21,308 | ) |  |  | 4,602 |
Net increase in cash, cash equivalents, and restricted cash |  |  | 104,089 |  |  |  | 4,647 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 279,680 |  |  |  | 281,602 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 383,769 |  |  | $ | 286,249 |