Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended | ||||||||
July 30, | July 31, | |||||||
2023 | 2022 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 136,478 | $ | 123,978 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 59,523 | 61,210 | ||||||
Share-based compensation | 5,874 | 4,623 | ||||||
Changes in operating assets, liabilities and other | (6,319 | ) | 6,110 | |||||
Net cash provided by operating activities | 195,556 | 195,921 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (78,813 | ) | (46,337 | ) | ||||
Purchases of available-for-sale debt securities | (9,837 | ) | - | |||||
Proceeds from maturity of available-for-sale debt securities | 22,500 | - | ||||||
Government incentives | 2,033 | 1,394 | ||||||
Other | (116 | ) | (179 | ) | ||||
Net cash used in investing activities | (64,233 | ) | (45,122 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of debt | (16,351 | ) | (51,917 | ) | ||||
Purchases of treasury stock | - | (2,522 | ) | |||||
Contributions from noncontrolling interest | - | 24,995 | ||||||
Proceeds from share-based arrangements | 1,241 | 5,505 | ||||||
Net settlements of restricted stock awards | (1,292 | ) | (1,463 | ) | ||||
Net cash used in financing activities | (16,402 | ) | (25,402 | ) | ||||
Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 13,813 | (21,308 | ) | |||||
Net increase in cash, cash equivalents, and restricted cash | 128,734 | 104,089 | ||||||
Cash, cash equivalents, and restricted cash, beginning of period | 322,409 | 279,680 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 451,143 | $ | 383,769 |