Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 114

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 114
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 partially offset by an increase in working capital usage. Net cash used in investing activities was $217.6 million for the year ended December 31, 2023, compared to $319.4 million for the year ended December 31, 2022, a decrease of $101.8 million. The decrease was primarily related to lower capital expenditures to improve operations and expand capacity. In addition, the higher capital expenditures in fiscal year 2022 related to BlueTriton’s initial IT platform implementation during that period. 74

Net cash used in financing activities for the year ended December 31, 2023 was
$162.3 million, compared to $147.7 million for the year ended December 31, 2022, an increase of $14.6 million. The use of cash during fiscal year 2023 primarily related to the redemption of preferred stock of $183.6 million
and payment of a dividend on preferred stock of $49.9 million and the scheduled principal payments of the BlueTriton Term Loan Facility, partially offset by borrowings on the BlueTriton ABL Credit Facility. The use of cash during fiscal year
2022 related to the redemption of preferred stock of $66.4 million and payment of a dividend on preferred stock of $8.6 million, the repurchase and subsequent retirement of a portion of the BlueTriton Senior Notes and the scheduled
principal payments of the BlueTriton Term Loan Facility.

Year Ended December 31, 2022 Compared to the 2021 Successor Period and the 2021 Predecessor Period

Net cash provided by operating activities was $108.3 million for the year ended December 31, 2022, as
compared to $123.3 million for the 2021 Successor Period and a use of $60.7 million for the 2021 Predecessor Period. Improvement in fiscal year 2022 was primarily due to a reduced net loss when compared to 2021, and to a lesser extent by a
decrease in working capital usage. Additionally, a one-time payment to the Nestlé retiree plan was made during fiscal year 2021.

Net cash used in investing activities was $319.4 million for the year ended December 31, 2022, compared to $3,610.3 million for
the 2021 Successor Period and $38.3 million for the 2021 Predecessor Period. The use of