Exhibit 99.4
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended | ||||||||
May 1, 2022 | May 2, 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 77,166 | $ | 25,830 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 41,405 | 47,121 | ||||||
Share-based compensation | 3,041 | 2,723 | ||||||
Changes in operating assets, liabilities and other | (18,323 | ) | (17,455 | ) | ||||
Net cash provided by operating activities | 103,289 | 58,219 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (34,809 | ) | (73,516 | ) | ||||
Government incentives | 1,394 | 5,775 | ||||||
Other | (199 | ) | (157 | ) | ||||
Net cash used in investing activities | (33,614 | ) | (67,898 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of debt | (27,571 | ) | (8,636 | ) | ||||
Purchases of treasury stock | (2,522 | ) | (23,250 | ) | ||||
Contribution from noncontrolling interest | 24,995 | - | ||||||
Proceeds from share-based arrangements | 4,384 | 1,180 | ||||||
Proceeds from long-term debt | - | 12,439 | ||||||
Net settlements of restricted stock awards | (1,452 | ) | (371 | ) | ||||
Net cash used in financing activities | (2,166 | ) | (18,638 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (14,917 | ) | 5,686 | |||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 52,592 | (22,631 | ) | |||||
Cash, cash equivalents, and restricted cash, beginning of period | 279,680 | 281,602 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 332,272 | $ | 258,971 |