Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended | ||||||||
April 28, 2024 | April 30, 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 95,454 | $ | 88,223 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 41,487 | 39,085 | ||||||
Share-based compensation | 6,499 | 3,830 | ||||||
Changes in operating assets, liabilities and other | (25,446 | ) | (21,461 | ) | ||||
Net cash provided by operating activities | 117,994 | 109,677 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (63,311 | ) | (57,728 | ) | ||||
Purchases of available-for-sale debt securities | (16,551 | ) | (9,837 | ) | ||||
Proceeds from maturities of available-for-sale debt securities | 9,000 | 4,000 | ||||||
Government incentives | 1,419 | 1,393 | ||||||
Other | (6 | ) | (88 | ) | ||||
Net cash used in investing activities | (69,449 | ) | (62,260 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of debt | (2,844 | ) | (14,720 | ) | ||||
Proceeds from share-based arrangements | 1,055 | 730 | ||||||
Net settlements of restricted stock awards | (2,938 | ) | (1,252 | ) | ||||
Net cash used in financing activities | (4,727 | ) | (15,242 | ) | ||||
Effects of exchange rate changes on cash, cash equivalents, and restricted cash | (3,839 | ) | 15,621 | |||||
Net increase in cash, cash equivalents, and restricted cash | 39,979 | 47,796 | ||||||
Cash, cash equivalents, and restricted cash, beginning of period | 501,867 | 322,409 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 541,846 | $ | 370,205 |