Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 96

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 96
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 in, or cash requirements for, BlueTriton’s working capital needs; |

| • |     | Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary, to service 
 interest on BlueTriton’s indebtedness;                                                                            |

| • |     | non-cash compensation is a key element of BlueTriton’s long-term                                                                                                   
 executive incentive compensation package, although BlueTriton excludes it as an expense when evaluating its ongoing operating performance for a particular period; |

| • |     | the fact that other companies in BlueTriton’s industry, including Primo Water, may calculate these measures 
 differently than BlueTriton does, which limits their usefulness as comparative measures; and                |

| • |     | these measures do not reflect the impact of certain cash charges resulting from matters BlueTriton considers not 
 to be indicative of its ongoing operations.                                                                      |

Furthermore, BlueTriton compensated for the limitations described above by relying primarily on its GAAP results and using Adjusted EBITDA and Free Cash Flow only for supplemental purposes. Adjusted EBITDA BlueTriton defines Adjusted EBITDA as net income (loss), interest and financing expense, net, provision for (benefit from) income taxes, and depreciation and amortization, further adjusted for costs associated with acquisition, integration and restructuring expenses, share-based compensation costs, unrealized loss (gain) on foreign exchange and commodity forwards, net, loss on disposal of property, plant and equipment, net, gain on sale and leaseback, gain on extinguishment of debt, management fees, and other infrequent or nonrecurring adjustments, net. This is an important metric that management uses as an analytical indicator to evaluate BlueTriton’s performance, allocate resources, and measure leverage. BlueTriton believes that Adjusted EBITDA is a useful metric for management, investors, and analysts because it excludes certain items that can vary widely across different industries or among companies within the same industry, and it removes the impact of items that BlueTriton does not believe were indicative of its core operating performance. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies, and BlueTriton believes these adjustments allow for consistent comparison of its operating results over time and relative to its peers. BlueTriton uses Adjusted EBITDA to supplement GAAP measures of performance in evaluating the effectiveness of its business strategies, and