EX-99.4 5 brhc10048518_ex99-4.htm EXHIBIT 99.4

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

|  | Three Months Ended |
|  | January 29, 2023 |  |  | January 30, 2022 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 28,950 |  |  | $ | 31,726 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 19,105 |  |  |  | 20,810 |
Share-based compensation |  |  | 1,821 |  |  |  | 1,457 |
Changes in operating assets, liabilities and other |  |  | (22,196 | ) |  |  | 5,137 |
Net cash provided by operating activities |  |  | 27,680 |  |  |  | 59,130 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (31,097 | ) |  |  | (19,175 | )
Government incentives |  |  | 1,014 |  |  |  | - |
Other |  |  | (87 | ) |  |  | (43 | )
Net cash used in investing activities |  |  | (30,170 | ) |  |  | (19,218 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of debt |  |  | (9,218 | ) |  |  | (15,192 | )
Purchases of treasury stock |  |  | - |  |  |  | (2,522 | )
Contributions from noncontrolling interest |  |  | - |  |  |  | 14,997 |
Proceeds from share-based arrangements |  |  | 672 |  |  |  | 3,840 |
Net settlements of restricted stock awards |  |  | (1,168 | ) |  |  | (1,458 | )
Net cash used in financing activities |  |  | (9,714 | ) |  |  | (335 | )
Effects of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 27,499 |  |  |  | (2,057 | )
Net increase in cash, cash equivalents, and restricted cash |  |  | 15,295 |  |  |  | 37,520 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 322,409 |  |  |  | 279,680 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 337,704 |  |  | $ | 317,200 |