Exhibit 99.5
PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands)
(Unaudited)
Three Months ended | ||||||||||||
July 30, | April 30, | July 31, | ||||||||||
2023 | 2023 | 2022 | ||||||||||
Reconciliation of GAAP to Non-GAAP Non-operating (loss) Income: | ||||||||||||
GAAP Non-operating (loss) income, net | $ | (911 | ) | $ | 13,571 | $ | 3,641 | |||||
FX (gain) loss | 4,543 | (10,718 | ) | (3,862 | ) | |||||||
Non-GAAP Non-operating (loss) income, net | $ | 3,632 | $ | 2,853 | $ | (221 | ) | |||||
Reconciliation of GAAP to Non-GAAP Income tax provision: | ||||||||||||
GAAP Income tax provision | $ | 16,098 | $ | 21,343 | $ | 18,146 | ||||||
Estimated tax effects of FX (gain) loss | (1,193 | ) | 2,823 | 955 | ||||||||
Non-GAAP Income tax provision | $ | 17,291 | $ | 18,520 | $ | 17,191 | ||||||
Reconciliation of GAAP to Non-GAAP Noncontrolling interests: | ||||||||||||
GAAP Noncontrolling interests | $ | 21,296 | $ | 19,344 | $ | 17,994 | ||||||
Estimated noncontrolling interest effects of above | 1,328 | 901 | 527 | |||||||||
Non-GAAP Noncontrolling interests | $ | 19,968 | $ | 18,443 | $ | 17,467 | ||||||
Reconciliation of GAAP to Non-GAAP Net Income: | ||||||||||||
GAAP Net Income | $ | 26,959 | $ | 39,929 | $ | 31,230 | ||||||
FX (gain) loss | 4,543 | (10,718 | ) | (3,862 | ) | |||||||
Estimated tax effects of above | (1,193 | ) | 2,823 | 955 | ||||||||
Estimated noncontrolling interest effects of above | 1,328 | 901 | 527 | |||||||||
Non-GAAP Net Income | $ | 31,637 | $ | 32,935 | $ | 28,850 | ||||||
Weighted-average number of common shares outstanding - Diluted | 61,974 | 61,507 | 61,299 | |||||||||
Reconciliation of GAAP to Non-GAAP EPS: | ||||||||||||
GAAP diluted earnings per share | $ | 0.44 | $ | 0.65 | $ | 0.51 | ||||||
Effects of the above adjustments | $ | 0.07 | $ | (0.11 | ) | $ | (0.04 | ) | ||||
Non-GAAP diluted earnings per share | $ | 0.51 | $ | 0.54 | $ | 0.47 |