Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 92

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 92
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     |   |             — |   |     |   |             — |     |   |             — |   |     |   |            — |     |   |         (8.7 | ) |     |   |            — |   |     |             |           — |   |
| Management fees                                                        |     |                |           4.5 |     |   |           3.4 |   |     |   |          18.6 |     |   |          11.2 |   |     |   |         17.8 |     |   |         13.0 |   |     |   |          9.3 |   |     |             |           — |   |
| Other adjustments, net                                                 |     |                |           3.1 |     |   |           4.8 |   |     |   |          12.8 |     |   |          14.7 |   |     |   |         19.4 |     |   |         28.5 |   |     |   |         42.2 |   |     |             |        57.2 |   |
| Adjusted EBITDA(1)                                                     |     | $              |         264.1 |     | $ |         237.9 |   |     | $ |         739.8 |     | $ |         578.3 |   |     | $ |        783.6 |     | $ |        476.6 |   |     | $ |        451.1 |   |     | $           |        58.9 |   |

| (1) | Certain Adjusted EBITDA addbacks have been reclassified for presentation purposes. |

Free Cash Flow BlueTriton defines Free Cash Flow as net cash provided by (used in) operating activities less cash paid for purchases of property, plant and equipment and intangible assets not acquired in a business combination (mainly software development costs). BlueTriton believes Free Cash Flow assists investors and analysts in evaluating BlueTriton’s liquidity and cash flows, including BlueTriton’s ability to make principal payments on BlueTriton’s indebtedness and to fund its capital expenditures and working capital requirements. 59

The following table reconciles net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow for the periods presented.