Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended | ||||||||
April 30, 2023 | May 1, 2022 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 88,223 | $ | 74,755 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 39,085 | 41,405 | ||||||
Share-based compensation | 3,830 | 3,041 | ||||||
Changes in operating assets, liabilities and other | (21,461 | ) | (15,912 | ) | ||||
Net cash provided by operating activities | 109,677 | 103,289 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (57,728 | ) | (34,809 | ) | ||||
Purchases of available-for-sale debt securities | (9,837 | ) | 0 | |||||
Proceeds from maturity of available-for-sale debt securities | 4,000 | 0 | ||||||
Government incentives | 1,393 | 1,394 | ||||||
Other | (88 | ) | (199 | ) | ||||
Net cash used in investing activities | (62,260 | ) | (33,614 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of debt | (14,720 | ) | (27,571 | ) | ||||
Purchases of treasury stock | - | (2,522 | ) | |||||
Contributions from noncontrolling interest | - | 24,995 | ||||||
Proceeds from share-based arrangements | 730 | 4,384 | ||||||
Net settlements of restricted stock awards | (1,252 | ) | (1,452 | ) | ||||
Net cash used in financing activities | (15,242 | ) | (2,166 | ) | ||||
Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 15,621 | (14,917 | ) | |||||
Net increase in cash, cash equivalents, and restricted cash | 47,796 | 52,592 | ||||||
Cash, cash equivalents, and restricted cash, beginning of period | 322,409 | 279,680 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 370,205 | $ | 332,272 |