EX-99.6 7 brhc20053410_ex99-6.htm EXHIBIT 99.6

Exhibit 99.6
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

|  | Six Months ended |  |  | Year ended |  |  |  |
|  | April 30, 2023 |  |  | October 31, 2022 |  |  | October 31, 2021 |  |  | Target Model Two-year Horizon |
GAAP Net cash provided by operating activities |  | $ | 109,677 |  |  | $ | 275,187 |  |  | $ | 150,772 |  |  | $ | 350,000 - 400,000 |
Purchases of property, plant and equipment |  |  | (57,728 | ) |  |  | (112,338 | ) |  |  | (109,099 | ) |  |  | (100,000 | )
Free Cash Flow |  | $ | 51,949 |  |  | $ | 162,849 |  |  | $ | 41,673 |  |  | $ | 250,000 - 300,000 |

Reconciliation of Free Cash flow to LTM Free Cash Flow:

|  | Free Cash Flow |
Six Months ended April 30, 2023 |  | $ | 51,949 |
Year-ended October 31, 2022 |  |  | 162,849 |
Six Months ended May 1, 2022 |  |  | (68,480 | )
LTM April 30, 2023 |  | $ | 146,318 |

Reconciliation of Cash and cash equivalents to Net Cash:

|  |  |  |  | As of |  |  |  |
|  | April 30, 2023 |  |  | October 31, 2022 |  |  | May 1, 2022 |
Cash and cash equivalents |  | $ | 367,485 |  |  | $ | 319,680 |  |  | $ | 329,282 |
Current portion of Long-term debt |  |  | (7,017 | ) |  |  | (10,024 | ) |  |  | (12,410 | )
Long-term Debt |  |  | (21,322 | ) |  |  | (32,310 | ) |  |  | (70,138 | )
Net Cash |  | $ | 339,146 |  |  | $ | 277,346 |  |  | $ | 246,734 |