EX-99.4 5 ef20029616_ex99-4.htm EXHIBIT 99.4
Exhibit 99.4

PHOTRONICS,  INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)


  
Six Months Ended
  


  
April 28,
2024
      
April 30,
2023
   

           
Cash flows from operating activities:
            
Net income
  
$
95,454
    
$
88,223
  
Adjustments to reconcile net income to net cash
                
provided by operating activities:
                
Depreciation and amortization
    
41,487
      
39,085
  
Share-based compensation
    
6,499
      
3,830
  
Changes in operating assets, liabilities and other
    
(25,446
)
    
(21,461
)
                 
Net cash provided by operating activities
    
117,994
      
109,677
  
                 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
    
(63,311
)
    
(57,728
)
Purchases of available-for-sale debt securities
    
(16,551
)
    
(9,837
)
Proceeds from maturities of available-for-sale debt securities
    
9,000
      
4,000
  
Government incentives
    
1,419
      
1,393
  
Other
    
(6
)
    
(88
)
                 
Net cash used in investing activities
    
(69,449
)
    
(62,260
)
                 
Cash flows from financing activities:
                
Repayments of debt
    
(2,844
)
    
(14,720
)
Proceeds from share-based arrangements
    
1,055
      
730
  
Net settlements of restricted stock awards
    
(2,938
)
    
(1,252
)
                 
Net cash used in financing activities
    
(4,727
)
    
(15,242
)
                 
Effects of exchange rate changes on cash, cash equivalents, and restricted cash
    
(3,839
)
    
15,621
  
                 
Net increase in cash, cash equivalents, and restricted cash
    
39,979
      
47,796
  
Cash, cash equivalents, and restricted cash, beginning of period
    
501,867
      
322,409
  
                 
Cash, cash equivalents, and restricted cash, end of period
  
$
541,846
    
$
370,205