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 | |
