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OFFON

RESTAURANT BRANDS INTERNATIONAL INC.

(QSR)
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RESTAURANT BRANDS INTERNATIONAL INC. : Regulation FD Disclosure (form 8-K)

06/15/2021 | 08:11am EDT

Item 7.01 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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© Edgar Online, source Glimpses

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