Financing fees -- (0.6) (11.3) (3.4)
Equity issuance
fees -- -- -- (1.1)
Dividends paid
to common
shareholders (9.6) (9.6) (29.2) (29.9)
Payment of
deferred
consideration
for
acquisitions -- -- (1.8) (1.2)
Other financing
activities 1.1 7.9 5.4 19.1
Net cash used
in by
financing
activities
from
continuing
operations (17.7) (73.6) (39.3) (10.4)
Cash flows from
discontinued
operations:
Operating
activities of
discontinued
operations 0.1 (0.7) (1.7) (18.7)
Investing
activities of
discontinued
operations -- (4.0) -- 388.9
Financing
activities of
discontinued
operations -- -- -- (0.1)
Net cash (used
in) provided
by
discontinued
operations 0.1 (4.7) (1.7) 370.1
Effect of
exchange rate
changes on
cash (1.2) 0.8 (1.5) (0.2)
Net increase
(decrease) in
cash, cash
equivalents
and restricted
cash 11.1 (49.2) 10.2 (43.6)
Cash and cash
equivalents
and restricted
cash,
beginning of
period 114.2 211.1 115.1 205.5
Cash and cash
equivalents
and restricted
cash, end of
period 125.3 161.9 125.3 161.9
PRIMO WATER CORPORATION EXHIBIT 4
SEGMENT INFORMATION
(in millions of U.S. dollars, except
percentage amounts)
Unaudited
For the Three Months Ended October 2, 2021
Rest of
North America World All Other Total
Revenue, net
---------------
Water
Direct/Water
Exchange $281.9 $62.3 $-- $344.2
Water
Refill/Water
Filtration 47.0 8.6 -- 55.6
Other Water 42.6 24.2 -- 66.8
Water Dispensers 16.1 -- -- 16.1
Other 25.7 42.4 -- 68.1
Total $413.3 $137.5 $-- $550.8
Gross profit $233.0 $75.4 $-- $308.4
Gross margin % 56.4 % 54.8 % -- % 56.0 %
Selling, general
and
administrative
expenses (a) $183.6 $70.5 $9.5 $263.6
SG&A % of
revenue 44.4 % 51.3 % -- % 47.9 %
Operating income
(loss) (a) $48.6 $4.4 $(10.8) $42.2
Depreciation and
amortization $37.8 $15.1 $0.4 $53.3
For the Three Months Ended September 26, 2020
Rest of
North America World All Other Total
Revenue, net
---------------
Water
Direct/Water
Exchange $252.1 $60.2 $-- $312.3
Water
Refill/Water
Filtration 48.9 8.1 -- 57.0
Other Water 39.0 20.5 -- 59.5
Water Dispensers 28.5 -- -- 28.5
Other 24.7 35.5 -- 60.2
Total $393.2 $124.3 $-- $517.5
Gross profit $232.4 $71.7 $-- $304.1
Gross margin % 59.1 % 57.7 % -- % 58.8 %
Selling, general
and
administrative
expenses (a) $184.2 $62.4 $10.6 $257.2
SG&A % of
revenue 46.8 % 50.2 % -- % 49.7 %
Operating income
(loss) (a) $45.4 $8.5 $(12.6) $41.3
Depreciation and
amortization $38.5 $14.8 $0.3 $53.6
For the Nine Months Ended October 2, 2021
Rest of
North America World All Other Total
Revenue, net
---------------
Water
Direct/Water
Exchange $785.6 $169.2 $-- $954.8
Water
Refill/Water
Filtration 137.2 24.5 -- 161.7
Other Water 125.7 62.0 -- 187.7
Water Dispensers 48.7 -- -- 48.7
Other 78.3 124.1 -- 202.4
Total $1,175.5 $379.8 $-- $1,555.3
Gross profit $663.1 $207.0 $-- $870.1
Gross margin % 56.4 % 54.5 % -- % 55.9 %
Selling, general
and
administrative
expenses (a) $540.0 $204.2 $27.3 $771.5
SG&A % of
Revenue 45.9 % 53.8 % -- % 49.6 %
Operating income
(loss) (a) $114.8 $2.4 $(30.3) $86.9
Depreciation and
amortization $112.1 $45.2 $1.1 $158.4
For the Nine Months Ended September 26, 2020
Rest of
North America World All Other Total
Revenue, net
---------------
Water
Direct/Water
Exchange $715.3 $160.3 $-- $875.6
Water
Refill/Water
Filtration 123.8 21.5 -- 145.3
Other Water 123.7 48.0 -- 171.7
Water Dispensers 55.2 -- -- 55.2
Other 89.8 110.9 -- 200.7
Total $1,107.8 $340.7 $-- $1,448.5
Gross profit $644.4 $187.7 $-- $832.1
Gross margin % 58.2 % 55.1 % -- % 57.4 %
Selling, general
and
administrative
expenses (a) $537.9 $192.5 $28.6 $759.0
SG&A % of
revenue 48.6 % 56.5 % -- % 52.4 %
Operating income
(loss) (a) $92.5 $(122.0) $(47.2) $(76.7)
Depreciation and
amortization $107.1 $43.4 $0.9 $151.4
(a) We revised the allocation of information technology costs from the All
Other category to our North America and Rest of World reporting segments to
reflect how the Chief Executive Officer, who is our chief operating decision
maker, measures the performance of our segments. As a result of the change,
selling, general and administrative ("SG&A") expenses for the prior periods
have been recast to increase SG&A expenses in our North America reporting
segment by $0.6 million, increase SG&A expenses in our Rest of World reporting
segment by $1.7 million, and decrease SG&A expenses in the All Other category
by $2.3 million for the three months ended September 26, 2020. SG&A expenses
for the nine months ended September 26, 2020 has been recast to increase SG&A
expenses in our North America reporting segment by $1.6 million, increase SG&A
expenses in our Rest of World reporting segment by $5.1 million, and decrease
SG&A expenses in the All Other category by $6.7 million. Operating income
(loss) for our North America and Rest of World reporting segments as well as
our All Other category, as applicable, reflect the aforementioned adjustments
for the three and nine months ended September 26, 2020.
PRIMO WATER CORPORATION EXHIBIT 5
SUPPLEMENTARY INFORMATION - NON-GAAP - ANALYSIS OF REVENUE AND GROSS
PROFIT BY REPORTING SEGMENT
(in millions of U.S. dollars, except
percentage amounts)
Unaudited
For the Three Months Ended October 2, 2021
North America Rest of World All Other Primo
Change in
revenue $ 20.1 $ 13.2 $ -- $33.3
Impact of
foreign
exchange
(a) $ (0.9) $ (4.8) $ -- $(5.7)
Change
excluding
foreign
exchange $ 19.2 $ 8.4 $ -- $27.6
Percentage
change in
revenue 5.1 % 10.6 % -- % 6.4 %
Percentage
change in
revenue
excluding
foreign
exchange 4.9 % 6.8 % -- % 5.3 %
For the Nine Months Ended October 2, 2021
North America Rest of World All Other Primo
Change in
revenue $ 67.7 $ 39.1 $ -- $106.8
Impact of
foreign
exchange
(a) $ (3.9) $ (22.9) $ -- $(26.8)
Change
excluding
foreign
exchange $ 63.8 $ 16.2 $ -- $80.0
Percentage
change in
revenue 6.1 % 11.5 % -- % 7.4 %
Percentage
change in
revenue
excluding
foreign
exchange 5.8 % 4.8 % -- % 5.5 %
For the Three Months Ended October 2, 2021
North America Rest of World All Other Primo
Change in
gross
profit $ 0.6 $ 3.7 $ -- $4.3
Impact of
foreign
exchange
(a) $ (0.4) $ (1.8) $ -- $(2.2)
Change
excluding
foreign
exchange $ 0.2 $ 1.9 $ -- $2.1
Percentage
change in
gross
profit 0.3 % 5.2 % -- % 1.4 %
Percentage
change in
gross
profit
excluding
foreign
exchange 0.1 % 2.6 % -- % 0.7 %
For the Nine Months Ended October 2, 2021
North America Rest of World All Other Primo
Change in
gross
profit $ 18.7 $ 19.3 $ -- $38.0
Impact of
foreign
exchange
(a) $ (2.0) $ (11.2) $ -- $(13.2)
Change
excluding
foreign
exchange $ 16.7 $ 8.1 $ -- $24.8
Percentage
change in
gross
profit 2.9 % 10.3 % -- % 4.6 %
Press Release: Primo Water Corporation Announces -4-
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