EX-99.4 5 brhc20058525_ex_99-4.htm EXHIBIT 99.4

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

|  | Nine Months Ended |
|  | July 30, |  |  | July 31, |
|  | 2023 |  |  | 2022 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 136,478 |  |  | $ | 123,978 |
Adjustments to reconcile net income to net cash |  |  |  |  |  |  |  |
provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 59,523 |  |  |  | 61,210 |
Share-based compensation |  |  | 5,874 |  |  |  | 4,623 |
Changes in operating assets, liabilities and other |  |  | (6,319 | ) |  |  | 6,110 |
Net cash provided by operating activities |  |  | 195,556 |  |  |  | 195,921 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (78,813 | ) |  |  | (46,337 | )
Purchases of available-for-sale debt securities |  |  | (9,837 | ) |  |  | - |
Proceeds from maturity of available-for-sale debt securities |  |  | 22,500 |  |  |  | - |
Government incentives |  |  | 2,033 |  |  |  | 1,394 |
Other |  |  | (116 | ) |  |  | (179 | )
Net cash used in investing activities |  |  | (64,233 | ) |  |  | (45,122 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of debt |  |  | (16,351 | ) |  |  | (51,917 | )
Purchases of treasury stock |  |  | - |  |  |  | (2,522 | )
Contributions from noncontrolling interest |  |  | - |  |  |  | 24,995 |
Proceeds from share-based arrangements |  |  | 1,241 |  |  |  | 5,505 |
Net settlements of restricted stock awards |  |  | (1,292 | ) |  |  | (1,463 | )
Net cash used in financing activities |  |  | (16,402 | ) |  |  | (25,402 | )
Effects of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | 13,813 |  |  |  | (21,308 | )
Net increase in cash, cash equivalents, and restricted cash |  |  | 128,734 |  |  |  | 104,089 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 322,409 |  |  |  | 279,680 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 451,143 |  |  | $ | 383,769 |