Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Three Months Ended | ||||||||
January 29, 2023 | January 30, 2022 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 28,950 | $ | 31,726 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 19,105 | 20,810 | ||||||
| Share-based compensation | 1,821 | 1,457 | ||||||
| Changes in operating assets, liabilities and other | (22,196 | ) | 5,137 | |||||
| Net cash provided by operating activities | 27,680 | 59,130 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (31,097 | ) | (19,175 | ) | ||||
| Government incentives | 1,014 | - | ||||||
| Other | (87 | ) | (43 | ) | ||||
| Net cash used in investing activities | (30,170 | ) | (19,218 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Repayments of debt | (9,218 | ) | (15,192 | ) | ||||
| Purchases of treasury stock | - | (2,522 | ) | |||||
| Contributions from noncontrolling interest | - | 14,997 | ||||||
| Proceeds from share-based arrangements | 672 | 3,840 | ||||||
| Net settlements of restricted stock awards | (1,168 | ) | (1,458 | ) | ||||
| Net cash used in financing activities | (9,714 | ) | (335 | ) | ||||
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 27,499 | (2,057 | ) | |||||
| Net increase in cash, cash equivalents, and restricted cash | 15,295 | 37,520 | ||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 322,409 | 279,680 | ||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 337,704 | $ | 317,200 | ||||