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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 §240.14a-12
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PRIMO WATER CORPORATION
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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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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APRIL 3, 2023 |
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VOTE THE BLUE UNIVERSAL PROXY CARD TODAY
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1407 Broadway, 27th Floor New York, New York 10018
(212) 929-5500 or Call Toll-Free (800) 322-2885
Email: proxy@mackenziepartners.com
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(EBITDA)
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||||||||||||||||||||
(in millions of U.S. dollars)
|
||||||||||||||||||||
Unaudited
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||||||||||||||||||||
For the Year Ended
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||||||||||||||||||||
2022
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2021
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2020
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2019
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2018
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||||||||||||||||
(December 31, 2022)
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(January 1, 2022)
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(January 2, 2021)
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(December 28, 2019)
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(December 29, 2018)
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||||||||||||||||
Net income (loss)
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$
|
29.6
|
$
|
(3.2
|
)
|
$
|
(156.8
|
)
|
$
|
(10.8
|
)
|
$
|
28.9
|
|||||||
Interest expense, net
|
69.8
|
68.8
|
81.6
|
77.6
|
77.6
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|||||||||||||||
Income tax expense
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19.7
|
9.5
|
4.3
|
4.5
|
(4.8
|
)
|
||||||||||||||
Depreciation and amortization
|
242.8
|
219.1
|
202.1
|
168.6
|
194.6
|
|||||||||||||||
EBITDA2
|
$
|
361.9
|
$
|
294.2
|
$
|
131.2
|
$
|
239.9
|
$
|
296.3
|
||||||||||
Acquisition and integration costs (a)1
|
15.3
|
10.8
|
33.7
|
16.4
|
15.3
|
|||||||||||||||
Share-based compensation costs (b)
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17.2
|
17.5
|
22.1
|
9.9
|
18.4
|
|||||||||||||||
COVID-19 costs (c)
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(0.6
|
)
|
2.4
|
20.8
|
—
|
—
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||||||||||||||
Commodity hedging loss (gain), net (d)
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—
|
—
|
—
|
—
|
0.3
|
|||||||||||||||
Impairment charges (e)
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29.1
|
—
|
115.2
|
—
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—
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|||||||||||||||
Foreign exchange and other losses (gains), net (f)
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15.1
|
8.7
|
1.5
|
0.9
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(10.7
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)
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||||||||||||||
Loss on disposal of property, plant and equipment, net (g)
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8.5
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9.3
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10.6
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7.6
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9.4
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|||||||||||||||
Loss (gain) on extinguishment of long-term debt (h)
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—
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27.2
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19.7
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—
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(7.1
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)
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||||||||||||||
Gain on sale of business (i)
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(0.8
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)
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(3.8
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)
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(0.6
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)
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6.0
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(6.0
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)
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|||||||||||
Gain on sale of property (j)
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(38.8
|
)
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—
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—
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—
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—
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||||||||||||||
Other adjustments, net (k)
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13.2
|
13.7
|
7.3
|
6.4
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(3.9
|
)
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||||||||||||||
Adjusted EBITDA2
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$
|
420.1
|
$
|
380.0
|
$
|
361.5
|
$
|
287.1
|
$
|
312.0
|
||||||||||
Revenue, net
|
$
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2,215.1
|
$
|
2,073.3
|
$
|
1,953.5
|
$
|
1,795.4
|
$
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2,372.9
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||||||||||
Adjusted EBITDA margin %
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19.0
|
%
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18.3
|
%
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18.5
|
%
|
16.0
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%
|
13.1
|
%
|
||||||||||
1 Includes an increase of $1.8 million of share-based compensation costs for the year ended December 28, 2019 related to
awards granted in connection with the acquisition of our Eden business and a reduction of $1.1 million of share-based compensation costs for the year ended December 29, 2018 related to awards granted in connection with the
acquisition of our S&D and Eden businesses.
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||||||||||||||||||||
2 The year ended January 2, 2021 include $3.9 million of benefit associated with the 53rd week.
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For the Year Ended
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|||||||||||||||||||||
2022
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2021
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2020
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2019
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2018
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|||||||||||||||||
Location in Consolidated Statements of Operations
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(December 31,
2022)
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(January 1,
2022)
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(January 2,
2021)
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(December 28,
2019)
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(December 29,
2018)
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||||||||||||||||
(Unaudited)
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|||||||||||||||||||||
(a) Acquisition and integration costs
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Acquisition and integration expenses
|
$
|
15.3
|
$
|
10.8
|
$
|
33.7
|
$
|
16.4
|
$
|
15.3
|
||||||||||
(b) Share-based compensation costs
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Selling, general and administrative expenses
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17.2
|
17.5
|
22.1
|
9.9
|
18.4
|
|||||||||||||||
(c) COVID-19 costs
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Selling, general and administrative expenses
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(0.6
|
)
|
2.4
|
20.8
|
—
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—
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||||||||||||||
(d) Commodity hedging loss (gain), net
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Cost of Sales
|
—
|
—
|
—
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—
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0.3
|
|||||||||||||||
(e) Impairment charges
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Impairment charges
|
29.1
|
—
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115.2
|
—
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—
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|||||||||||||||
(f) Foreign exchange and other losses (gains), net
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Other (income) expense, net
|
15.1
|
8.7
|
1.5
|
0.9
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(10.7
|
)
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||||||||||||||
(g) Loss on disposal of property, plant and equipment, net
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Loss on disposal of property, plant and equipment, net
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8.5
|
9.3
|
10.6
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7.6
|
9.4
|
|||||||||||||||
(h) Loss (gain) on extinguishment of long-term debt
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Other (income) expense, net
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—
|
27.2
|
19.7
|
—
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(7.1
|
)
|
||||||||||||||
(i) (Gain) loss on sale of business
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Other (income) expense, net
|
(0.8
|
)
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(3.8
|
)
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(0.6
|
)
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6.0
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(6.0
|
)
|
|||||||||||
(j) Gain on sale of property
|
Gain on sale of property
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(38.8
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||
(k) Other adjustments, net
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Other (income) expense, net
|
(4.3
|
)
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(2.8
|
)
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(1.7
|
)
|
(2.8
|
)
|
(14.9
|
)
|
||||||||||
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Selling, general and administrative expenses
|
17.5
|
15.7
|
8.6
|
9.4
|
8.8
|
|||||||||||||||
|
Cost of Sales |
—
|
0.8
|
0.4
|
7.0
|
2.2
|
|||||||||||||||
|
Revenue, net |
—
|
—
|
—
|
(7.2
|
)
|
—
|