Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Year Ended | ||||||||
October 31, 2023 | October 31, 2022 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 199,634 | $ | 179,242 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 80,835 | 80,330 | ||||||
Share-based compensation | 8,001 | 6,308 | ||||||
Changes in operating assets, liabilities and other | 13,706 | 9,307 | ||||||
Net cash provided by operating activities | 302,176 | 275,187 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (131,295 | ) | (112,338 | ) | ||||
Purchases of available-for-sale debt securities | (20,192 | ) | (38,854 | ) | ||||
Proceeds from maturity of available-for-sale debt securities | 47,537 | - | ||||||
Government incentives | 2,522 | 3,615 | ||||||
Other | (117 | ) | (180 | ) | ||||
Net cash used in investing activities | (101,545 | ) | (147,757 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of debt | (18,439 | ) | (65,440 | ) | ||||
Purchases of treasury stock | - | (2,522 | ) | |||||
Contributions from noncontrolling interest | - | 24,995 | ||||||
Proceeds from share-based arrangements | 1,248 | 5,749 | ||||||
Net settlements of restricted stock awards | (1,302 | ) | (1,471 | ) | ||||
Net cash used in financing activities | (18,493 | ) | (38,689 | ) | ||||
Effects of exchange rate changes on cash, cash equivalents, and restricted cash | (2,680 | ) | (46,012 | ) | ||||
Net increase in cash, cash equivalents, and restricted cash | 179,458 | 42,729 | ||||||
Cash, cash equivalents, and restricted cash, beginning of period | 322,409 | 279,680 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 501,867 | $ | 322,409 |