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2
OUR STORY
WHO IS PRIMO?
FINANCIAL PERFORMANCE
3
WHO IS PRIMO?
4
ATTRACTIVE RECURRING REVENUE MODEL
~46,000 LOCATIONS
WATER DISPENSER “THE RAZOR”
Market Share = 70%+
Locations ~ 7,500
AVERAGE OF WEEKLY
35 ANNUAL GROCERY TRIPS
PURCHASES
Market Share = 90% Market Share = 90%
Locations ~ 13,500 Locations ~ 25,000
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A BOLD PURPOSE
THE PRIMO WAY
PURPOSE VALUES VISION - 2020 STRATEGIES
Why We Exist What We Believe In What We Will Accomplish How Will We Achieve Our Vision
7
SOLUTION FOR FAMILIES
25%+ more water consumption
PITCHERS CASE-PACK
HARD TO REACH HARD TO OPEN
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THE RIGHT TIME FOR PRIMO
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RIGHT TIME, RIGHT COMPANY
TAP WATER
QUALITY
10
ONE WORD… FLINT
11 http://www.bbc.com/news/av/world-us-canada-42141519/why-america-s-drinking-water-crisis-goes-beyond-flint
FAILING WATER INFRASTRUCTURE
$300B TO FIX U.S. WATER INFRASTRUCTURE
12 https://www.nytimes.com/2017/11/10/climate/water-pipes-plastic-lead.html
HEALTHY HYDRATION IS HERE TO STAY
50
Fruit Beverages, Other, 5%
5%
45
Bottled
Tea, 6% Water, 18% 40
35
30
Milk, 9%
25
Tap Water,
14% 20
15
Beer, 11% Value-Added
Water, 1% 10
0
1 2 3 4 5 6 7 8
Coffee, 11% Carbonated Soft Soda 45.5 44.7 43.5 42.4 40.8 39.9 39.4 38.4
Drinks, 21% Bottled Water 27.6 28.3 29.2 30.8 32 34 36.3 38.6
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ENVIRONMENTAL TRENDS
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TRANSFORMATIVE
& STRATEGIC
PROCESS
TRANSFORMATIVE & STRATEGIC PROGRESS
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HISTORY OF TRANSFORMATIVE DEALS
Refill Solutions
| | | | | |
2010 2012 2013 2014 2015 2016
With Glacier
Acquisition,
Dispensers Exchange Primo Is Now Refill
16
Source: Company market share estimates.
ACQUISITION OF GLACIER WATER
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TELLING OUR STORY
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OUR SHIFT
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PRIMO WATER GROWTH TURBINE
Increased
Cash Flow
Brand
Activation
Drive Unit
Economics
Grow Household
Penetration of
Dispensers
Increase
Same Store Sales
Improve
Connectivity of
Water &
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Dispensers
A $375M+ MARKET CAP COMPANY JUST
GETTING STARTED WITH MARKETING
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THOUGHT LEADERSHIP
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DESIGN TEST LEARN SCALE
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MARKETING ACTIVATION
BRAND
Seeds Content
Starts Conversation
W.O.M.M.
Builds Stories ACTIVATION
Amplifies Content CYCLE
CONSUMER
Takes Charge
Keeps Cycle Flowing
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MARKETING ACTIVATION
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A MODEL FOR ALL WALKS OF LIFE
SRP $9.99 - $49.99 SRP $99.99 - $149.99 SRP $169.99 - $279.99
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…INCLUDING PETS
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STRONG GROWTH & COST LEVERAGING
Dollars in thousands
$350,000 $70,000
$295,500 $61,000
$286,500
ADJ. EBITDA
$300,000 $60,000 $55,150
NET REVENUE
$250,000 $50,000
$200,000 $40,000
$142,541
$150,000 $126,951 $30,000 $24,128
$106,322
$91,209 $18,093
$100,000 $20,000
$12,965
$9,067
$50,000 $10,000
$- $0
2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
Guidance Guidance Guidance Guidance
Mid-Pt Mid-Pt Mid-Pt Mid-Pt
25.0%
28 20.6%
ADJ. EBITDA % of
19.2%
20.0%
NET REVENUE
16.9%
14.3%
15.0%
12.2%
9.9%
10.0%
5.0%
0.0%
2013 2014 2015 2016 2017 Guidance Mid-Pt 2018 Guidance Mid-Pt
30
Source: Company SEC Filings and Management Estimates. Adjusted EBITDA is a non-GAAP measure and exclude primarily non-cash stock compensation expense and non-recurring costs.
NEW HOUSEHOLDS: CONSUMERS CONTINUE TO DRIVE DEMAND OF DISPENSERS
175,000
155,000
135,000
115,000
95,000
75,000
Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17
500,000
-
Q1 12 Q3 12 Q1 13 Q3 13 Q1 14 Q3 14 Q1 15 Q3 15 Q1 16 Q3 16 Q1 17 Q3 17
31
Source: Company information..
A HISTORY OF DE-LEVERAGING
PRIMO TOTAL DEBT TO ADJUSTED EBITDA
(2012 – 2018)
5.40
4.88
4.38
4.12
2.67
1.88
1.12
0.91
2012 2013 2014 2015 2016 TTM Q3 2016 2016 Pro-Forma 2017 Guidance 2018 Guidance
After Glacier Mid-Pt Mid-Pt
Acquisition
32
Source: Company SEC Filings and Management Estimates. Adjusted EBITDA is a non-GAAP measure and exclude primarily non-cash stock compensation expense and non-recurring costs.
FINANCIAL TRACK RECORD
Dollars in millions
FY 2017
(Increased Guidance)
GUIDANCE Y-o-Y GROWTH
(mid-point)
FY 2018
33
Source: Management Estimates. Adjusted EBITDA is a non-GAAP measure and exclude primarily non-cash stock compensation expense and non-recurring costs.
LONG-TERM PERFORMANCE TARGETS
2017 3-Year
Financial Metric 2014 2015 2016
Mid-Point Targets
Gross Profit
26.2% 27.2% 29.7% 29.4% 31% - 33%
% of Net Revenue
Adj. SG&A
14.0% 12.9% 12.8% 10.0% 9% - 11%
% of Net Revenue
34
Source: Company SEC Filings and Management Estimates. Adjusted EBITDA is a non-GAAP measure and exclude primarily non-cash stock compensation expense and non-recurring costs.