Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended | ||||||||
May 2, 2021 | May 3, 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 25,830 | $ | 18,900 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 47,121 | 47,896 | ||||||
Share-based compensation | 2,723 | 2,576 | ||||||
Changes in operating assets, liabilities and other | (17,455 | ) | (8,049 | ) | ||||
Net cash provided by operating activities | 58,219 | 61,323 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (73,516 | ) | (30,127 | ) | ||||
Government incentives | 5,775 | 5,260 | ||||||
Other | (157 | ) | (139 | ) | ||||
Net cash used in investing activities | (67,898 | ) | (25,006 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from long-term debt | 12,439 | 1,140 | ||||||
Contribution from noncontrolling interest | - | 7,600 | ||||||
Purchase of treasury stock | (23,250 | ) | (16,894 | ) | ||||
Repayments of debt | (8,636 | ) | (389 | ) | ||||
Proceeds from share-based arrangements | 1,180 | 3,423 | ||||||
Other | (371 | ) | (251 | ) | ||||
Net cash used in financing activities | (18,638 | ) | (5,371 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 5,686 | 475 | ||||||
Net (decrease) increase in cash, cash equivalents, and restrcited cash | (22,631 | ) | 31,421 | |||||
Cash, cash equivalents, and restricted cash, beginning of period | 281,602 | 209,291 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 258,971 | $ | 240,712 |