Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Year Ended | ||||||||
October 31, 2019 | October 31, 2018 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 40,491 | $ | 61,236 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 83,879 | 84,333 | ||||||
Share-based compensation | 3,680 | 3,180 | ||||||
Changes in operating assets, liabilities and other | (56,210 | ) | (18,182 | ) | ||||
Net cash provided by operating activities | 71,840 | 130,567 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (177,191 | ) | (92,585 | ) | ||||
Government incentives | 22,364 | 1,005 | ||||||
Other | (33 | ) | 711 | |||||
Net cash used in investing activities | (154,860 | ) | (90,869 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from debt | 54,633 | - | ||||||
Contribution from noncontrolling interest | 29,394 | 17,996 | ||||||
Repayments of debt | (61,319 | ) | (4,639 | ) | ||||
Dividends paid to noncontrolling interests | (45,050 | ) | (8,166 | ) | ||||
Purchase of treasury stock | (21,696 | ) | (23,111 | ) | ||||
Proceeds from share-based arrangements | 2,071 | 4,634 | ||||||
Other | (92 | ) | (519 | ) | ||||
Net cash used in financing activities | (42,059 | ) | (13,805 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2,381 | (4,840 | ) | |||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (122,698 | ) | 21,053 | |||||
Cash, cash equivalents, and restricted cash, beginning of period | 331,989 | 310,936 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 209,291 | $ | 331,989 |