8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

 Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934

Date of report (Date of earliest event reported) December 13, 2023

PHOTRONICS, INC.

(Exact name of registrant as specified in its charter)

Connecticut	0-15451	06-0854886
(State or Other Jurisdiction of) Incorporation	(Commission File Number)	(IRS Employer Identification No.)

15 Secor Road, Brookfield, CT	06804
(Address of principal executive offices)	(Zip Code)

Registrant's Telephone Number, including area code (203) 775-9000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
COMMON STOCK, $0.01 par value per share	PLAB	NASDAQ Global Select Market

Item 2.02. Results of Operations and Financial Condition.

On December 13, 2023, Photronics, Inc. (the “Company”) issued a press release reporting fourth quarter fiscal 2023 results.

A copy of the press release is furnished as Exhibit 99.1 to this report.  The information contained in this Item 2.02 and the attached Exhibits 99.1, 99.2, 99.3, 99.4, 99.5, 99.6 and 99.7, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth by specific reference in such filing.

On December 13, 2023, the Company will conduct a conference call during which certain unaudited, non-GAAP financial information related to the Company’s operations for its fiscal 2023 full year and the three months ended October 31, 2023 may be disclosed. This information is set forth in Exhibit 99.7.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits
99.1	Press Release December 13, 2023.
99.2	Condensed Consolidated Statements of Income.
99.3	Condensed Consolidated Balance Sheets.
99.4	Condensed Consolidated Statements of Cash Flows.
99.5	Reconciliation of GAAP to Non-GAAP Financial Information.
99.6	Reconciliation of GAAP to Non-GAAP Financial Information (cont.).
99.7	Photronics Q4 2023 Financial Results Conference Call December 13, 2023 slides.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PHOTRONICS, INC.
(Registrant)
By:	/s/ Richelle E. Burr

	Name:	Richelle E. Burr
	Title:	Executive Vice President,
		Chief Administrative Officer,
		General Counsel and Secretary
Date:  December 13, 2023

EX-99.1

Exhibit 99.1

For Further Information: John P. Jordan Executive Vice President & CFO 203.740.5671 jjordan@photronics.com

Photronics Reports Full Year and Fourth Quarter Fiscal 2023 Results

BROOKFIELD, Conn., Dec. 13, 2023 (GLOBE NEWSWIRE) — Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its full year and fourth quarter of fiscal year 2023 ended October 31, 2023.

“We delivered our sixth consecutive year of record revenue with growth in fourth quarter amidst a prolonged industry downturn,” said Frank Lee, chief executive officer.  “Fourth quarter and full year revenue increased 8% year-over-year, and fourth quarter increased 1% sequentially.  Both IC and FPD increased, as demand for our design-driven products remained strong. Operating expenses were lower sequentially, partially offsetting lower gross profit, resulting in operating margins of 28.5% for the fourth quarter and 28.4% for the year.  Strong cash generation and our disciplined strategy of investing in growth strengthened the balance sheet while positioning us for sustained solid performance.  I am proud of our team’s performance and look forward to even greater achievements as we execute our strategy in the year to come.”

Full Year Fiscal 2023 Results

• Revenue was $892.1 million, up 8% over the previous year – the sixth consecutive year of record revenue

• GAAP net income attributable to Photronics, Inc. shareholders was $125.5 million, or $2.03 per diluted share, compared with $118.8 million, or $1.94 per diluted share in 2022

• Non-GAAP net income attributable to Photronics, Inc. shareholders was $126.0 million, or $2.04 per diluted share, compared with $101.7 million, or $1.66 per diluted share in 2022

• IC revenue was $651.3 million, up 10%

• FPD revenue was $240.8 million, up 4%

• Cash generated from operating activities was $302.2 million, and cash invested in organic growth through capital expenditures was $131.3 million

Fourth Quarter Fiscal 2023 Results

• Revenue was $227.5 million, up 8% year-over-year and 1% sequentially

• GAAP net income attributable to Photronics, Inc. shareholders was $44.6 million, or $0.72 per diluted share, compared with $37.1 million, or $0.60 per diluted share in the fourth quarter 2022 and $27.0 million, or $0.44 per diluted share in the third quarter of 2023

• Non-GAAP net income attributable to Photronics, Inc. shareholders was $37.2 million, or $0.60 per diluted share, compared with $31.2 million, or $0.51 per diluted share in the fourth quarter 2022 and $31.6 million, or $0.51 per diluted share in the third quarter of 2023

• IC revenue was $164.5 million, up 5% year-over-year and 1% sequentially

• FPD revenue was a record at $63.0 million, up 17% from the same quarter last year and 3% sequentially

• Cash generated from operating activities was $106.6 million, and cash invested in organic growth through capital expenditures was $52.5 million

• Cash balance at the end of the quarter was $499.3 million, with $12.9 million in short-term investments and $24.6 million in debt

First Quarter Fiscal 2024 Guidance

For the first quarter of fiscal 2024, Photronics expects revenue to be between $217 million and $225 million and non-GAAP net income attributable to Photronics, Inc. shareholders to be between $0.45 and $0.53 per diluted share.

Webcast

A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on Wednesday, December 13, 2023.  The call will be broadcast live and on-demand on the Events and Presentations link on the Photronics website. Analysts and investors who wish to participate in the Q&A portion of the call should click here. It is suggested that participants register fifteen minutes prior to the call's scheduled start time.

About Photronics

Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks. High precision quartz plates that contain microscopic images of electronic circuits, photomasks are a key element in the IC and FPD manufacturing process. Founded in 1969, Photronics has been a trusted photomask supplier for over 50 years.  As of October 31, 2022, the company had 1,828 employees. The company operates 11 strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the company can be accessed at www.photronics.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” regarding our industry, our strategic position, and our financial and operating results.  These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially.  Please refer to the documents we file with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.photronics.com/riskfactors.  Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

Non-GAAP Financial Measures

Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP earnings per share, Free Cash Flow, and Net Cash are "non-GAAP financial measures" as such term is defined by the Securities and Exchange Commission and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our future on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not intended to represent funds available for our discretionary use and are not intended to represent, or be used as a substitute for, gross profit, operating income, net income, cash and cash equivalents, or cash flows from operations, as measured under GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated balance sheets and statement of cash flows and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations on the following pages.

EX-99.2

Exhibit 99.2

PHOTRONICS, INC.

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended							Year Ended
	October 31, 2023		July 30, 2023			October 31, 2022		October 31, 2023		October 31, 2022
Revenue	$	227,473	$	224,206		$	210,266	$	892,076	$	824,549
Cost of goods sold		142,591		137,405			129,997		555,914		530,336
Gross Profit		84,882		86,801			80,269		336,162		294,213
Operating Expenses:
Selling, general and administrative		16,731		18,032			15,683		69,458		63,989
Research and development		3,367		3,505			4,045		13,654		18,341
Total Operating Expenses		20,098		21,537			19,728		83,112		82,330
Other operating loss		-		-			-		-		(17	)
Operating Income		64,784		65,264			60,541		253,050		211,866
Non-operating (loss) income, net		18,660		(911	)		10,797		16,896		27,167
Income Before Income Tax Provision		83,444		64,353			71,338		269,946		239,033
Income tax provision		20,288		16,098			16,074		70,312		59,791
Net Income		63,156		48,255			55,264		199,634		179,242
Net income attributable to noncontrolling interests		18,545		21,296			18,204		74,149		60,456
Net income attributable to Photronics, Inc. shareholders	$	44,611	$	26,959		$	37,060	$	125,485	$	118,786
Earnings per share:
Basic	$	0.73	$	0.44		$	0.61	$	2.05	$	1.96
Diluted	$	0.72	$	0.44		$	0.60	$	2.03	$	1.94
Weighted-average number of common shares outstanding:
Basic		61,290		61,233			60,773		61,139		60,559
Diluted		62,067		61,974			61,374		61,755		61,189

EX-99.3

Exhibit 99.3

PHOTRONICS, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

	October 31, 2023		October 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	499,292	$	319,680
Short-term investments		12,915		38,820
Accounts receivable		194,927		198,147
Inventories		49,963		50,753
Other current assets		28,353		37,252
Total current assets		785,450		644,652
Property, plant and equipment, net		709,244		643,873
Other assets		31,527		27,305
Total assets	$	1,526,221	$	1,315,830
Liabilities and Equity
Current liabilities:
Current portion of long-term debt	$	6,621	$	10,024
Accounts payable and accrued liabilities		178,602		183,773
Total current liabilities		185,223		193,797
Long-term debt		17,998		32,310
Other liabilities		47,391		27,634
Photronics, Inc. shareholders' equity		975,008		831,527
Noncontrolling interests		300,601		230,562
Total equity		1,275,609		1,062,089
Total liabilities and equity	$	1,526,221	$	1,315,830

EX-99.4

Exhibit 99.4

PHOTRONICS,  INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Year Ended
	October 31, 2023			October 31, 2022
Cash flows from operating activities:
Net income	$	199,634		$	179,242
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		80,835			80,330
Share-based compensation		8,001			6,308
Changes in operating assets, liabilities and other		13,706			9,307
Net cash provided by operating activities		302,176			275,187
Cash flows from investing activities:
Purchases of property, plant and equipment		(131,295	)		(112,338	)
Purchases of available-for-sale debt securities		(20,192	)		(38,854	)
Proceeds from maturity of available-for-sale debt securities		47,537			-
Government incentives		2,522			3,615
Other		(117	)		(180	)
Net cash used in investing activities		(101,545	)		(147,757	)
Cash flows from financing activities:
Repayments of debt		(18,439	)		(65,440	)
Purchases of treasury stock		-			(2,522	)
Contributions from noncontrolling interest		-			24,995
Proceeds from share-based arrangements		1,248			5,749
Net settlements of restricted stock awards		(1,302	)		(1,471	)
Net cash used in financing activities		(18,493	)		(38,689	)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash		(2,680	)		(46,012	)
Net increase in cash, cash equivalents, and restricted cash		179,458			42,729
Cash, cash equivalents, and restricted cash, beginning of period		322,409			279,680
Cash, cash equivalents, and restricted cash, end of period	$	501,867		$	322,409

EX-99.5

Exhibit 99.5

PHOTRONICS, INC.

Reconciliation of GAAP to Non-GAAP Financial Information

(in thousands)

(Unaudited)

	Three Months ended									Year ended
	October 31, 2023			July 30, 2023			October 31, 2022			October 31, 2023			October 31, 2022
Reconciliation of GAAP to Non-GAAP Non-operating (loss) Income:
GAAP Non-operating (loss) income, net	$	18,660		$	(911	)	$	10,797		$	16,896		$	27,167
FX (gain) loss		(13,234	)		4,543			(10,369	)		(2,466	)		(27,344	)
Non-GAAP Non-operating (loss) income, net	$	5,426		$	3,632		$	428		$	14,430		$	(177	)
Reconciliation of GAAP to Non-GAAP Income tax provision:
GAAP Income tax provision	$	20,288		$	16,098		$	16,074		$	70,312		$	59,791
Estimated tax effects of FX (gain) loss		3,437			(1,193	)		2,522			317			5,933
Non-GAAP Income tax provision	$	16,851		$	17,291		$	13,552		$	69,995		$	53,858
Reconciliation of GAAP to Non-GAAP Noncontrolling interests:
GAAP Noncontrolling interests	$	18,545		$	21,296		$	18,204		$	74,149		$	60,456
Estimated noncontrolling interest effects of above		2,431			1,328			1,990			2,676			4,275
Non-GAAP Noncontrolling interests	$	16,114		$	19,968		$	16,214		$	71,473		$	56,181
Reconciliation of GAAP to Non-GAAP Net Income:
GAAP Net Income	$	44,611		$	26,959		$	37,060		$	125,485		$	118,786
FX (gain) loss		(13,234	)		4,543			(10,369	)		(2,466	)		(27,344	)
Estimated tax effects of above		3,437			(1,193	)		2,522			317			5,933
Estimated noncontrolling interest effects of above		2,431			1,328			1,990			2,676			4,275
Non-GAAP Net Income	$	37,245		$	31,637		$	31,203		$	126,012		$	101,650
Weighted-average number of common shares outstanding - Diluted		62,067			61,974			61,374			61,755			61,189
Reconciliation of GAAP to Non-GAAP EPS:
GAAP diluted earnings per share	$	0.72		$	0.44		$	0.60		$	2.03		$	1.94
Effects of the above adjustments	$	(0.12	)	$	0.07		$	(0.10	)	$	0.01		$	(0.28	)
Non-GAAP diluted earnings per share	$	0.60		$	0.51		$	0.51		$	2.04		$	1.66

EX-99.6

Exhibit 99.6

PHOTRONICS, INC.

Reconciliation of GAAP to Non-GAAP Financial Information (cont.)

(in thousands)

(Unaudited)

Reconciliation of Net cash provided by operating activities to Free Cash Flow

	Year ended
	October 31, 2023
GAAP Net cash provided by operating activities	$	302,176
Purchases of property, plant and equipment		(131,295	)
Free Cash Flow	$	170,881

Reconciliation of  Cash and cash equivalents  to Net Cash:

	As of
	October 31, 2023			October 31, 2022
Cash and  cash equivalents	$	499,292		$	319,680
Current portion of Long-term debt		(6,621	)		(10,024	)
Long-term Debt		(17,998	)		(32,310	)
Net Cash	$	474,673		$	277,346

EX-99.7

Exhibit 99.7

 December 13, 2023  Q4 2023 Financial Results Conference Call 

 Safe Harbor Statement  This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the documents the Company files from time to time with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results for the Company to differ materially from those contained in our projections or forward-looking statements. These certain factors can be found at www.photronics.com/riskfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee the accuracy of any forecasts or estimates, and we are not obligated to update any forward-looking statements if our expectations change. 

 2023 Summary  Committed to driving long-term, profitable growth through strategic investments  6th consecutive year of record revenue  Photomask industry flat in 2023 amidst general slowdown in semiconductor and display sector  Margins improved on operating leverage, favorable pricing, and cost control  As largest merchant photomask provider with expansive geographic footprint, Photronics uniquely positioned to benefit from expected long-term growth in photomask demand   Capital allocation strategy and prudent balance sheet management support growth initiatives while increasing ROIC and resilience  1Net income attributable to Photronics, Inc. shareholders. 2Adjusted EPS is a non-GAAP measure. 1See reconciliation included in this presentation.  $892.1M  Revenue  $125.5M  Net Income1  $2.03  EPS1  $2.04  Adjusted2 EPS1  $302.2M  OCF  $499.3M  Cash  +8% Y/Y  +6% Y/Y  +5% Y/Y  +23% Y/Y  +10% Y/Y  +56% Y/Y 

 Q4 2023 Summary  Committed to driving long-term, profitable growth through strategic investments  1Net income attributable to Photronics, Inc. shareholders. 2Adjusted EPS is a non-GAAP measure. 1See reconciliation included in this presentation.  $227.5M  Revenue  $44.6M  Net Income1  $0.72  EPS1  $0.60  Adjusted2 EPS1  $106.6M  OCF  $499.3M  Cash  +8% Y/Y  +1% Q/Q  +20% Y/Y  +65% Q/Q  +20% Y/Y  +64% Q/Q  +18% Y/Y  +18% Q/Q  +35% Y/Y  +24% Q/Q  +56% Y/Y  +11% Q/Q  Revenue grew on strong demand across both IC and FPD as customers released new designs and ramped new fabs  Adjusted EPS increased as lower operating profit was more than offset by below-the-line items  Balance sheet fortified due to strong free cash flow generation, debt reduction, and effective management of working capital  Investing in IC capacity to capitalize on market growth trends 

 

 Semiconductor: growing capacity and design activity  More extensive use of semiconductors across multiple applications  Supply chain regionalization driving investments in semiconductor fabs that creates redundant production capacity and drives photomask demand  Differentiation by design becoming factor in mainstream (ASIC) and    leading-edge applications  Expanding EUV adoption drives semi manufacturer outsourcing of legacy technology nodes, increasing TAM for merchant suppliers  Display: advanced displays driving innovation  Global panel makers innovating to win AMOLED market share  Growing competition drives innovation and greater mask value  AMOLED manufacturing moving to larger form factor, requiring high-quality, advanced photomask  Long-Term Trends Driving Photomask Demand  Design and Manufacturing Complexity is Good for Photomask Demand 

 Strategic Investment Strategy Sustains Profitable Growth  Proven Approach to Profitably Grow Revenue, Capture Market Share, and Improve ROIC  Win market share in growing IC and FPD markets  Leverage global footprint to benefit from IC regionalization trends  Capitalize on FPD technology leadership to continue improving mix  Enter long-term purchase agreements and obtain process of record  Improved pricing environment in high-end and mainstream IC   Dynamically align asset tool set to match end-market demand  Increasing benefit from operating leverage  GROW REVENUE IN EXCESS OF MARKET  MARGIN EXPANSION IMPROVES PROFITS  Operational Excellence  Commercial Excellence  Technology Leader  Global Footprint  WINNING THROUGH COMPETITIVE ADVANTAGES  Organic growth through high-return targeted capacity expansionEnter LTPAs to mitigate investment risk and quickly ramp revenues  STRATEGIC APPROACH TO CAPITAL INVESTMENTS 

 Income Statement Summary  GAAP  Non-GAAP1  $M (except EPS)  Q423  Q/Q  Y/Y  Q423  Q/Q  Y/Y  Revenue  227.5   +1%  +8%  Gross Profit  84.9  -2%  +6%  Gross Margin  37.3%  -140 bps  -90 bps  Operating Income   64.8  -1%  +7%  Operating Margin  28.5%  -60 bps  -30 bps  Non-operating income  18.7  +19.6  +7.9  5.4  +1.8  +5.0  Income tax provision  20.3  +26%  +26%  16.9  -3%  +24%  Minority interest  18.5  -13%  +2%  16.1  -19%  -1%  Net income2  44.6  +65%  +20%  37.2  +18%  +19%  Diluted EPS2   0.72  +0.28  +0.12  0.60  +0.09  +0.09  Days in quarter  93  +2  +1  1See reconciliation included in this presentation. 2Net income attributable to Photronics, Inc. shareholders.  Margins declined due to lower premiums for expedited delivery  Opex decreased as percent of sales as we effectively managed costs  GAAP Non-operating income primarily consists of unrealized FX gain/loss  Non-GAAP removes effect of FX gain/loss  Minority interest reflects net income of IC JVs in Taiwan and China 

 

 IC Product Line  $M  Q423  Q/Q  Y/Y  High-End*  57.7  27%  30%  Mainstream  106.8  (9%)  (5%)  Total  164.5  1%  5%  High-end increased as stronger design activity drove demand across regions  Mainstream softness Q/Q offset by better high-end demand  Outlook  New designs by customers to gain market share and support technology roadmap  Regionalization driving investments for global chip capacity  Able to maintain pricing in favorable supply/demand dynamic  *28nm and smaller  Totals may differ due to rounding 

 FPD Product Line  *≥G10.5, AMOLED and LTPS   Totals may differ due to rounding  High-end grew on strong mobile display led by AMOLED demand  Mainstream output lowered as more production dedicated to meet strong high-end demand  Outlook  Technology development drives demand for higher-value masks  Mobile demand is expected to remain strong with rollout of new designs and emerging panel makers winning market share  $M  Q423  Q/Q  Y/Y  High-End*  53.3  7%  23%  Mainstream  9.7  (13%)  (9%)  Total  63.0  3%  17% 

 Balance Sheet and Cash Flow Metrics  *Net cash is a non-GAAP term. See reconciliation included in this presentation.  Balance Sheet Provides Resilience, Enables Growth Strategy and Shareholder Value Creation  $M  Q423  Y/Y  Q/Q  Cash  499.3  +56%  +11%  Short-term Investments  12.9  -67%  -53%  Debt  24.6  -42%  -8%  Net Cash*  474.7  +71%  +13%  Operating Cash Flow  106.6  +35%  +24%  Capital Expenditures  52.5  -20%  +149%  Continued strong operating cash flow from income generation and working capital management  Debt comprised of US equipment leases  Capex targets growth in IC capacity & facility expansion  Strong balance sheet able to fund investments, share repurchases, and strategic opportunities and remain resilient to effects of industry downturns 

 Q1 2024 Guidance   Revenue ($M)  217-225  Operating Margin  27%-29%  Taxes ($M)  11-15  Diluted non-GAAP EPS  $0.45-$0.53  Diluted Shares (M)  ~62  Full-year Capex (M)  ~140  Incorporation of chips in IoT, 5G, Crypto and consumer products   New designs to capture market share  Advanced display technologies  Outlook clouded by geopolitical uncertainty and macro-economic headwinds  Driving margin expansion and cash flows to deliver long-term shareholder value 

 Appendix 

 Revenue by Product Group ($M)  Total may differ due to rounding  IC  FPD  Mainstream  High-End  Mainstream  High-End  Total Revenue  IC Revenue  FPD Revenue  High-End: 28nm and smaller  High-End: ≥G10.5, AMOLED and LTPS 

 Non-GAAP Financial Measures  Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP earnings per share, Free Cash Flow, and Net Cash are "non-GAAP financial measures" as such term is defined by the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our future on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not intended to represent funds available for our discretionary use and are not intended to represent, or be used as a substitute for, gross profit, operating income, net income, cash and cash equivalents, or cash flows from operations, as measured under GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated balance sheets and statement of cash flows and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations on the following pages.  

 Non-GAAP Financial Measures 

 Non-GAAP Financial Measures 

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Document and Entity Information	Dec. 13, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 13, 2023
Entity File Number	0-15451
Entity Registrant Name	PHOTRONICS, INC.
Entity Central Index Key	0000810136
Entity Incorporation, State or Country Code	CT
Entity Tax Identification Number	06-0854886
Entity Address, Address Line One	15 Secor Road
Entity Address, City or Town	Brookfield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06804
City Area Code	203
Local Phone Number	775-9000
Title of 12(b) Security	COMMON STOCK, $0.01 par value per share
Trading Symbol	PLAB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false