Exhibit 99.5
PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands)
(Unaudited)
Three Months ended | ||||||||||||
January 29, 2023 | October 31, 2022 | January 30, 2022 | ||||||||||
Reconciliation of GAAP to Non-GAAP Net Income: | ||||||||||||
GAAP Net Income | $ | 13,986 | $ | 37,060 | $ | 23,064 | ||||||
FX (gain) loss | 16,944 | (10,369 | ) | (5,268 | ) | |||||||
Estimated tax effects of above | (4,506 | ) | 2,522 | 1,337 | ||||||||
Estimated noncontrolling interest effects of above | (2,060 | ) | 1,990 | 96 | ||||||||
Non-GAAP Net Income | $ | 24,364 | $ | 31,203 | $ | 19,229 | ||||||
Weighted-average number of common shares outstanding - Diluted | 61,470 | 61,374 | 60,936 | |||||||||
Reconciliation of GAAP to Non-GAAP EPS: | ||||||||||||
GAAP diluted earnings per share | $ | 0.23 | $ | 0.60 | $ | 0.38 | ||||||
Effects of the above adjustments | $ | 0.17 | $ | (0.10 | ) | $ | (0.06 | ) | ||||
Non-GAAP diluted earnings per share | $ | 0.40 | $ | 0.51 | $ | 0.32 |
Note: Totals may differ due to rounding.
PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information (cont.)
(in thousands)
(Unaudited)
Reconciliation of Net cash provided by operating activities to Free Cash Flow | ||||||||||||||||
Three Months ended | Year ended | |||||||||||||||
January 29, 2023 | October 31, 2022 | October 31, 2021 | Target Model Two-year Horizon | |||||||||||||
GAAP Net cash provided by operating activities | $ | 27,680 | $ | 275,187 | $ | 150,772 | $ | 350,000 - 400,000 | ||||||||
Purchases of property, plant and equipment | (31,097 | ) | (112,338 | ) | (109,099 | ) | (100,000 | ) | ||||||||
Government Incentives | 1,014 | 3,615 | 5,775 | - | ||||||||||||
Free Cash Flow | $ | (2,403 | ) | $ | 166,464 | $ | 47,448 | $ | 250,000 - 300,000 |
Reconciliation of Free Cash flow to LTM Free Cash Flow: | ||||
Free Cash Flow | ||||
Three Months ended January 29, 2023 | $ | (2,403 | ) | |
Year-ended October 31, 2022 | 166,464 | |||
Three Months ended January 30, 2022 | (39,955 | ) | ||
LTM January 29, 2023 | $ | 124,106 |
Reconciliation of Cash and cash equivalents to Net Cash: | ||||||||||||
As of | ||||||||||||
January 29, 2023 | October 31, 2022 | January 30, 2022 | ||||||||||
Cash and cash equivalents | $ | 334,792 | $ | 319,680 | $ | 314,195 | ||||||
Short-term investments | 39,199 | 38,820 | - | |||||||||
Current portion of Long-term debt | (6,541 | ) | (10,024 | ) | (18,307 | ) | ||||||
Long-term Debt | (27,323 | ) | (32,310 | ) | (78,540 | ) | ||||||
Net Cash | $ | 340,127 | $ | 316,166 | $ | 217,348 |