Exhibit 99.5
PHOTRONICS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands, except per share data)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||||||
October 29, 2017 | July 30, 2017 | October 30, 2016 | October 29, 2017 | October 30, 2016 | ||||||||||||||||
Reconciliation of GAAP to Non-GAAP Net Income Attributable to Photronics, Inc. Shareholders and EPS data | ||||||||||||||||||||
GAAP net income attributable to Photronics, Inc. shareholders | $ | 5,386 | $ | 4,001 | $ | 5,256 | $ | 13,130 | $ | 46,200 | ||||||||||
Income tax benefit (a) | - | - | (1,834 | ) | - | (4,838 | ) | |||||||||||||
Gain on sale of investment, net of tax (b) | - | - | - | - | (8,753 | ) | ||||||||||||||
Non-GAAP net income attributable to Photronics, Inc. shareholders | $ | 5,386 | $ | 4,001 | $ | 3,422 | $ | 13,130 | $ | 32,609 | ||||||||||
Weighted average number of diluted shares outstanding | ||||||||||||||||||||
GAAP | 69,218 | 69,380 | 68,906 | 69,288 | 76,354 | |||||||||||||||
Non-GAAP | 69,218 | 69,380 | 68,906 | 69,288 | 76,354 | |||||||||||||||
Net income per diluted share | ||||||||||||||||||||
GAAP | $ | 0.08 | $ | 0.06 | $ | 0.08 | $ | 0.19 | $ | 0.64 | ||||||||||
Non-GAAP | $ | 0.08 | $ | 0.06 | $ | 0.05 | $ | 0.19 | $ | 0.47 | ||||||||||
Reconciliation of GAAP Net Income to Non-GAAP EBITDA | ||||||||||||||||||||
GAAP Net Income (c) | $ | 10,496 | $ | 4,799 | $ | 6,569 | $ | 21,289 | $ | 55,676 | ||||||||||
Interest expense | 578 | 550 | 616 | 2,235 | 3,366 | |||||||||||||||
Income tax expense | 2,462 | 333 | (1,337 | ) | 5,276 | 4,798 | ||||||||||||||
Depreciation and amortization | 22,492 | 21,840 | 22,304 | 86,573 | 82,406 | |||||||||||||||
Other items (d) | 785 | 984 | 980 | 3,627 | 3,828 | |||||||||||||||
Non-GAAP EBITDA | $ | 36,813 | $ | 28,506 | $ | 29,132 | $ | 119,000 | $ | 150,074 |
Notes:
(a) | Represents tax benefit primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary in Taiwan |
(b) | Represents gain on sale of investment in a foreign entity |
(c) | Includes net income attributable to noncontrolling interests, and in 2016 includes gain on sale of investment in a foreign entity |
(d) | Consists of stock compensation expense |