Re:
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Photronics, Inc,
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Form 10-K for the Fiscal Year ended October 31, 2022
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Form 8-K furnished February 21, 2023
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File No. 1-39063
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1. |
We note that your calculation of Free Cash Flow includes government incentives. Please explain to us why you believe it is appropriate to include this adjustment in your calculation
of Free Cash Flow. Also, it appears that the measure should be renamed as you do not calculate it in the typical manner. For additional information, see Question 102.07 of the Compliance & Disclosure Interpretations regarding Non-GAAP
Financial Measures.
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2. |
We note that your calculation of Net Cash includes Short-term investments. We also note from your disclosure on page 43 of the notes to the financial statements that these investments have maturities of more than three months, but less
than one year. In light of this, it does not appear that these investments would be considered cash equivalents for the purpose of the Net Cash calculation. Please revise or advise accordingly. Your disclosure in your earnings releases on
Form 8-K should be similarly revised.
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Very truly yours, | |
Photronics, Inc. | |
/s/ John P. Jordan
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Executive Vice President, Chief Financial Officer
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cc:
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Richelle Burr, Executive Vice President, Chief Administrative Officer and General Counsel
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