Photronics (PLAB) 8-K Photronics Reports First Quarter Fiscal 2021 Results

Exhibit 99.4

PHOTRONICS,  INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Three Months Ended
	January 31, 2021			February 2, 2020
Cash flows from operating activities:
Net income	$	9,509		$	10,928
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		23,724			24,626
Share-based compensation		1,301			1,356
Changes in operating assets, liabilities and other		(8,247	)		(6,125	)
Net cash provided by operating activities		26,287			30,785
Cash flows from investing activities:
Purchases of property, plant and equipment		(17,532	)		(13,807	)
Government incentives		397			2,417
Other		(61	)		(139	)
Net cash used in investing activities		(17,196	)		(11,529	)
Cash flows from financing activities:
Proceeds from long-term debt		6,205			1,140
Purchase of treasury stock		(13,209	)		(11,000	)
Repayments of debt		(7,796	)		(389	)
Proceeds from share-based arrangements		765			2,886
Other		(315	)		(248	)
Net cash used in financing activities		(14,350	)		(7,611	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		5,195			149
Net (decrease) increase in cash, cash equivalents, and restrcited cash		(64	)		11,794
Cash, cash equivalents, and restricted cash, beginning of period		281,602			209,291
Cash, cash equivalents, and restricted cash, end of period	$	281,538		$	221,085