Primo Brands Corp
For the period ended Sep 30, 2024. Filed Dec 17, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Dec 17, 2024
PRMB$24.07-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| (in millions) | Nine Months Ended September 30, | |
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $ 141.3 | $ 80.7 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 227.3 | 222.6 |
| Amortization of debt discount and issuance costs | 12.5 | 10.1 |
| Inventory obsolescence expense | 13.3 | 22.5 |
| Allowance for expected credit losses | 6.6 | 10.5 |
| Change in deferred taxes | (43.6) | (26.1) |
| Commodity forwards loss (gain) | 5.8 | (5.6) |
| Other non-cash items | 7.5 | 7.9 |
| Changes in operating assets and liabilities: | ||
| Trade receivables | (61.7) | 11.7 |
| Inventories | (31.4) | 0.1 |
| Prepaid expenses and other current and non-current assets | 15.9 | 4.7 |
| Trade payables | 23.3 | (180.0) |
| Accruals and other current and non-current liabilities | 53.3 | 39.7 |
| Net cash provided by operating activities | $ 370.1 | $ 198.8 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | $ (96.9) | $ (162.0) |
| Purchases of intangible assets | (36.4) | (12.2) |
| Proceeds from settlement of split-dollar life insurance contracts and other | 2.4 | 2.9 |
| Other investing activities | 0.5 | — |
| Net cash used in investing activities | $ (130.4) | $ (171.3) |
| Cash flows from financing activities: | ||
| Proceeds from 2024 Incremental Term Loan, net of discount | $ 392.0 | $ — |
| 2024 Incremental Term Loan debt issuance costs | (5.1) | — |
| Proceeds from borrowings from Revolver | 25.0 | 85.0 |
| Repayment of borrowings from Revolver | (115.0) | (85.0) |
| Repayment of Term Loans | (24.0) | (21.0) |
| Proceeds from borrowings of other debt | 7.4 | 1.3 |
| Principal repayment of loans, other | (2.7) | — |
| Principal repayment of finance leases | (4.6) | — |
| Dividends paid on common stock | (382.7) | — |
| Net cash used in financing activities | $ (109.7) | $ (19.7) |
| Effect of exchange rates on cash, cash equivalents, and restricted cash | (0.3) | (0.1) |
| Net change in cash, cash equivalents, and restricted cash | 129.7 | 7.7 |
| Cash, cash equivalents, and restricted cash at beginning of period | 47.0 | 105.8 |
| Cash, cash equivalents, and restricted cash at end of period | $ 176.7 | $ 113.5 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest, net of capitalized interest of $4.2 and $8.7 during 2024 and 2023, respectively | $ 231.5 | $ 189.6 |
| Cash paid for income taxes | $ 58.6 | $ 42.3 |
| Purchases of property, plant, equipment and intangible assets included in trade payables | $ 16.1 | $ 17.9 |
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