Restaurant Brands International Partnership : Regulation FD (Form 8-K)
June 15, 2021 at 08:12 am EDT
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Regulation FD.
Restaurant Brands International Inc. (the Company) intends to share the following information, or portions thereof, with investors.
As disclosed in Note 2 to the Company's Form 10-Q filed on April 30, 2021 for period ended March 31, 2021, certain prior year amounts in the statement of operations and accompanying segment results have been reclassified in order to be comparable with the current year classifications. These consist of the reclassification of advertising fund contributions from Franchise and property revenues to Advertising revenues and advertising fund expenses from Selling, general and administrative expenses to Advertising expenses, with General and administrative expenses now presented separately. Depreciation and amortization expenses related to the advertising funds have also been reclassified from Franchise and property expenses to Advertising expenses. These reclassifications did not arise as a result of any changes to accounting policies and relate entirely to presentation with no effect on previously reported net income. The following information reflects these reclassifications in the results of operations for the twelve months ended 2019 and 2018.
Results of Operations for the twelve months ended 2019 and 2018
Tabular amounts in millions of U.S. dollars unless noted otherwise. Segment income may not calculate exactly due to rounding.
Consolidated
Twelve Months Ended December 31,
2019
2018
Revenues:
Sales
$
2,362
$
2,355
Franchise and property revenues
2,381
2,196
Advertising revenues
860
806
Total revenues
5,603
5,357
Operating costs and expenses:
Cost of sales
1,813
1,818
Franchise and property expenses
533
409
Advertising expenses
865
806
General and administrative expenses
406
421
(Income) loss from equity method investments
(11)
(22)
Other operating expenses (income), net
(10)
8
Total operating costs and expenses
3,596
3,440
Income from operations
2,007
1,917
Interest expense, net
532
535
Loss on early extinguishment of debt
23
-
Income before income taxes
1,452
1,382
Income tax expense
341
238
Net income
$
1,111
$
1,144
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Restaurant Brands International LP published this content on 15 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 June 2021 12:11:01 UTC.
Restaurant Brands International Limited Partnership is a Canada-based quick service restaurant (QSR) company. The Company operates through four segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, and Firehouse Subs. Tim Hortons restaurants offers blend coffees, hot and cold specialty drinks, alongside breakfast sandwiches, fresh baked goods, muffins, cookies and pastries, sandwiches, bowls, wraps, soups and more. Burger King restaurants offers flame-grilled hamburgers, chicken, and other specialty sandwiches, French fries, soft drinks, and other food items. Popeyes restaurants offers Louisiana style menu that includes bone in fried chicken, chicken sandwiches, chicken tenders, fried shrimp and other regional items. Firehouse Subs offers hot and hearty subs piled high with meats and cheese, as well as chopped salads, chili and soups, signature and other sides, soft drinks and local specialties. It operates approximately 30,000 restaurants in more than 100 countries.