Photronics (PLAB) 8-K Photronics Reports Second Quarter Fiscal 2023 Results

Exhibit 99.5

PHOTRONICS, INC.

Reconciliation of GAAP to Non-GAAP Financial Information

(in thousands)

(Unaudited)

	Three Months ended									Six Months ended
	April 30, 2023			January 29, 2023			May 1, 2022			April 30, 2023			May 1, 2022
Reconciliation of GAAP to Non-GAAP Net Income:
GAAP Net Income	$	39,929		$	13,986		$	27,432		$	53,915		$	50,496
FX (gain) loss		(10,718	)		16,944			(7,844	)		6,226			(13,112	)
Estimated tax effects of above		2,823			(4,506	)		1,947			(1,683	)		3,284
Estimated noncontrolling interest effects of above		901			(2,060	)		1,543			(1,159	)		1,639
Non-GAAP Net Income	$	32,935		$	24,364		$	23,078		$	57,299		$	42,307
Weighted-average number of common shares outstanding - Diluted		61,507			61,470			61,145			61,489			61,041
Reconciliation of GAAP to Non-GAAP EPS:
GAAP diluted earnings per share	$	0.65		$	0.23		$	0.45		$	0.88		$	0.83
Effects of the above adjustments	$	(0.11	)	$	0.17		$	(0.07	)	$	0.05		$	(0.14	)
Non-GAAP diluted earnings per share	$	0.54		$	0.40		$	0.38		$	0.93		$	0.69