EX-99.6 7 brhc10048518_ex99-6.htm EXHIBIT 99.6

Exhibit 99.6
Q1 2023 Financial Results Conference Call February 22, 2023 Photronics, Inc.

Safe Harbor Statement This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the documents the Company files from time to time with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results for the Company to differ materially from those contained in our projections or forward-looking statements. These certain factors can be found at www.photronics.com/riskfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee the accuracy of any forecasts or estimates, and we are not obligated to update any forward-looking statements if our expectations change. 2/22/2023 2

Net income attributable to Photronics, Inc. shareholders of $14.0M ($0.23/share); non-GAAP net income was $24.4M ($0.40/share) Investing in mainstream IC capacity to capitalize on market growth trends IC: +0.2% Q/Q, +21% Y/Y FPD: +0.8% Q/Q, -9% Y/Y To China: -10% Q/Q; +18% Y/Y Committed to driving long-term, profitable growth through strategic investments $28M generated from operating activity $31M invested in capex $34M total long-term debt Cash balance $335M Revenue was $211.1M +0.4%Q/Q +11%Y/Y 2/22/2023 3 Q1 2023 Summary $ 39M S-T Investments

Investment Strategy Revenue Growth Win lion’s share of the impressive growth in TAM for China IC and FPD Supplement capacity with point tool investments and targeted expansions Capitalize on technology leadership in AMOLED to continue improving mix Leverage global footprint to exploit growth in “legacy foundry” business Margin Expansion Sustainable pricing strength in high-end and mainstream IC Optimize asset tool set to match end-market demand Increasing benefit from operating leverage Explore Strategic Partnerships 2/22/2023 4

Delivering on Updated Target Model $M (except EPS) 2021 2022 Q1 2023 LTM Illustrative FY 24 Target Model Revenue $664 $825 $846 $900 $950 $975 Gross Margin 25% 36% 37% 38-40% 40-42% 42-43% Operating Margin 14% 26% 27% 28-30% 30-32% 32-33% Operating Cash Flow $151 $275 $244 $350-375 $365-380 $375-400 Free Cash Flow* $47 $166 $124 $250-275 $235-280 $275-300 Diluted EPS $0.89 $1.94 $1.79 $2.35-2.45 $2.50-2.55 $2.60-2.65 2/22/2023 5 *Free Cash Flow is a non-GAAP term; see reconciliation included in this presentation

Income Statement Summary GAAP Non-GAAP1 $M (except EPS) Q123 Q422 Q122 Q123 Q422 Q122 Revenue $ 211.1 $ 210.3 $ 189.8 $ 211.1 $ 210.3 $ 189.8 Gross Profit $ 76.1 $ 80.3 $ 59.9 $ 76.1 $ 80.3 $ 59.9 Gross Margin 36.0% 38.2% 31.5% 36.0% 38.2% 31.5% Operating Income $ 56.0 $ 60.5 $ 38.2 $ 56.0 $ 60.5 $ 38.2 Operating Margin 26.5% 28.8% 20.1% 26.5% 28.8% 20.1% Non-operating income ($ 14.4) $ 10.8 $ 4.7 $ 2.5 $ 0.4 ($ 0.6) Income tax provision $ 12.6 $ 16.1 $ 11.2 $ 8.1 $ 18.6 $ 12.5 Minority interest $ 15.0 $ 18.2 $ 8.7 $ 12.9 $ 20.2 $ 8.8 Net income2 $ 14.0 $ 37.1 $ 23.1 $ 24.4 $ 31.2 $ 19.2 Diluted EPS2 $ 0.23 $ 0.60 $ 0.38 $ 0.40 $ 0.51 $ 0.32 Days in quarter 90 92 91 90 92 91 2/22/2023 6 1See reconciliation included in this presentation 2Net income attributable to Photronics, Inc. shareholders Margins decreased Q/Q due to unfavorable mix GAAP Non-operating income primarily consists of unrealized FX gain/loss resulting in $25M headwind Q/Q Minority interest from strong net income of IC JVs in Taiwan and China as Asian demand remains strong Non-GAAP presentation removes effect of foreign exchange gain/loss

$M Q123 Q422 Q/Q Q122 Y/Y High-End* $ 48.0 $ 44.3 8% $ 46.5 2% Mainstream $ 108.6 $ 111.9 (3%) $ 83.2 31% Total $ 156.6 $ 156.2 0.2% $129.8 21% IC Photomask Revenue 2/22/2023 High-end increased Q/Q on higher foundry/logic demand in Asia Softer mainstream demand on typical seasonality Outlook New designs by customers to gain market share and support technology roadmap Regionalization driving investments for global chip capacity Expanding ASPs on positive supply/demand balance *28nm and smaller Note: Totals may differ due to rounding 7

FPD Photomask Revenue 2/22/2023 High-end grew Q/Q as G10.5+ improved and mobile display grew Mainstream down sequentially as we dedicated capacity to high-end Outlook Mobile demand should continue strong with rollout of new designs Technology development drives demand for higher-value masks *≥G10.5, AMOLED and LTPS Note: Totals may differ due to rounding. $M Q123 Q422 Q/Q Q122 Y/Y High-End* $ 45.7 $ 43.4 5% $ 46.3 (1%) Mainstream $ 8.8 $ 10.6 (17%) $ 13.8 (36%) Total $ 54.5 $ 54.1 1% $ 60.1 (9%) 8

Select Financial Data $M Q123 Q422 Q122 Cash $ 374 $ 359 $ 314 Debt $ 34 $ 42 $ 97 Net Cash* $ 340 $ 316 $ 217 Operating Cash Flow $ 28 $ 79 $ 59 Capital Expenditures $ 31 $ 66 $ 19 Cash includes cash equivalents and short-term investments Debt primarily comprised of US equipment leases and local China loans Capex targeting growth in mainstream IC capacity & facility expansion Balance sheet able to fund investments, share repurchases, and strategic opportunities 2/22/2023 9 *Net cash defined is a non-GAAP term; see reconciliation included in this presentation

Q2 2023 Guidance Revenue ($M) $205 - $215 Operating Margin 25% - 28% Taxes ($M) $12 - $15 Diluted non-GAAP EPS $0.38 - $0.48 Diluted Shares (M) ~61 Full-year Capex (M) ~$130 Incorporation of chips in IoT, 5G, Crypto and consumer products New designs to capture market share Advanced display technologies Growing nationalism spurs regional investments in capacity Outlook clouded by geopolitical uncertainty, macro-economic headwinds and supply chain challenges Driving margin expansion and cash flows to achieve long-term target model 2/22/2023 10

For Additional Information: Please contact John P. Jordan Executive Vice President & CFO 203.740.5671 jjordan@photronics.com Thank you for your interest!

Appendix

Total Revenue ($M) 2/22/2023 13 IC FPD Total may differ due to rounding

IC Photomask Revenue ($M) 2/22/2023 14 Mainstream High-End High-End: 28nm and smaller; Total may differ due to rounding

FPD Photomask Revenue ($M) 2/22/2023 15 Mainstream High-End High-End: ≥G10.5, AMOLED and LTPS; Total may differ due to rounding

Non-GAAP Financial Measures Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP earnings per share, Free Cash Flow, LTM Free Cash Flow, and Net Cash are "non-GAAP financial measures" as such term is defined by the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our future on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not intended to represent funds available for our discretionary use and are not intended to represent, or be used as a substitute for, gross profit, operating income, net income, cash and cash equivalents, or cash flows from operations, as measured under GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated balance sheets and statement of cash flows and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations on the following page. 2/22/2023 16

Non-GAAP Financial Measures 2/22/2023 17 Note: Totals may differ due to rounding
Non-GAAP Financial Measures 2/22/2023 17
Non-GAAP Financial Measures 2/22/2023 17 Note: Totals may differ due to rounding

Non-GAAP Financial Measures 2/22/2023 18