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OFFON

RESTAURANT BRANDS INTERNATIONAL INC.

(QSR)
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RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP : Regulation FD Disclosure (form 8-K)

06/02/2021 | 08:16am EDT

Item 7.01 Regulation FD.

Restaurant Brands International Limited Partnership (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 each quarter of 2020 and for the full year 2020.
Results of Operations for each quarter of 2020 and full year 2020
Tabular amounts in millions of U.S. dollars unless noted otherwise. Segment
income may not calculate exactly due to rounding.
Consolidated                                                    Three months ended                                 Year ended
                                           Mar. 31           June 30           Sep. 30           Dec. 31            Dec. 31
Revenues:
Sales                                    $    503          $    406          $    541          $    563          $     2,013
Franchise and property revenues               525               450               577               569                2,121
Advertising revenues                          197               192               219               226                  834
Total revenues                              1,225             1,048             1,337             1,358                4,968
Operating costs and expenses:
Cost of sales                                 399               339               418               454                1,610
Franchise and property expenses               123               132               125               135                  515
Advertising expenses                          226               203               209               232                  870
General and administrative expenses           102                94                96               115                  407
(Income) loss from equity method
investments                                     2                16                18                 3                   39
Other operating expenses (income), net        (16)               21                54                46                  105
Total operating costs and expenses            836               805               920               985                3,546
Income from operations                        389               243               417               373                1,422
Interest expense, net                         119               128               129               132                  508
Loss on early extinguishment of debt            -                 -                 -                98                   98
Income before income taxes                    270               115               288               143                  816
Income tax expense                             46               (49)               65                 4                   66
Net income                               $    224          $    164          $    223          $    139          $       750



--------------------------------------------------------------------------------
TH Segment                                                     Three months ended                                 Year ended
                                          Mar. 31           June 30           Sep. 30           Dec. 31            Dec. 31
Revenues:
Sales                                   $    465          $    374          $    506          $    531          $     1,876
Franchise and property revenues              188               154               205               198                  745
Advertising revenues                          46                39                51                53                  189
Total revenues                               699               567               762               782                2,810
Cost of sales                                366               307               388               423                1,484
Franchise and property expenses               81                81                80                86                  328
Advertising expenses                          65                43                46                50                  204
Segment G&A                                   25                20                20                28                   93
Segment depreciation and amortization
(a)                                           26                28                28                31                  113
Segment income (b)                           189               147               258               229                  823


(a)Segment depreciation and amortization consists of depreciation and
amortization included in cost of sales, franchise and property expenses and
advertising expenses.
(b)TH segment income includes $2 million, $2 million, $2 million and $3 million
of cash distributions received from equity method investments for the three
months ended March 31, June 30, September 30 and December 31, 2020,
respectively, and $9 million for the full year 2020.

BK Segment                                                      Three months ended                                 Year ended
                                          Mar. 31            June 30           Sep. 30           Dec. 31            Dec. 31
Revenues:
Sales                                   $      17          $     15          $     17          $     15          $        64
Franchise and property revenues               273               233               305               302                1,113
Advertising revenues                           98                99               111               117                  425
Total revenues                                388               347               433               434                1,602
Cost of sales                                  17                16                16                16                   65
Franchise and property expenses                39                48                42                47                  176
Advertising expenses                          108               105               105               124                  442
Segment G&A                                    37                30                37                42                  146
Segment depreciation and amortization
(a)                                            12                12                13                12                   49
Segment income                                200               160               245               218                  823



PLK Segment                                                     Three months ended                                 Year ended
                                          Mar. 31            June 30           Sep. 30           Dec. 31            Dec. 31
Revenues:
Sales                                   $      21          $     17          $     18          $     17          $        73
Franchise and property revenues                64                63                67                69                  263
Advertising revenues                           53                54                57                56                  220
Total revenues                                138               134               142               142                  556
Cost of sales                                  16                16                14                15                   61
Franchise and property expenses                 3                 3                 3                 2                   11
Advertising expenses                           53                55                58                58                  224
Segment G&A                                    13                10                12                14                   49
Segment depreciation and amortization
(a)                                             2                 2                 2                 2                    8
Segment income                                 55                51                58                54                  218




--------------------------------------------------------------------------------

General and Administrative Expenses
Our general and administrative expenses consisted of the following:
                                                                 Three months ended                                Year ended
                                            Mar. 31           June 30           Sep. 30           Dec. 31            Dec. 31
Segment G&A:
TH                                        $     25          $     20          $     20          $     28          $       93
BK                                              37                30                37                42                 146
PLK                                             13                10                12                14                  49
Share-based compensation and non-cash
incentive compensation expense                  21                23                19                21                  84
Depreciation and amortization                    5                 4                 5                 5                  19
Corporate restructuring and tax advisory
fees                                             1                 7                 3                 5                  16

General and administrative expenses $ 102 $ 94

  $     96          $    115          $      407



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© Edgar Online, source Glimpses

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