EX-99.4 5 brhc10017756_ex99-4.htm EXHIBIT 99.4
Exhibit 99.4
PHOTRONICS,  INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

   
Year Ended
  
   
October 31,
2020
    
October 31,
2019
  
             
Cash flows from operating activities:
            
Net income
  
$
40,343
    
$
40,491
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
    
93,814
      
83,879
  
Share-based compensation
    
4,927
      
3,680
  
Changes in operating assets, liabilities and other
    
3,962
      
(59,664
)
                 
Net cash provided by operating activities
    
143,046
      
68,386
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(70,815
)
    
(178,375
)
Government incentive
    
5,263
      
27,003
  
Other
    
(159
)
    
(34
)
                 
Net cash used in investing activities
    
(65,711
)
    
(151,406
)
                 
Cash flows from financing activities:
                
Proceeds from debt
    
20,340
      
54,633
  
Contributions from noncontrolling interest
    
17,596
      
29,394
  
Purchases of treasury stock
    
(34,394
)
    
(21,696
)
Dividends paid to noncontrolling interests
    
(16,151
)
    
(45,050
)
Repayments of debt
    
(7,392
)
    
(61,319
)
Proceeds from share-based arrangements
    
4,239
      
2,071
  
Other
    
(248
)
    
(92
)
                 
Net cash used in financing activities
    
(16,010
)
    
(42,059
)
                 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
    
10,986
      
2,381
  
                 
Net increase (decrease) in cash, cash equivalents, and restricted cash
    
72,311
      
(122,698
)
Cash, cash equivalents, and restricted cash, beginning of period
    
209,291
      
331,989
  
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
281,602
    
$
209,291