Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 101

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 101
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 22.4% during the year ended December 31, 2022. The 660 basis point margin improvement was primarily the result of the 8.1% revenue growth in price and mix, primarily
driven by the benefit of price increases taken throughout 2022, as well as consistent beneficial freight and resin pricing.

Selling, General and Administrative Expenses

Costs recorded in selling, general and administrative expenses include product marketing and advertising
expenses, selling costs, including commissions, IT and all other costs associated with corporate functions, oversight and support.

Selling, general and administrative expenses during the year ended December 31, 2023 were $924.2 million, an increase of
$37.2 million, or 4.2%, as compared to the year ended December 31, 2022, primarily driven by a $30.4 million increase in spending on information technology (“IT”), and to a lesser extent administrative personnel costs, and
recycling processing fees, partially offset by reductions in spending on marketing, sales and promotional programs, and legal fees when compared to the prior year.

Acquisition, Integration and Restructuring Expenses

Acquisition expenses include those costs associated with BlueTriton’s acquisitions, as well as costs incurred on potential acquisitions.
Integration and restructuring expenses mainly include IT implementation costs, costs incurred to achieve post-acquisition synergies, and costs incurred on business optimization, among others.

During the year ended December 31, 2023, acquisition, integration and restructuring expenses were $16.9 million, a decrease of
$66.9 million, or 79.8%, as compared to the year ended December 31, 2022, primarily as a result of a year over year decrease in IT implementation costs of $56.0 million and, to a lesser extent, lower severance costs during 2023.

Other Operating Expenses, Net

Other
operating expenses, net, includes primarily foreign exchange, unrealized hedge mark to market, and other infrequent income or charges.

Other operating expenses, net, during the year ended December 31, 2023 were $4.9 million, an increase of $4.8 million, as
compared to the year ended December 31, 2022, primarily due to unrealized loss of $3.6 million related to commodity forward contracts and an unrealized foreign exchange loss in the current period.

Interest and Financing Expense, Net

Interest and financing expense, net, primarily related to interest