EX-99.4 5 ex99_4.htm EXHIBIT 99.4
Exhibit 99.4

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


  
Year Ended
  
   
October 31,
2019
    
October 31,
2018
  
             
Cash flows from operating activities:
            
Net income
  
$
40,491
    
$
61,236
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
    
83,879
      
84,333
  
Share-based compensation
    
3,680
      
3,180
  
Changes in operating assets, liabilities and other
    
(56,210
)
    
(18,182
)
                 
Net cash provided by operating activities
    
71,840
      
130,567
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(177,191
)
    
(92,585
)
Government incentives
    
22,364
      
1,005
  
Other
    
(33
)
    
711
  
                 
Net cash used in investing activities
    
(154,860
)
    
(90,869
)
                 
Cash flows from financing activities:
                
Proceeds from debt
    
54,633
      
-
  
Contribution from noncontrolling interest
    
29,394
      
17,996
  
Repayments of debt
    
(61,319
)
    
(4,639
)
Dividends paid to noncontrolling interests
    
(45,050
)
    
(8,166
)
Purchase of treasury stock
    
(21,696
)
    
(23,111
)
Proceeds from share-based arrangements
    
2,071
      
4,634
  
Other
    
(92
)
    
(519
)
                 
Net cash used in financing activities
    
(42,059
)
    
(13,805
)
                 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
    
2,381
      
(4,840
)
                 
Net (decrease) increase in cash, cash equivalents, and restricted cash
    
(122,698
)
    
21,053
  
Cash, cash equivalents, and restricted cash, beginning of period
    
331,989
      
310,936
  
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
209,291
    
$
331,989