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