EX-99.4 5 ef20029616_ex99-4.htm EXHIBIT 99.4

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

|  | Six Months Ended |
|  | April 28, 2024 |  |  | April 30, 2023 |
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 95,454 |  |  | $ | 88,223 |
Adjustments to reconcile net income to net cash |  |  |  |  |  |  |  |
provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 41,487 |  |  |  | 39,085 |
Share-based compensation |  |  | 6,499 |  |  |  | 3,830 |
Changes in operating assets, liabilities and other |  |  | (25,446 | ) |  |  | (21,461 | )
Net cash provided by operating activities |  |  | 117,994 |  |  |  | 109,677 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (63,311 | ) |  |  | (57,728 | )
Purchases of available-for-sale debt securities |  |  | (16,551 | ) |  |  | (9,837 | )
Proceeds from maturities of available-for-sale debt securities |  |  | 9,000 |  |  |  | 4,000 |
Government incentives |  |  | 1,419 |  |  |  | 1,393 |
Other |  |  | (6 | ) |  |  | (88 | )
Net cash used in investing activities |  |  | (69,449 | ) |  |  | (62,260 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayments of debt |  |  | (2,844 | ) |  |  | (14,720 | )
Proceeds from share-based arrangements |  |  | 1,055 |  |  |  | 730 |
Net settlements of restricted stock awards |  |  | (2,938 | ) |  |  | (1,252 | )
Net cash used in financing activities |  |  | (4,727 | ) |  |  | (15,242 | )
Effects of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | (3,839 | ) |  |  | 15,621 |
Net increase in cash, cash equivalents, and restricted cash |  |  | 39,979 |  |  |  | 47,796 |
Cash, cash equivalents, and restricted cash, beginning of period |  |  | 501,867 |  |  |  | 322,409 |
Cash, cash equivalents, and restricted cash, end of period |  | $ | 541,846 |  |  | $ | 370,205 |