EX-99.4 5 brhc10020762_ex99-4.htm EXHIBIT 99.4
Exhibit 99.4

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

   
Three Months Ended
  
    
January 31,
2021
    
February 2,
2020
  
             
Cash flows from operating activities:
            
Net income
  
$
9,509
    
$
10,928
  
Adjustments to reconcile net income to net cash provided by operating activities:
               
                 
Depreciation and amortization
    
23,724
      
24,626
  
Share-based compensation
    
1,301
      
1,356
  
Changes in operating assets, liabilities and other
    
(8,247
)
    
(6,125
)
                 
Net cash provided by operating activities
    
26,287
      
30,785
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(17,532
)
    
(13,807
)
Government incentives
    
397
      
2,417
  
Other
    
(61
)
    
(139
)
                 
Net cash used in investing activities
    
(17,196
)
    
(11,529
)
                 
Cash flows from financing activities:
                
Proceeds from long-term debt
    
6,205
      
1,140
  
Purchase of treasury stock
    
(13,209
)
    
(11,000
)
Repayments of debt
    
(7,796
)
    
(389
)
Proceeds from share-based arrangements
    
765
      
2,886
  
Other
    
(315
)
    
(248
)
                 
Net cash used in financing activities
    
(14,350
)
    
(7,611
)
                 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
    
5,195
      
149
  
                 
Net (decrease) increase in cash, cash equivalents, and restrcited cash
    
(64
)
    
11,794
  
Cash, cash equivalents, and restricted cash, beginning of period
    
281,602
      
209,291
  
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
281,538
    
$
221,085