Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Year Ended | ||||||||
October 31, 2020 | October 31, 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 40,343 | $ | 40,491 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 93,814 | 83,879 | ||||||
Share-based compensation | 4,927 | 3,680 | ||||||
Changes in operating assets, liabilities and other | 3,962 | (59,664 | ) | |||||
Net cash provided by operating activities | 143,046 | 68,386 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (70,815 | ) | (178,375 | ) | ||||
Government incentive | 5,263 | 27,003 | ||||||
Other | (159 | ) | (34 | ) | ||||
Net cash used in investing activities | (65,711 | ) | (151,406 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from debt | 20,340 | 54,633 | ||||||
Contributions from noncontrolling interest | 17,596 | 29,394 | ||||||
Purchases of treasury stock | (34,394 | ) | (21,696 | ) | ||||
Dividends paid to noncontrolling interests | (16,151 | ) | (45,050 | ) | ||||
Repayments of debt | (7,392 | ) | (61,319 | ) | ||||
Proceeds from share-based arrangements | 4,239 | 2,071 | ||||||
Other | (248 | ) | (92 | ) | ||||
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Net cash used in financing activities | (16,010 | ) | (42,059 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 10,986 | 2,381 | ||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 72,311 | (122,698 | ) | |||||
Cash, cash equivalents, and restricted cash, beginning of period | 209,291 | 331,989 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 281,602 | $ | 209,291 |