Exhibit 99.4

PHOTRONICS,  INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Year Ended
	October 31, 2021			October 31, 2020
Cash flows from operating activities:
Net income	$	78,816		$	40,343
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		90,396			93,814
Share-based compensation		5,348			4,927
Changes in operating assets, liabilities and other		(23,788	)		3,962
Net cash provided by operating activities		150,772			143,046
Cash flows from investing activities:
Purchases of property, plant and equipment		(109,099	)		(70,815	)
Government incentives		5,775			5,263
Purchases of intangible assets		(170	)		(159	)
Net cash used in investing activities		(103,494	)		(65,711	)
Cash flows from financing activities:
Proceeds from long-term debt		20,858			20,340
Purchases of treasury stock		(48,250	)		(34,394	)
Repayments of debt		(20,352	)		(7,392	)
Dividends paid to noncontrolling interests		(9,597	)		(16,151	)
Proceeds from share-based arrangements		3,874			4,239
Contribution from noncontrolling interest		-			17,596
Net settlements of restricted stock awards		(436	)		(248	)
Net cash used in financing activities		(53,903	)		(16,010	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		4,703			10,986
Net (decrease) increase in cash, cash equivalents, and restricted cash		(1,922	)		72,311
Cash, cash equivalents, and restricted cash, beginning of period		281,602			209,291
Cash, cash equivalents, and restricted cash, end of period	$	279,680		$	281,602