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