EX-99.5 6 brhc10048518_ex99-5.htm EXHIBIT 99.5

Exhibit 99.5
PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands)
(Unaudited)

|  | Three Months ended |
|  | January 29, 2023 |  |  | October 31, 2022 |  |  | January 30, 2022 |
Reconciliation of GAAP to Non-GAAP Net Income: |  |  |  |  |  |  |  |  |
GAAP Net Income |  | $ | 13,986 |  |  | $ | 37,060 |  |  | $ | 23,064 |
FX (gain) loss |  |  | 16,944 |  |  |  | (10,369 | ) |  |  | (5,268 | )
Estimated tax effects of above |  |  | (4,506 | ) |  |  | 2,522 |  |  |  | 1,337 |
Estimated noncontrolling interest effects of above |  |  | (2,060 | ) |  |  | 1,990 |  |  |  | 96 |
Non-GAAP Net Income |  | $ | 24,364 |  |  | $ | 31,203 |  |  | $ | 19,229 |
Weighted-average number of common shares outstanding - Diluted |  |  | 61,470 |  |  |  | 61,374 |  |  |  | 60,936 |
Reconciliation of GAAP to Non-GAAP EPS: |  |  |  |  |  |  |  |  |  |  |  |
GAAP diluted earnings per share |  | $ | 0.23 |  |  | $ | 0.60 |  |  | $ | 0.38 |
Effects of the above adjustments |  | $ | 0.17 |  |  | $ | (0.10 | ) |  | $ | (0.06 | )
Non-GAAP diluted earnings per share |  | $ | 0.40 |  |  | $ | 0.51 |  |  | $ | 0.32 |

Note: Totals may differ due to rounding.
PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information (cont.)
(in thousands)
(Unaudited)

Reconciliation of Net cash provided by operating activities to Free Cash Flow |  |  |  |  |  |  |  |  |  |
|  | Three Months ended |  |  | Year ended |  |  |  |
|  | January 29, 2023 |  |  | October 31, 2022 |  |  | October 31, 2021 |  |  | Target Model Two-year Horizon |
GAAP Net cash provided by operating activities |  | $ | 27,680 |  |  | $ | 275,187 |  |  | $ | 150,772 |  |  | $ | 350,000 - 400,000 |
Purchases of property, plant and equipment |  |  | (31,097 | ) |  |  | (112,338 | ) |  |  | (109,099 | ) |  |  | (100,000 | )
Government Incentives |  |  | 1,014 |  |  |  | 3,615 |  |  |  | 5,775 |  |  |  | - |
Free Cash Flow |  | $ | (2,403 | ) |  | $ | 166,464 |  |  | $ | 47,448 |  |  | $ | 250,000 - 300,000 |

Reconciliation of Free Cash flow to LTM Free Cash Flow: |  |  |
|  | Free Cash Flow |
Three Months ended January 29, 2023 |  | $ | (2,403 | )
Year-ended October 31, 2022 |  |  | 166,464 |
Three Months ended January 30, 2022 |  |  | (39,955 | )
LTM January 29, 2023 |  | $ | 124,106 |

Reconciliation of Cash and cash equivalents to Net Cash: |  |  |  |  |  |  |  |  |
|  |  |  |  | As of |  |  |  |
|  | January 29, 2023 |  |  | October 31, 2022 |  |  | January 30, 2022 |
Cash and cash equivalents |  | $ | 334,792 |  |  | $ | 319,680 |  |  | $ | 314,195 |
Short-term investments |  |  | 39,199 |  |  |  | 38,820 |  |  |  | - |
Current portion of Long-term debt |  |  | (6,541 | ) |  |  | (10,024 | ) |  |  | (18,307 | )
Long-term Debt |  |  | (27,323 | ) |  |  | (32,310 | ) |  |  | (78,540 | )
Net Cash |  | $ | 340,127 |  |  | $ | 316,166 |  |  | $ | 217,348 |