Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended | ||||||||
August 2, 2020 | July 28, 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 31,764 | $ | 27,454 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 71,120 | 60,387 | ||||||
Share-based compensation | 3,773 | 2,871 | ||||||
Changes in operating assets, liabilities and other | (28,393 | ) | (67,208 | ) | ||||
Net cash provided by operating activities | 78,264 | 23,504 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (36,693 | ) | (160,149 | ) | ||||
Government incentive | 5,263 | 17,694 | ||||||
Other | (139 | ) | (24 | ) | ||||
Net cash used in investing activities | (31,569 | ) | (142,479 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from long-term debt | 5,699 | 53,227 | ||||||
Contribution from noncontrolling interest | 17,596 | 29,394 | ||||||
Purchase of treasury stock | (16,894 | ) | (10,696 | ) | ||||
Repayments of debt | (5,929 | ) | (61,319 | ) | ||||
Proceeds from share-based arrangements | 3,869 | 1,314 | ||||||
Dividends paid to noncontrolling interests | - | (26,102 | ) | |||||
Other | (248 | ) | (92 | ) | ||||
Net cash provided by (used in) financing activities | 4,093 | (14,274 | ) | |||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 3,486 | 1,206 | ||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 54,274 | (132,043 | ) | |||||
Cash, cash equivalents, and restricted cash, beginning of period | 209,291 | 331,989 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 263,565 | $ | 199,946 |