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Preliminary Proxy Statement
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☐ |
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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☒ |
Soliciting Material under Rule 14a-12
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No fee required.
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Fee paid previously with preliminary materials.
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☐ |
Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.
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Primo Water Corporation
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Triton Water Holdings, Inc.
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Combined | ||||||||||||||||||||||||||||||||||
For the fiscal year ended December 30, 20231
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For the three months ended April 1, 20232
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For the three months ended March 30, 20242
|
Last twelve months March 2024 (LTM Q1 2024)3
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For the year
ended December 31, 20234 |
For the three months ended March 31, 20235
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For the three months ended March 31, 20245
|
Last twelve months March 2024 (LTM Q1 2024)3
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Last twelve months March 2024 (LTM Q1 2024)
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||||||||||||||||||||||||||||
Revenue, net
|
$
|
1,771.8
|
$
|
412.5
|
$
|
452.0
|
$
|
1,811.3
|
$
|
4,698.7
|
$
|
1,122.1
|
$
|
1,135.8
|
$
|
4,712.4
|
$
|
6,523.7
|
Primo Water Corporation
|
Triton Water Holdings, Inc.
|
Combined
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||||||||||||||||||||||||||||||||||
For the fiscal year ended December 30, 20231
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For the three months ended April 1, 20232
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For the three months ended March 30, 20242
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Last twelve months March 2024 (LTM Q1 2024)3
|
For the year ended December 31, 20234
|
For the three months ended March 31, 20235
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For the three months ended March 31, 20245
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Last twelve months March 2024 (LTM Q1 2024)3
|
Last twelve months March 2024 (LTM Q1 2024)
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||||||||||||||||||||||||||||
Net income from continuing operations
|
$
|
63.8
|
$
|
3.2
|
$
|
18.7
|
$
|
79.3
|
$
|
92.8
|
$
|
(6.1
|
)
|
$
|
33.5
|
$
|
132.4
|
$
|
211.7
|
|||||||||||||||||
Interest expense, net
|
71.4
|
18.2
|
10.0
|
63.2
|
288.1
|
72.5
|
79.9
|
295.5
|
358.7
|
|||||||||||||||||||||||||||
Income tax expense
|
27.0
|
0.3
|
9.5
|
36.2
|
25.1
|
(2.8
|
)
|
11.4
|
39.3
|
75.5
|
||||||||||||||||||||||||||
Depreciation and amortization
|
193.3
|
47.1
|
48.2
|
194.4
|
305.7
|
61.7
|
75.2
|
319.2
|
513.6
|
|||||||||||||||||||||||||||
EBITDA
|
$
|
355.5
|
$
|
68.8
|
$
|
86.4
|
$
|
373.1
|
$
|
711.7
|
$
|
125.3
|
$
|
200.0
|
$
|
786.4
|
$
|
1,159.5
|
||||||||||||||||||
Acquisition and integration costs
|
9.5
|
1.7
|
5.3
|
13.1
|
22.0
|
6.4
|
1.7
|
17.3
|
30.4
|
|||||||||||||||||||||||||||
Share-based compensation costs
|
14.1
|
2.0
|
3.0
|
15.1
|
1.3
|
0.3
|
0.3
|
1.3
|
16.4
|
|||||||||||||||||||||||||||
COVID-19 costs
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Foreign exchange and other losses (gains), net
|
5.7
|
(0.2
|
)
|
(1.9
|
)
|
4.0
|
-
|
-
|
-
|
-
|
4.0
|
|||||||||||||||||||||||||
Loss on disposal of property, plant and equipment, net
|
9.1
|
1.3
|
1.5
|
9.3
|
11.4
|
-
|
1.5
|
12.9
|
22.2
|
|||||||||||||||||||||||||||
Loss on extinguishment of long-term debt
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Gain on sale of property
|
(21.0
|
)
|
-
|
(0.5
|
)
|
(21.5
|
)
|
-
|
-
|
-
|
-
|
(21.5
|
)
|
|||||||||||||||||||||||
Other adjustments, net
|
7.8
|
2.0
|
0.1
|
5.9
|
37.2
|
12.6
|
14.1
|
38.7
|
44.6
|
|||||||||||||||||||||||||||
Adjusted EBITDA
|
$
|
380.7
|
$
|
75.6
|
$
|
93.9
|
$
|
399.0
|
$
|
783.6
|
$
|
144.6
|
$
|
217.6
|
$
|
856.6
|
$
|
1,255.6
|
||||||||||||||||||
Run-Rate Synergies6
|
$
|
200.0
|
||||||||||||||||||||||||||||||||||
Business Optimization6
|
$
|
20.0
|
||||||||||||||||||||||||||||||||||
Combined Adjusted EBITDA
|
$
|
1,475.6
|
||||||||||||||||||||||||||||||||||
Combined Net Revenue
|
$
|
6,523.7
|
||||||||||||||||||||||||||||||||||
Combined Adjusted EBITDA Margin
|
23
|
%
|
Primo Water Corporation
|
Triton Water Holdings, Inc.
|
Combined
|
||||||||||
For the fiscal year ended December 20211,2
|
||||||||||||
Net income from continuing operations
|
$
|
4.9
|
$
|
(309.7
|
)
|
$
|
(304.8
|
)
|
||||
Interest expense, net
|
68.3
|
125.5
|
193.8
|
|||||||||
Income tax expense
|
7.7
|
(92.6
|
)
|
(84.9
|
)
|
|||||||
Depreciation and amortization
|
160.2
|
438.5
|
598.7
|
|||||||||
EBITDA
|
$
|
241.1
|
$
|
161.7
|
$
|
402.8
|
||||||
Acquisition and integration costs
|
9.1
|
141.4
|
150.5
|
|||||||||
Share-based compensation costs
|
15.5
|
-
|
15.5
|
|||||||||
COVID-19 costs
|
2.0
|
11.7
|
13.7
|
|||||||||
Foreign exchange and other (gains), net
|
(0.5
|
)
|
-
|
(0.5
|
)
|
|||||||
Loss on disposal of property, plant and equipment, net
|
9.1
|
-
|
9.1
|
|||||||||
Loss on extinguishment of long-term debt
|
27.2
|
-
|
27.2
|
|||||||||
Gain on sale of property
|
-
|
-
|
-
|
|||||||||
Other adjustments, net
|
0.8
|
215.7
|
216.5
|
|||||||||
Adjusted EBITDA
|
$
|
304.3
|
$
|
530.5
|
$
|
834.8
|
||||||
LTM Q1 2024 Adjusted EBITDA
|
$
|
399.0
|
$
|
856.6
|
||||||||
2021 – LTM Q1’24
Compound Annual Growth Rate |
13
|
%
|
24
|
%
|
Primo Water Corporation
|
Triton Water Holdings, Inc.
|
Combined
|
||||||||||||||||||||||||||||||||||
For the fiscal year ended December 30, 20231
|
For the three months ended April 1, 20232
|
For the three months ended March 30, 20242
|
Last twelve months March 2024 (LTM Q1 2024)3
|
For the year ended December 31, 20234
|
For the three months ended March 31, 20235
|
For the three months ended March 31, 20245
|
Last twelve months March 2024 (LTM Q1 2024)3
|
Last twelve months March 2024 (LTM Q1 2024)
|
||||||||||||||||||||||||||||
Net cash provided by operating activities from continuing operations
|
$
|
289.2
|
$
|
30.3
|
$
|
63.4
|
$
|
322.3
|
$
|
320.9
|
$
|
(56.4
|
)
|
$
|
6.0
|
$
|
383.3
|
$
|
705.6
|
|||||||||||||||||
Less: Additions to property, plant, and equipment
|
(139.2
|
)
|
(42.2
|
)
|
(37.6
|
)
|
(134.6
|
)
|
(203.6
|
)
|
(40.4
|
)
|
(23.5
|
)
|
(186.7
|
)
|
(321.3
|
)
|
||||||||||||||||||
Less: Additions to intangible assets
|
(8.5
|
)
|
(2.0
|
)
|
(2.3
|
)
|
(8.8
|
)
|
(14.1
|
)
|
(4.4
|
)
|
(21.2
|
)
|
(30.9
|
)
|
(39.7
|
)
|
||||||||||||||||||
Free Cash Flow
|
$
|
141.5
|
$
|
(13.9
|
)
|
$
|
23.5
|
$
|
178.9
|
$
|
103.2
|
$
|
(101.2
|
)
|
$
|
(38.7
|
)
|
$
|
165.7
|
$
|
344.6
|
|||||||||||||||
Acquisition and integration cash costs
|
7.0
|
2.5
|
2.4
|
6.9
|
22.0
|
6.4
|
1.7
|
17.3
|
24.2
|
|||||||||||||||||||||||||||
Cash taxes paid for property sales
|
5.9
|
-
|
-
|
5.9
|
-
|
-
|
-
|
-
|
5.9
|
|||||||||||||||||||||||||||
Cash costs related to additions to property, plant and equipment for integration of acquired entities
|
0.3
|
-
|
0.4
|
0.7
|
-
|
-
|
-
|
-
|
0.7
|
|||||||||||||||||||||||||||
Management Fees
|
-
|
-
|
-
|
-
|
17.8
|
3.9
|
9.3
|
23.2
|
23.2
|
|||||||||||||||||||||||||||
Tariffs refunds related to property, plant, and equipment
|
3.1
|
0.4
|
2.1
|
4.8
|
-
|
-
|
-
|
-
|
4.8
|
|||||||||||||||||||||||||||
Adjusted Free Cash Flow
|
$
|
157.8
|
$
|
(11.0
|
)
|
$
|
28.4
|
$
|
197.2
|
$
|
143.0
|
$
|
(90.9
|
)
|
$
|
(27.7
|
)
|
$
|
206.2
|
$
|
403.4
|
|||||||||||||||
Run-Rate Synergies6
|
$
|
148.8
|
||||||||||||||||||||||||||||||||||
Business Optimization6
|
$
|
14.9
|
||||||||||||||||||||||||||||||||||
Adjusted Free Cash Flow
|
$
|
567.1
|