EX-96.4 5 brhc10041423_ex99-4.htm EXHIBIT 99.4
Exhibit 99.4

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

   
Nine Months Ended
  
   
July 31,
2022
    
August 1,
2021
  
             
Cash flows from operating activities:
            
Net income
  
$
123,978
    
$
50,185
  
Adjustments to reconcile net income to net cash
                
provided by operating activities:
                
Depreciation and amortization
    
61,210
      
69,305
  
Share-based compensation
    
4,623
      
4,034
  
Changes in operating assets, liabilities and other
    
6,110
      
(10,428
)
                 
Net cash provided by operating activities
    
195,921
      
113,096
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(46,337
)
    
(92,301
)
Government incentives
    
1,394
      
5,775
  
Other
    
(179
)
    
(170
)
                 
Net cash used in investing activities
    
(45,122
)
    
(86,696
)
                 
Cash flows from financing activities:
                
Repayments of debt
    
(51,917
)
    
(13,311
)
Purchases of treasury stock
    
(2,522
)
    
(35,750
)
Contributions from noncontrolling interest
    
24,995
      
-
  
Proceeds from share-based arrangements
    
5,505
      
2,251
  
Proceeds from long-term debt
    
-
      
20,858
  
Net settlements of restricted stock awards
    
(1,463
)
    
(403
)
                 
Net cash used in financing activities
    
(25,402
)
    
(26,355
)
                 
Effects of exchange rate changes on cash, cash equivalents, and restricted cash
    
(21,308
)
    
4,602
  
                 
Net increase in cash, cash equivalents, and restricted cash
    
104,089
      
4,647
  
Cash, cash equivalents, and restricted cash, beginning of period
    
279,680
      
281,602
  
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
383,769
    
$
286,249