Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 156

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 156
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compared to $91.4 million in 2022 and $4.2 million in 2021. The $199.0 million increase in 2023 compared to 2022 was due primarily to an increase in net short-term payments compared to the prior year and an increase in dividends paid
to common shareholders, partially offset by an increase in issuance of common shares.

The $87.2 million increase in 2022 compared to
2021 was due primarily to net short term payments compared to net short-term borrowings in the prior year, an increase in dividends paid to common shareholders, and decrease in issuances of common shares, partially offset by cash provided by other
financing activities and a decrease in cash used for financing transactions and share repurchases.

Financial Liquidity

As of September 28, 2024, Primo Water had total debt of $1,283.7 million and $667.3 million of cash and cash equivalents
compared to $1,285.0 million of debt and $507.9 million of cash and cash equivalents as of December 30, 2023.

Primo
Water’s operations and supplier relationships expose it to risks associated with disruptions to global supply chains and the ongoing Russia/Ukraine and Israel/Hamas wars, all of which are likely to continue to create challenging conditions for
Primo Water’s business, through increased costs, lower consumer spending, volatility in financial markets, or other impacts. While Primo Water has taken steps to minimize the impact of these increased costs, global supply chain disruption may
deteriorate, which could adversely affect Primo Water’s business, financial condition, results of operations, and cash flows.

As of
September 28, 2024, there were no outstanding borrowings under the Primo Water Revolving Credit Facility and outstanding letters of credit totaled $65.6 million, resulting in total utilization under the Primo Water Revolving Credit
Facility of $65.6 million. Accordingly, unused availability under the Primo Water Revolving Credit Facility as of September 28, 2024 amounted to $284.4 million.

Primo Water earns substantially all of its consolidated operating income in subsidiaries located outside of Canada. Primo Water has not
provided for federal, state, and foreign deferred income taxes on the undistributed earnings of its non-Canadian subsidiaries. Primo Water expects that these earnings will be permanently reinvested by such
subsidiaries except in certain instances where repatriation attributable to