Transformative all-stock transaction expected to present an estimated $200 million in run-rate cost synergies Increased presence, leading portfolio of iconic brands, diversified product offerings and enhanced distribution capabilities position the combined company for sustained long-term growth TAMPA, Fla. and STAMFORD, Conn., June 17, 2024 /PRNewswire/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) ("Primo Water") and an affiliate of BlueTriton Brands, Inc. ("BlueTriton") today announced the entry into ...

Core Viewpoint - Primo Water Corporation (PRMW) is positioned as a strong investment opportunity in the utility sector due to rising earnings estimates, stable return on equity (ROE), and growth prospects driven by organic customer base growth and increasing water demand [1] Growth Projections & Surprise History - The Zacks Consensus Estimate for 2024 and 2025 EPS has increased by 7.9% to 95 cents and by 2.8% to $1.10, respectively, over the past 60 days [2] - The long-term earnings growth rate for Primo Water is projected at 15.5% over the next three to five years [2] Dividend & Share Repurchase - In February 2024, Primo Water announced a quarterly dividend of 9 cents per share, marking a 12.5% increase from the previous 8 cents, resulting in an annual dividend of 36 cents [3] - The current dividend yield stands at 1.62%, slightly above the Zacks S&P 500 composite yield of 1.61% [3] - The company repurchased shares worth $89 million from 2021 to 2023 and plans to buy back shares worth $73 million in 2024 [4] Return on Equity - Primo Water's ROE is currently at 10.3%, surpassing the sector average of 9.31%, indicating more effective utilization of funds compared to peers in the utility sector [5] Investments - The company has consistently invested in strengthening its infrastructure, with $437.7 million invested from 2021 to 2023 and plans to invest $153.4 million in 2024 [6] Solvency & Liquidity - The times interest earned (TIE) ratio at the end of Q1 2024 was 2.8, indicating the company can meet its interest payment obligations without issues [7] - The current ratio at the end of Q1 was 2.014, significantly higher than the industry average of 1.15, demonstrating the ability to meet future short-term liabilities [7] Price Performance - Over the past year, Primo Water's stock has returned 72.7%, in contrast to a 5.3% decline in the industry [8]

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Company Participants Jon Kathol - Vice President-Investor Relations Robbert Rietbroek - Chief Executive Officer David Hass - Chief Financial Officer Good morning. My name is Joanna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primo Water Corporation's First Quarter 2024 Earnings Conference Call. [Operator Instructions] Jon Kathol Welcome to Primo Water Corporation's first quarter 2024 earnings conference call. All participants are currently in listen-o ...

Q1 2024 Financial Performance - Revenue for continuing operations reached $452 million, a 96% increase compared to $4125 million in Q1 2023[5] - Adjusted EBITDA for continuing operations was $939 million, a 242% increase from $756 million in Q1 2023[5] - Adjusted EBITDA margin for continuing operations improved to 208%, a 250 basis points increase from 183% in Q1 2023[5] - Organic revenue growth was 83%[5] - Revenue growth consisted of 51% volume growth and 45% price increase[5] 2024 Financial Outlook (Continuing Operations) - Q2 2024 revenue is projected to be between $472 million and $482 million[49] - Full year 2024 revenue is projected to be between $1855 billion and $1885 billion[49] - Q2 2024 Adjusted EBITDA is projected to be between $103 million and $111 million[50] - Full year 2024 Adjusted EBITDA is projected to be between $410 million and $430 million[50] - Adjusted Free Cash Flow for 2024 is projected to be between $175 million and $185 million[54]

Exhibit 99.1 CONTACT: Jon Kathol Vice President, Investor Relations Tel:813-544-8515 investorrelations@primowater.com Primo Water Announces First Quarter 2024 Results And Declares Quarterly Dividend TAMPA, FL – May 9, 2024 – Primo Water Corporation (NYSE: PRMW; TSX: PRMW) (the "Company" or "Primo Water"), a leading provider of sustainable drinking water solutions in North America, today announced its results for the first quarter ended March 30, 2024. "This quarter we exceeded the high end of our guidance f ...

United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-31410 PRIMO WATER CORPORATION (Exact name of registrant as specified in its charter) Ontario 98-0154711 (State or Other Jurisdiction of Incorporati ...

Yes, John, thanks. This is David. It is. So ARO would be a natural outcome of the business model gaining the volumetric growth that comes either from the Water Direct side of the business or the water exchange growth that comes out through our retail relationships. There is a natural ceiling, but as a reminder, inside that, that is a route average on a roughly 2,000 route basis. Yes. I guess maybe it should be better said is that's a long-term ceiling we hope to remain below. We have no immediate needs in t ...

Exhibit 99.1 CONTACT: Jon Kathol Vice President, Investor Relations Tel:813-544-8515 investorrelations@primowater.com Primo Water Reports Full-Year And Fourth Quarter 2023 Results FISCAL 2023 HIGHLIGHTS - CONTINUING OPERATIONS (Unless stated otherwise, all fourth quarter 2023 comparisons are relative to the fourth quarter of 2022 and all fiscal year 2023 comparisons are relative to fiscal year 2022; all information is in U.S. dollars and, unless stated otherwise, is on a continuing operations basis. Non-GAA ...

Financial Data and Key Metrics Changes - Consolidated revenue increased by 6% to $622 million compared to $585 million in the previous year, with adjusted EBITDA growing by 21% to $141 million, resulting in an adjusted EBITDA margin of 22.7%, a 270 basis point increase year-over-year [11][37][44] - Adjusted free cash flow reached $102 million for the quarter, with full-year guidance raised to $160 million, an increase of $10 million from previous guidance [11][20][42] Business Line Data and Key Metrics Changes - Water Direct and Exchange revenue grew by 7%, while Water Refill and Filtration saw a significant increase of 19% driven by pricing and service consistency [12][14] - North America revenue increased by 5% to $470 million, with adjusted EBITDA in North America rising by 18% to $121 million and adjusted EBITDA margins climbing to 25.7% [19][37][45] Market Data and Key Metrics Changes - European segment revenue increased by 13% to $81 million, with adjusted EBITDA in Europe rising by 32% to $20 million, reflecting a strong performance despite foreign exchange impacts [45] Company Strategy and Development Direction - The company announced a strategic transaction to sell a significant portion of its International businesses to Culligan International for up to $575 million, allowing a focus on the North American market [8][34][50] - Post-transaction, the company aims to maintain net leverage under 2.5 times adjusted EBITDA and plans to authorize an additional $25 million share repurchase program [9][10][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving previously communicated 2024 financial targets, with expectations of continued growth in customer retention and operational metrics [27][50] - The company is closely monitoring the situation in Israel, where recent disruptions have had a minor impact on operations [16][77] Other Important Information - The company has received approximately $5.1 million in tariff refunds related to water dispensers, contributing positively to adjusted free cash flow [22][48] - Management highlighted the importance of route density and customer retention, with a reported retention rate of approximately 86% for Water Direct customers [39][148] Q&A Session Summary Question: Clarification on EBITDA step down in pro forma business - Management clarified that the step down from $470 million to $375 million in EBITDA includes adjustments for corporate components and does not account for optimization gains expected from right-sizing the business [75][76] Question: Revenue and adjusted EBITDA guidance for Q4 - Management maintained that the guidance for Q4 remains unchanged due to conservatism regarding potential impacts from the situation in Israel [77] Question: Pricing strategy for 2024 - Management indicated that they do not currently see the need for accelerated pricing in 2024, but will monitor inflation and fuel prices closely [148] Question: Opportunities in the M&A market - Management noted that they are excited about the robust pipeline for tuck-in acquisitions and believe market conditions are favorable for executing these strategies [113][139] Question: Tax implications of the transaction - Management estimated minimal tax leakage from the transaction, reserving under $10 million for conservatism [107] Question: Route density improvement potential - Management indicated that there is still room for improvement in route density, with expectations of continued growth through customer acquisitions and operational efficiencies [111]