Percentage
change in
gross
profit
excluding
foreign
exchange 2.6 % 4.3 % -- % 3.0 %
(a) Impact of foreign exchange is the difference between the current period
revenue and gross profit translated utilizing the current period average
foreign exchange rates less the current period revenue and gross profit
translated utilizing the prior period average foreign exchange rates.
PRIMO WATER CORPORATION EXHIBIT 6
SUPPLEMENTARY INFORMATION - NON-GAAP - EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION & AMORTIZATION
(EBITDA)
(in millions of U.S. dollars, except
percentage amounts)
Unaudited
For the Three Months
Ended For the Nine Months Ended
October 2, September October 2, September 26,
2021 26, 2020 2021 2020
Net income
(loss) from
continuing
operations $18.1 $22.3 $(0.4) $(136.8)
Interest
expense, net 16.7 20.4 53.4 60.8
Income tax
expense
(benefit) 3.1 3.4 4.4 (1.3)
Depreciation
and
amortization 53.3 53.6 158.4 151.4
EBITDA $91.2 $99.7 $215.8 $74.1
Acquisition and
integration
costs (a) 2.6 3.3 6.3 28.4
Share-based
compensation
costs (b) 3.8 6.2 10.0 13.5
COVID-19 costs
(c) 0.8 1.6 2.0 18.4
Goodwill and
intangible
asset
impairment
charges (d) -- -- -- 115.2
Foreign
exchange and
other losses
(gains), net
(e) 5.7 (2.0) 4.6 3.2
Loss on
disposal of
property,
plant and
equipment, net
(f) -- 2.3 5.4 6.2
Loss on
extinguishment
of long-term
debt (g) -- -- 27.2 --
Gain on sale of
business (h) -- -- -- (0.6)
Other
adjustments,
net (i) 1.8 (0.5) 10.3 5.1
Adjusted EBITDA $105.9 $110.6 $281.6 $263.5
Revenue, net $550.8 $517.5 $1,555.3 $1,448.5
Adjusted EBITDA
margin % 19.2 % 21.4 % 18.1 % 18.2 %
For the Three Months For the Nine Months
Ended Ended
Location in
Consolidated
Statements of October September October September
Operations 2, 2021 26, 2020 2, 2021 26, 2020
(Unaudited) (Unaudited)
(a) Acquisition
and Acquisition and
integration integration
costs expenses $2.6 $ 3.3 $6.3 $ 28.4
Selling,
(b) Share-based general and
compensation administrative
costs expenses 3.8 6.2 10.0 13.5
Selling,
general and
(c) COVID-19 administrative
costs expenses 0.8 1.6 2.0 18.4
(d) Goodwill Goodwill and
and intangible intangible
asset asset
impairment impairment
charges charge -- -- -- 115.2
(e) Foreign
exchange and
other losses Other expense
(gains), net (income), net 5.7 (2.0) 4.6 3.2
(f) Loss on Loss on
disposal of disposal of
property, property,
plant and plant and
equipment, equipment,
net net -- 2.3 5.4 6.2
(g) Loss on
extinguishment
of long-term Other expense
debt (income), net -- -- 27.2 --
(h) Gain on
sale of Other expense
business (income), net -- -- -- (0.6)
(i) Other
adjustments, Other expense
net (income), net (0.9) (2.6) (1.4) (1.8)
Selling, general and
administrative expenses 2.7 2.1 11.7 6.5
Cost of sales -- -- -- 0.4
PRIMO WATER CORPORATION EXHIBIT 7
SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW AND ADJUSTED FREE CASH
FLOW
(in millions of U.S. dollars)
Unaudited
For the Three Months Ended
October 2, 2021 September 26, 2020
Net cash provided by
operating activities from
continuing operations $ 83.4 $ 53.2
Less: Additions to property,
plant, and equipment (37.5) (21.4)
Free Cash Flow $ 45.9 $ 31.8
Acquisition and integration
cash costs 2.1 2.9
COVID-19 related cash costs 0.8 5.0
Deferred payroll tax related
cash costs - government
programs 0.3 (4.8)
Adjusted Free Cash Flow $ 49.1 $ 34.9
For the Nine Months Ended
October 2, 2021 September 26, 2020
Net cash provided by
operating activities from
continuing operations $ 171.7 $ 123.4
Less: Additions to property,
plant, and equipment (99.3) (85.0)
Free Cash Flow $ 72.4 $ 38.4
Acquisition and integration
cash costs 9.4 28.5
Transaction cash costs paid
on behalf of acquiree -- 13.4
COVID-19 related cash costs 2.3 15.2
Deferred payroll tax related
cash costs - government
programs 1.2 (14.0)
Adjusted Free Cash Flow $ 85.3 $ 81.5
PRIMO WATER
CORPORATION EXHIBIT 8
SUPPLEMENTARY INFORMATION-NON-GAAP-ADJUSTED NET INCOME AND ADJUSTED EPS
(in millions of
U.S. dollars,
except share
amounts)
Unaudited
For the Three Months Ended For the Nine Months Ended
October 2, September October 2, September
2021 26, 2020 2021 26, 2020
Net income
(loss) from
continuing
operations (as
reported) $ 18.1 $ 22.3 $ (0.4) $ (136.8)
Adjustments:
Amortization
expense of
customer lists 12.5 14.7 37.2 38.6
Acquisition and
integration
costs 2.6 3.3 6.3 28.4
Share-based
compensation
costs 3.8 6.2 10.0 13.5
COVID-19 costs 0.8 1.6 2.0 18.4
Goodwill and
intangible
asset
impairment
charges -- -- -- 115.2
Foreign exchange
and other
(gains) losses,
net 5.7 (2.0) 4.6 3.2
Loss on
extinguishment
of long-term
debt -- -- 27.2 --
Gain on sale of
business -- -- -- (0.6)
Other
adjustments,
net 1.8 (0.5) 10.3 5.1
Tax impact of
adjustments
(a) (8.9) (7.3) (24.0) (21.9)
Adjusted net
income from
continuing
operations $ 36.4 $ 38.3 $ 73.2 $ 63.1
Earnings Per
Share (as
reported)
----------------
Net income
(loss) from
continuing
operations $ 18.1 $ 22.3 $ (0.4) $ (136.8)
Basic EPS $ 0.11 $ 0.14 $ -- $ (0.89)
Diluted EPS $ 0.11 $ 0.14 $ -- $ (0.89)
Weighted average
common shares
outstanding (in
thousands)
Basic 160,481 160,101 160,892 153,723
Diluted 161,932 161,433 160,892 153,723
Adjusted
Earnings Per
Share
(Non-GAAP)
----------------
Adjusted net
income from
continuing
operations
(Non-GAAP) $ 36.4 $ 38.3 $ 73.2 $ 63.1
Adjusted diluted
EPS (Non-GAAP) $ 0.22 $ 0.24 $ 0.45 $ 0.41
Diluted weighted
average common
shares
outstanding (in
thousands)
(Non-GAAP) (b) 161,932 161,433 162,626 155,003
(a) The tax effect for adjusted net income is based upon an analysis of the
statutory tax treatment and the applicable tax rate for the jurisdiction in
which the pre-tax adjusting items incurred and for which realization of the
resulting tax benefit (if any) is expected. A reduced or 0% tax rate is
applied to jurisdictions where we do not expect to realize a tax benefit due
to a history of operating losses or other factors resulting in a valuation
allowance related to deferred tax assets.
(b) GAAP diluted weighted average common shares outstanding were used for the
three months ended October 2, 2021 and September 26, 2020. The nine months
ended October 2, 2021 and September 26, 2020 include the impact of dilutive
securities of 1,734 and 1,280, respectively. These dilutive securities were
excluded from GAAP diluted weighted average common shares outstanding due to
net loss from continuing operations reported in those periods.
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SOURCE Primo Water Corporation
/CONTACT: Jon Kathol, Vice President, Investor Relations, Tel:813-313-1732, investorrelations@primowater.com