Primo Brands Corp
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
PRMB$24.07-0.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| For the Year Ended December 31, | |||
|---|---|---|---|
| ($ in millions) | 2024 | 2023 | 2022 |
| Cash flows from operating activities of continuing operations: | |||
| Net (loss) income | $(16.4) | $92.8 | $(126.7) |
| Less: Net loss from discontinued operations, net of income taxes | (3.8) | — | — |
| Net (loss) income from continuing operations | $(12.6) | $92.8 | $(126.7) |
| Adjustments to reconcile net (loss) income from continuing operations to cash flows from operating activities of continuing operations: | |||
| Depreciation and amortization | 333.3 | 305.7 | 326.2 |
| Amortization of debt discount and issuance costs | 18.4 | 13.5 | 13.9 |
| Stock-based compensation costs | 8.7 | 1.3 | 1.8 |
| Write off of long lived assets | 7.1 | 14.3 | 3.7 |
| Amortization of purchase accounting inventory step-up | 6.0 | — | — |
| Restructuring charges | 22.0 | — | — |
| Inventory obsolescence expense | 16.9 | 27.6 | 38.8 |
| Charge for expected credit losses | 12.6 | 14.1 | 18.4 |
| Deferred income taxes | (78.1) | (40.5) | (59.5) |
| Gain on extinguishment of debt | — | — | (8.7) |
| Other non-cash items | 3.0 | (0.1) | 2.6 |
| Changes in operating assets and liabilities, net of effects of businesses acquired: | |||
| Trade receivables | 83.6 | 51.3 | (188.0) |
| Inventories | (0.1) | 23.1 | (113.1) |
| Prepaid expenses and other current assets and other assets | (33.5) | 1.8 | (10.4) |
| Trade payables | (23.4) | (228.0) | 212.4 |
| Accruals and other current and non-current liabilities | 99.9 | 44.0 | (3.1) |
| Net cash provided by operating activities of continuing operations | 463.8 | 320.9 | 108.3 |
| Cash flows from investing activities of continuing operations: | |||
| Purchases of property, plant and equipment | (150.2) | (203.6) | (258.5) |
| Purchases of intangible assets | (40.7) | (14.1) | (78.2) |
| Cash acquired in the Transaction | 665.9 | — | — |
| Proceeds from sale of other assets | — | — | 2.9 |
| Purchases of investments | (10.0) | (3.0) | (1.2) |
| Proceeds from settlement of split-dollar life insurance contracts | 2.4 | 3.0 | 15.6 |
| Other investing activities | 1.2 | 0.1 | — |
| Net cash provided by (used in) investing activities of continuing operations | 468.6 | (217.6) | (319.4) |
| For the Year Ended December 31, | |||
|---|---|---|---|
| ($ in millions) | 2024 | 2023 | 2022 |
| Cash flows from financing activities of continuing operations: | |||
| 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 | 175.0 | — |
| Repayment of borrowings from Revolver | (115.0) | (85.0) | — |
| Repayment of Term Loans and Senior Notes | (32.0) | (28.0) | (75.0) |
| Proceeds from borrowings of other debt | 8.3 | 7.0 | — |
| Principal repayment of other debt | (3.5) | — | (0.1) |
| Principal payment of finance leases | (8.2) | (1.1) | — |
| Issuance of common shares | 1.9 | 3.3 | — |
| Common shares repurchased and cancelled | (10.4) | — | — |
| Capital contributions | — | — | 2.4 |
| Redemption of preferred stock | — | (183.6) | (66.4) |
| Dividends paid on preferred stock | — | (49.9) | (8.6) |
| Dividends paid to common stockholders | (35.7) | — | — |
| Dividends paid to Primo Water stockholders | (131.5) | — | — |
| Dividends paid to Sponsor Stockholder | (448.6) | — | — |
| Other financing | (0.1) | — | — |
| Net cash used in financing activities of continuing operations | (362.9) | (162.3) | (147.7) |
| Cash flows from discontinued operations: | |||
| Net cash provided by operating activities from discontinued operations | 3.4 | — | — |
| Net cash provided by investing activities from discontinued operations | 5.8 | — | — |
| Net cash used in financing activities from discontinued operations | (3.5) | — | — |
| Net cash provided by discontinuing operations | 5.7 | — | — |
| Effect of exchange rates on cash, cash equivalents, and restricted cash | (1.5) | 0.2 | (0.2) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $573.7 | $(58.8) | $(359.0) |
| Cash, cash equivalents, and restricted cash at beginning of period | 47.0 | 105.8 | 464.8 |
| Cash, cash equivalents, and restricted cash at end of period | $620.7 | $47.0 | $105.8 |
| Cash and cash equivalents and restricted cash of discontinued operations, end of period | 6.3 | — | — |
| Cash and cash equivalents and restricted cash of continuing operations, end of period | $614.4 | $47.0 | $105.8 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Purchases of property, plant and equipment and intangible assets included in trade payables and accruals and other current liabilities | $54.1 | $41.8 | $46.8 |
| Dividends payable issued through accounts payable and accrued liabilities | 0.3 | — | — |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest, net of interest capitalized | $320.2 | $274.3 | $198.2 |
| Cash paid for income taxes | 97.1 | 65.9 | 13.9 |
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