Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Year Ended | ||||||||
October 31, 2022 | October 31, 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 179,242 | $ | 78,816 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 80,330 | 90,396 | ||||||
Share-based compensation | 6,308 | 5,348 | ||||||
Changes in operating assets, liabilities and other | 9,307 | (23,788 | ) | |||||
Net cash provided by operating activities | 275,187 | 150,772 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (112,338 | ) | (109,099 | ) | ||||
Purchases of available-for-sale debt securities | (38,854 | ) | - | |||||
Government incentives | 3,615 | 5,775 | ||||||
Other | (180 | ) | (170 | ) | ||||
Net cash used in investing activities | (147,757 | ) | (103,494 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of debt | (65,440 | ) | (20,352 | ) | ||||
Purchases of treasury stock | (2,522 | ) | (48,249 | ) | ||||
Contributions from noncontrolling interest | 24,995 | - | ||||||
Dividends paid to noncontrolling interests | - | (9,597 | ) | |||||
Proceeds from share-based arrangements | 5,749 | 3,874 | ||||||
Proceeds from long-term debt | - | 20,858 | ||||||
Net settlements of restricted stock awards | (1,471 | ) | (437 | ) | ||||
Net cash used in financing activities | (38,689 | ) | (53,903 | ) | ||||
Effects of exchange rate changes on cash, cash equivalents, and restricted cash | (46,012 | ) | 4,703 | |||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 42,729 | (1,922 | ) | |||||
Cash, cash equivalents, and restricted cash, beginning of period | 279,680 | 281,602 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 322,409 | $ | 279,680 |