EX-99.4 5 brhc10034340_ex99-4.htm EXHIBIT 99.4
Exhibit 99.4

PHOTRONICS,  INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 
   
Three Months Ended
  
     
January 30,
2022
      
January 31,
2021
   
             
Cash flows from operating activities:
            
Net income
  
$
31,726
    
$
9,509
  
Adjustments to reconcile net income to net cash
                
provided by operating activities:
                
Depreciation and amortization
    
20,810
      
23,724
  
Share-based compensation
    
1,457
      
1,301
  
Changes in operating assets, liabilities and other
    
5,137
      
(8,247
)
                 
Net cash provided by operating activities
    
59,130
      
26,287
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(19,175
)
    
(17,532
)
Government incentives
    
-
      
397
  
Other
    
(43
)
    
(61
)
                 
Net cash used in investing activities
    
(19,218
)
    
(17,196
)
                 
Cash flows from financing activities:
                
Repayments of debt
    
(15,192
)
    
(7,796
)
Purchases of treasury stock
    
(2,522
)
    
(13,209
)
Contribution from noncontrolling interest
    
14,997
      
-
  
Proceeds from long-term debt
    
-
      
6,205
  
Proceeds from share-based arrangements
    
3,840
      
765
  
Net settlements of restricted stock awards
    
(1,458
)
    
(315
)
                 
Net cash used in financing activities
    
(335
)
    
(14,350
)
                 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
    
(2,057
)
    
5,195
  
                 
Net increase (decrease) in cash, cash equivalents, and restricted cash
    
37,520
      
(64
)
Cash, cash equivalents, and restricted cash, beginning of period
    
279,680
      
281,602
  
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
317,200
    
$
281,538