EX-99.4 5 ef20016543_ex99-4.htm EXHIBIT 99.4

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

|  | Year Ended |
|  | October 31, 2023 |  |  | October 31, 2022 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 199,634 |  |  | $ | 179,242 |
Adjustments to reconcile net income to net cash |  |  |  |  |  |  |  |
provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 80,835 |  |  |  | 80,330 |
Share-based compensation |  |  | 8,001 |  |  |  | 6,308 |
Changes in operating assets, liabilities and other |  |  | 13,706 |  |  |  | 9,307 |
Net cash provided by operating activities |  |  | 302,176 |  |  |  | 275,187 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (131,295 | ) |  |  | (112,338 | )
Purchases of available-for-sale debt securities |  |  | (20,192 | ) |  |  | (38,854 | )
Proceeds from maturity of available-for-sale debt securities |  |  | 47,537 |  |  |  | - |
Government incentives |  |  | 2,522 |  |  |  | 3,615 |
Other |  |  | (117 | ) |  |  | (180 | )
Net cash used in investing activities |  |  | (101,545 | ) |  |  | (147,757 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of debt |  |  | (18,439 | ) |  |  | (65,440 | )
Purchases of treasury stock |  |  | - |  |  |  | (2,522 | )
Contributions from noncontrolling interest |  |  | - |  |  |  | 24,995 |
Proceeds from share-based arrangements |  |  | 1,248 |  |  |  | 5,749 |
Net settlements of restricted stock awards |  |  | (1,302 | ) |  |  | (1,471 | )
Net cash used in financing activities |  |  | (18,493 | ) |  |  | (38,689 | )
Effects of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | (2,680 | ) |  |  | (46,012 | )
Net increase in cash, cash equivalents, and restricted cash |  |  | 179,458 |  |  |  | 42,729 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 322,409 |  |  |  | 279,680 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 501,867 |  |  | $ | 322,409 |