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Published: 2023-02-21 08:24:22 ET
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EX-99.5 6 brhc10048518_ex99-5.htm EXHIBIT 99.5
Exhibit 99.5

PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information
(in thousands)
(Unaudited)

   
Three Months ended
  
   
January 29,
2023
    
October 31,
2022
    
January 30,
2022
  
                   
Reconciliation of GAAP to Non-GAAP Net Income:
                  
                   
GAAP Net Income
  
$
13,986
    
$
37,060
    
$
23,064
  
FX (gain) loss
    
16,944
      
(10,369
)
    
(5,268
)
Estimated tax effects of above
    
(4,506
)
    
2,522
      
1,337
  
Estimated noncontrolling interest effects of above
    
(2,060
)
    
1,990
      
96
  
Non-GAAP Net Income
  
$
24,364
    
$
31,203
    
$
19,229
  
                         
                         
Weighted-average number of common shares outstanding - Diluted
    
61,470
      
61,374
      
60,936
  
                         
Reconciliation of GAAP to Non-GAAP EPS:
                        
                         
GAAP diluted earnings per share
  
$
0.23
    
$
0.60
    
$
0.38
  
Effects of the above adjustments
  
$
0.17
    
$
(0.10
)
  
$
(0.06
)
Non-GAAP diluted earnings per share
  
$
0.40
    
$
0.51
    
$
0.32
  

Note: Totals may differ due to rounding.

PHOTRONICS, INC.
Reconciliation of GAAP to Non-GAAP Financial Information (cont.)
(in thousands)
(Unaudited)

Reconciliation of Net cash provided by operating activities to Free Cash Flow
                    
   
Three Months ended
    
Year ended
        
   
January 29,
2023
    
October 31,
2022
    
October 31,
2021
    
Target Model
Two-year Horizon
  
                         
                         
GAAP Net cash provided by operating activities
  
$
27,680
    
$
275,187
    
$
150,772
    
$
350,000 - 400,000
  
                                 
Purchases of property, plant and equipment
    
(31,097
)
    
(112,338
)
    
(109,099
)
    
(100,000
)
                                 
Government Incentives
    
1,014
      
3,615
      
5,775
      
-
  
                                 
Free Cash Flow
  
$
(2,403
)
  
$
166,464
    
$
47,448
    
$
250,000 - 300,000
  

Reconciliation of Free Cash flow to LTM Free Cash Flow:
      
       
   
Free Cash Flow
  
       
Three Months ended January 29, 2023
  
$
(2,403
)
         
Year-ended October 31, 2022
    
166,464
  
         
Three Months ended January 30, 2022
    
(39,955
)
         
LTM January 29, 2023
  
$
124,106
  
    
Reconciliation of  Cash and cash equivalents  to Net Cash:
                  
         
As of
        
   
January 29,
2023
    
October 31,
2022
    
January 30,
2022
  
                   
Cash and  cash equivalents
  
$
334,792
    
$
319,680
    
$
314,195
  
                         
Short-term investments
    
39,199
      
38,820
      
-
  
                         
Current portion of Long-term debt
    
(6,541
)
    
(10,024
)
    
(18,307
)
                         
Long-term Debt
    
(27,323
)
    
(32,310
)
    
(78,540
)
                         
Net Cash
  
$
340,127
    
$
316,166
    
$
217,348