Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended | ||||||||
July 28, 2019 | July 29, 2018 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 27,454 | $ | 44,467 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 60,387 | 64,485 | ||||||
Changes in operating assets, liabilities and other | (64,337 | ) | (21,995 | ) | ||||
Net cash provided by operating activities | 23,504 | 86,957 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (160,149 | ) | (64,372 | ) | ||||
Government incentive | 17,694 | - | ||||||
Other | (24 | ) | 313 | * | ||||
Net cash used in investing activities | (142,479 | ) | (64,059 | )* | ||||
Cash flows from financing activities: | ||||||||
Proceeds from debt | 53,227 | - | ||||||
Contribution from noncontrolling interest | 29,394 | 17,997 | ||||||
Repayments of debt | (61,319 | ) | (4,170 | ) | ||||
Dividends paid to noncontrolling interests | (26,102 | ) | (8,166 | ) | ||||
Purchase of treasury stock | (10,696 | ) | (6,787 | ) | ||||
Proceeds from share-based arrangements | 1,314 | 4,028 | ||||||
Other | (92 | ) | (274 | ) | ||||
Net cash (used in) provided by financing activities | (14,274 | ) | 2,628 | |||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1,206 | (975 | )* | |||||
Net (decrease) increase in cash, cash equivalents, and restrcited cash | (132,043 | ) | 24,551 | * | ||||
Cash, cash equivalents, and restricted cash, beginning of period | 331,989 | * | 310,936 | * | ||||
Cash, cash equivalents, and restricted cash, end of period | $ | 199,946 | $ | 335,487 | * |
* Amount has been modified to reflect the adoption of ASU 2016-18