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Published: 2023-12-13 06:20:38 ET
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EX-99.5 6 ef20016543_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
    
Year ended
  


  
October 31,
2023

July 30,
2023

October 31,
2022

October 31,
2023

October 31,
2022
Reconciliation of GAAP to Non-GAAP Non-operating (loss) Income:
                          
                               
GAAP Non-operating (loss) income, net
  
$
18,660
    
$
(911
)
  
$
10,797
    
$
16,896
    
$
27,167
  
FX (gain) loss
    
(13,234
 )
    
4,543
      
(10,369
)
    
(2,466
)
    
(27,344
)
Non-GAAP Non-operating (loss) income, net
  
$
5,426
    
$
3,632
    
$
428
    
$
14,430
    
$
(177
)
                                         
Reconciliation of GAAP to Non-GAAP Income tax provision:
                                        
                                         
GAAP Income tax provision
  
$
20,288
    
$
16,098
    
$
16,074
    
$
70,312
    
$
59,791
  
Estimated tax effects of FX (gain) loss
    
3,437
      
(1,193
)
    
2,522
      
317
      
5,933
  
Non-GAAP Income tax provision
  
$
16,851
    
$
17,291
    
$
13,552
    
$
69,995
    
$
53,858
  
                                         
Reconciliation of GAAP to Non-GAAP Noncontrolling interests:
                                        
                                         
GAAP Noncontrolling interests
  
$
18,545
    
$
21,296
    
$
18,204
    
$
74,149
    
$
60,456
  
Estimated noncontrolling interest effects of above
    
2,431
      
1,328
      
1,990
      
2,676
      
4,275
  
Non-GAAP Noncontrolling interests
  
$
16,114
    
$
19,968
    
$
16,214
    
$
71,473
    
$
56,181
  
                                         
Reconciliation of GAAP to Non-GAAP Net Income:
                                        
                                         
GAAP Net Income
  
$
44,611
    
$
26,959
    
$
37,060
    
$
125,485
    
$
118,786
  
FX (gain) loss
    
(13,234
 )
   
4,543
      
(10,369
)
    
(2,466
)
    
(27,344
)
Estimated tax effects of above
    
3,437
      
(1,193
)
    
2,522
      
317
      
5,933
  
Estimated noncontrolling interest effects of above
    
2,431
      
1,328
      
1,990
      
2,676
      
4,275
  
Non-GAAP Net Income
  
$
37,245
    
$
31,637
    
$
31,203
    
$
126,012
    
$
101,650
  
                                         
Weighted-average number of common shares outstanding - Diluted
    
62,067
      
61,974
      
61,374
      
61,755
      
61,189
  

                                       
Reconciliation of GAAP to Non-GAAP EPS:
                                        

                                       
GAAP diluted earnings per share
  
$
0.72
    
$
0.44
    
$
0.60
    
$
2.03
    
$
1.94
  
Effects of the above adjustments
  
$
(0.12
 )
 
$
0.07
    
$
(0.10
)
  
$
0.01
    
$
(0.28
)
Non-GAAP diluted earnings per share
  
$
0.60
    
$
0.51
    
$
0.51
    
$
2.04
    
$
1.66