EX-99.5 6 brhc20058525_ex99-5.htm EXHIBIT 99.5

Exhibit 99.5
PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands)
(Unaudited)

|  | Three Months ended |
|  | July 30, |  |  | April 30, |  |  | July 31, |
|  | 2023 |  |  | 2023 |  |  | 2022 |
Reconciliation of GAAP to Non-GAAP Non-operating (loss) Income: |  |  |  |  |  |  |  |  |
GAAP Non-operating (loss) income, net |  | $ | (911 | ) |  | $ | 13,571 |  |  | $ | 3,641 |
FX (gain) loss |  |  | 4,543 |  |  |  | (10,718 | ) |  |  | (3,862 | )
Non-GAAP Non-operating (loss) income, net |  | $ | 3,632 |  |  | $ | 2,853 |  |  | $ | (221 | )
Reconciliation of GAAP to Non-GAAP Income tax provision: |  |  |  |  |  |  |  |  |  |  |  |
GAAP Income tax provision |  | $ | 16,098 |  |  | $ | 21,343 |  |  | $ | 18,146 |
Estimated tax effects of FX (gain) loss |  |  | (1,193 | ) |  |  | 2,823 |  |  |  | 955 |
Non-GAAP Income tax provision |  | $ | 17,291 |  |  | $ | 18,520 |  |  | $ | 17,191 |
Reconciliation of GAAP to Non-GAAP Noncontrolling interests: |  |  |  |  |  |  |  |  |  |  |  |
GAAP Noncontrolling interests |  | $ | 21,296 |  |  | $ | 19,344 |  |  | $ | 17,994 |
Estimated noncontrolling interest effects of above |  |  | 1,328 |  |  |  | 901 |  |  |  | 527 |
Non-GAAP Noncontrolling interests |  | $ | 19,968 |  |  | $ | 18,443 |  |  | $ | 17,467 |
Reconciliation of GAAP to Non-GAAP Net Income: |  |  |  |  |  |  |  |  |  |  |  |
GAAP Net Income |  | $ | 26,959 |  |  | $ | 39,929 |  |  | $ | 31,230 |
FX (gain) loss |  |  | 4,543 |  |  |  | (10,718 | ) |  |  | (3,862 | )
Estimated tax effects of above |  |  | (1,193 | ) |  |  | 2,823 |  |  |  | 955 |
Estimated noncontrolling interest effects of above |  |  | 1,328 |  |  |  | 901 |  |  |  | 527 |
Non-GAAP Net Income |  | $ | 31,637 |  |  | $ | 32,935 |  |  | $ | 28,850 |
Weighted-average number of common shares outstanding - Diluted |  |  | 61,974 |  |  |  | 61,507 |  |  |  | 61,299 |
Reconciliation of GAAP to Non-GAAP EPS: |  |  |  |  |  |  |  |  |  |  |  |
GAAP diluted earnings per share |  | $ | 0.44 |  |  | $ | 0.65 |  |  | $ | 0.51 |
Effects of the above adjustments |  | $ | 0.07 |  |  | $ | (0.11 | ) |  | $ | (0.04 | )
Non-GAAP diluted earnings per share |  | $ | 0.51 |  |  | $ | 0.54 |  |  | $ | 0.47 |