EX-99.5 6 ef20016543_ex99-5.htm EXHIBIT 99.5

Exhibit 99.5

PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands)
(Unaudited)


 
Three Months ended
   
Year ended
 


  
October 31,
2023


July 30,
2023


October 31,
2022


October 31,
2023


October 31,
2022

Reconciliation of GAAP to Non-GAAP Non-operating (loss) Income:
                         
                               
GAAP Non-operating (loss) income, net
 
$
18,660
   
$
(911
)
 
$
10,797
   
$
16,896
   
$
27,167
 
FX (gain) loss
   
(13,234
)
   
4,543
     
(10,369
)
   
(2,466
)
   
(27,344
)
Non-GAAP Non-operating (loss) income, net
 
$
5,426
   
$
3,632
   
$
428
   
$
14,430
   
$
(177
)
                                         
Reconciliation of GAAP to Non-GAAP Income tax provision:
                                       
                                         
GAAP Income tax provision
 
$
20,288
   
$
16,098
   
$
16,074
   
$
70,312
   
$
59,791
 
Estimated tax effects of FX (gain) loss
   
3,437
     
(1,193
)
   
2,522
     
317
     
5,933
 
Non-GAAP Income tax provision
 
$
16,851
   
$
17,291
   
$
13,552
   
$
69,995
   
$
53,858
 
                                         
Reconciliation of GAAP to Non-GAAP Noncontrolling interests:
                                       
                                         
GAAP Noncontrolling interests
 
$
18,545
   
$
21,296
   
$
18,204
   
$
74,149
   
$
60,456
 
Estimated noncontrolling interest effects of above
   
2,431
     
1,328
     
1,990
     
2,676
     
4,275
 
Non-GAAP Noncontrolling interests
 
$
16,114
   
$
19,968
   
$
16,214
   
$
71,473
   
$
56,181
 
                                         
Reconciliation of GAAP to Non-GAAP Net Income:
                                       
                                         
GAAP Net Income
 
$
44,611
   
$
26,959
   
$
37,060
   
$
125,485
   
$
118,786
 
FX (gain) loss
   
(13,234
)
   
4,543
     
(10,369
)
   
(2,466
)
   
(27,344
)
Estimated tax effects of above
   
3,437
     
(1,193
)
   
2,522
     
317
     
5,933
 
Estimated noncontrolling interest effects of above
   
2,431
     
1,328
     
1,990
     
2,676
     
4,275
 
Non-GAAP Net Income
 
$
37,245
   
$
31,637
   
$
31,203
   
$
126,012
   
$
101,650
 
                                         
Weighted-average number of common shares outstanding - Diluted
   
62,067
     
61,974
     
61,374
     
61,755
     
61,189
 

                                       
Reconciliation of GAAP to Non-GAAP EPS:
                                       

                                       
GAAP diluted earnings per share
 
$
0.72
   
$
0.44
   
$
0.60
   
$
2.03
   
$
1.94
 
Effects of the above adjustments
 
$
(0.12
)
 
$
0.07
   
$
(0.10
)
 
$
0.01
   
$
(0.28
)
Non-GAAP diluted earnings per share
 
$
0.60
   
$
0.51
   
$
0.51
   
$
2.04
   
$
1.66