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.