Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended | ||||||||
July 31, 2022 | August 1, 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 123,978 | $ | 50,185 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 61,210 | 69,305 | ||||||
Share-based compensation | 4,623 | 4,034 | ||||||
Changes in operating assets, liabilities and other | 6,110 | (10,428 | ) | |||||
Net cash provided by operating activities | 195,921 | 113,096 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (46,337 | ) | (92,301 | ) | ||||
Government incentives | 1,394 | 5,775 | ||||||
Other | (179 | ) | (170 | ) | ||||
Net cash used in investing activities | (45,122 | ) | (86,696 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of debt | (51,917 | ) | (13,311 | ) | ||||
Purchases of treasury stock | (2,522 | ) | (35,750 | ) | ||||
Contributions from noncontrolling interest | 24,995 | - | ||||||
Proceeds from share-based arrangements | 5,505 | 2,251 | ||||||
Proceeds from long-term debt | - | 20,858 | ||||||
Net settlements of restricted stock awards | (1,463 | ) | (403 | ) | ||||
Net cash used in financing activities | (25,402 | ) | (26,355 | ) | ||||
Effects of exchange rate changes on cash, cash equivalents, and restricted cash | (21,308 | ) | 4,602 | |||||
Net increase in cash, cash equivalents, and restricted cash | 104,089 | 4,647 | ||||||
Cash, cash equivalents, and restricted cash, beginning of period | 279,680 | 281,602 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 383,769 | $ | 286,249 |