EX-99.4 5 brhc10045360_ex99-4.htm EXHIBIT 99.4

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

|  | Year Ended |
|  | October 31, 2022 |  |  | October 31, 2021 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 179,242 |  |  | $ | 78,816 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 80,330 |  |  |  | 90,396 |
Share-based compensation |  |  | 6,308 |  |  |  | 5,348 |
Changes in operating assets, liabilities and other |  |  | 9,307 |  |  |  | (23,788 | )
Net cash provided by operating activities |  |  | 275,187 |  |  |  | 150,772 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (112,338 | ) |  |  | (109,099 | )
Purchases of available-for-sale debt securities |  |  | (38,854 | ) |  |  | - |
Government incentives |  |  | 3,615 |  |  |  | 5,775 |
Other |  |  | (180 | ) |  |  | (170 | )
Net cash used in investing activities |  |  | (147,757 | ) |  |  | (103,494 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of debt |  |  | (65,440 | ) |  |  | (20,352 | )
Purchases of treasury stock |  |  | (2,522 | ) |  |  | (48,249 | )
Contributions from noncontrolling interest |  |  | 24,995 |  |  |  | - |
Dividends paid to noncontrolling interests |  |  | - |  |  |  | (9,597 | )
Proceeds from share-based arrangements |  |  | 5,749 |  |  |  | 3,874 |
Proceeds from long-term debt |  |  | - |  |  |  | 20,858 |
Net settlements of restricted stock awards |  |  | (1,471 | ) |  |  | (437 | )
Net cash used in financing activities |  |  | (38,689 | ) |  |  | (53,903 | )
Effects of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | (46,012 | ) |  |  | 4,703 |
Net increase (decrease) in cash, cash equivalents, and restricted cash |  |  | 42,729 |  |  |  | (1,922 | )
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 279,680 |  |  |  | 281,602 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 322,409 |  |  | $ | 279,680 |