EX-99.4 5 brhc10045360_ex99-4.htm EXHIBIT 99.4
Exhibit 99.4
 
PHOTRONICS,  INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 
   
Year Ended
  
   
October 31,
2022
    
October 31,
2021
  
             
Cash flows from operating activities:
            
Net income
  
$
179,242
    
$
78,816
  
Adjustments to reconcile net income to net cash provided by operating activities:
                        
Depreciation and amortization
    
80,330
      
90,396
  
Share-based compensation
    
6,308
      
5,348
  
Changes in operating assets, liabilities and other
    
9,307
      
(23,788
)
                 
Net cash provided by operating activities
    
275,187
      
150,772
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(112,338
)
    
(109,099
)
Purchases of available-for-sale debt securities
    
(38,854
)
    
-
  
Government incentives
    
3,615
      
5,775
  
Other
    
(180
)
    
(170
)
                 
Net cash used in investing activities
    
(147,757
)
    
(103,494
)
                 
Cash flows from financing activities:
                
Repayments of debt
    
(65,440
)
    
(20,352
)
Purchases of treasury stock
    
(2,522
)
    
(48,249
)
Contributions from noncontrolling interest
    
24,995
      
-
  
Dividends paid to noncontrolling interests
    
-
      
(9,597
)
Proceeds from share-based arrangements
    
5,749
      
3,874
  
Proceeds from long-term debt
    
-
      
20,858
  
Net settlements of restricted stock awards
    
(1,471
)
    
(437
)
                 
Net cash used in financing activities
    
(38,689
)
    
(53,903
)
                 
Effects of exchange rate changes on cash, cash equivalents, and restricted cash
    
(46,012
)
    
4,703
  
                 
Net increase (decrease) in cash, cash equivalents, and restricted cash
    
42,729
      
(1,922
)
Cash, cash equivalents, and restricted cash, beginning of period
    
279,680
      
281,602
  
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
322,409
    
$
279,680