EX-99.5 6 ef20034494_ex99-5.htm EXHIBIT 99.5

Exhibit 99.5
PHOTRONICS, INC.
Reconciliation of GAAP Net income attributable to Photronics, Inc. shareholders to Non-GAAP Net income
(in thousands)
(Unaudited)

|  | Three Months ended |
|  | July 28, 2024 |  |  | April 28, 2024 |  |  | July 30, 2023 |
GAAP Net income attributable to Photronics, Inc. shareholders |  | $ | 34,388 |  |  | $ | 36,251 |  |  | $ | 26,959 |
FX (gain) loss |  |  | (4,068 | ) |  |  | (14,766 | ) |  |  | 4,543 |
Estimated tax effects of FX (gain) loss |  |  | 914 |  |  |  | 3,743 |  |  |  | (1,193 | )
Estimated noncontrolling interest effects of above |  |  | 681 |  |  |  | 3,489 |  |  |  | 1,328 |
Non-GAAP Net income attributable to Photronics, Inc. shareholders |  | $ | 31,915 |  |  | $ | 28,717 |  |  | $ | 31,637 |
Weighted-average number of common shares outstanding - Diluted |  |  | 62,414 |  |  |  | 62,409 |  |  |  | 61,974 |
GAAP Diluted earnings per share |  | $ | 0.55 |  |  | $ | 0.58 |  |  | $ | 0.44 |
Effects of non-GAAP adjustments above |  |  | (0.04 | ) |  |  | (0.12 | ) |  |  | 0.07 |
Non-GAAP Diluted earnings per share |  | $ | 0.51 |  |  | $ | 0.46 |  |  | $ | 0.51 |