EX-99.4 5 brhc20053410_ex99-4.htm EXHIBIT 99.4

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

|  | Six Months Ended |
|  | April 30, 2023 |  |  | May 1, 2022 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 88,223 |  |  | $ | 74,755 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 39,085 |  |  |  | 41,405 |
Share-based compensation |  |  | 3,830 |  |  |  | 3,041 |
Changes in operating assets, liabilities and other |  |  | (21,461 | ) |  |  | (15,912 | )
Net cash provided by operating activities |  |  | 109,677 |  |  |  | 103,289 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (57,728 | ) |  |  | (34,809 | )
Purchases of available-for-sale debt securities |  |  | (9,837 | ) |  |  | 0 |
Proceeds from maturity of available-for-sale debt securities |  |  | 4,000 |  |  |  | 0 |
Government incentives |  |  | 1,393 |  |  |  | 1,394 |
Other |  |  | (88 | ) |  |  | (199 | )
Net cash used in investing activities |  |  | (62,260 | ) |  |  | (33,614 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of debt |  |  | (14,720 | ) |  |  | (27,571 | )
Purchases of treasury stock |  |  | - |  |  |  | (2,522 | )
Contributions from noncontrolling interest |  |  | - |  |  |  | 24,995 |
Proceeds from share-based arrangements |  |  | 730 |  |  |  | 4,384 |
Net settlements of restricted stock awards |  |  | (1,252 | ) |  |  | (1,452 | )
Net cash used in financing activities |  |  | (15,242 | ) |  |  | (2,166 | )
Effects of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 15,621 |  |  |  | (14,917 | )
Net increase in cash, cash equivalents, and restricted cash |  |  | 47,796 |  |  |  | 52,592 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 322,409 |  |  |  | 279,680 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 370,205 |  |  | $ | 332,272 |