Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Three Months Ended | ||||||||
January 28, 2024 | January 29, 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 39,082 | $ | 28,950 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 20,702 | 19,105 | ||||||
Share-based compensation | 2,573 | 1,821 | ||||||
Changes in operating assets, liabilities and other | (20,849 | ) | (22,196 | ) | ||||
Net cash provided by operating activities | 41,508 | 27,680 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (43,314 | ) | (31,097 | ) | ||||
Purchases of available-for-sale debt securities | (2,436 | ) | - | |||||
Proceeds from maturities of available-for-sale debt securities | 2,500 | - | ||||||
Government incentives | 1,091 | 1,014 | ||||||
Other | (56 | ) | (87 | ) | ||||
Net cash used in investing activities | (42,215 | ) | (30,170 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of debt | (1,194 | ) | (9,218 | ) | ||||
Proceeds from share-based arrangements | 936 | 672 | ||||||
Net settlements of restricted stock awards | (2,613 | ) | (1,168 | ) | ||||
Net cash used in financing activities | (2,871 | ) | (9,714 | ) | ||||
Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 13,026 | 27,499 | ||||||
Net increase in cash, cash equivalents, and restricted cash | 9,448 | 15,295 | ||||||
Cash, cash equivalents, and restricted cash, beginning of period | 501,867 | 322,409 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 511,315 | $ | 337,704 |