2015 Q4 Form 10-K Financial Statement

#000119312517048122 Filed on February 17, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $1.057B $1.020B $1.042B
YoY Change 152.99% 265.61% 299.0%
Cost Of Revenue $454.9M $446.6M $474.8M
YoY Change 318.49% 2606.67% 2924.2%
Gross Profit $602.1M $573.1M $567.4M
YoY Change 94.79% 118.41% 131.12%
Gross Profit Margin 56.96% 56.2% 54.44%
Selling, General & Admin $217.1M $104.3M $102.0M
YoY Change 94.88% 33.21% 117.02%
% of Gross Profit 36.06% 18.2% 17.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.20M $43.10M $45.90M
YoY Change 119.9% 161.21% 190.51%
% of Gross Profit 7.34% 7.52% 8.09%
Operating Expenses $215.0M $104.3M $102.0M
YoY Change 90.1% 33.21% 117.02%
Operating Profit $322.0M $344.0M $302.1M
YoY Change -413.84% 38122.22% 99.41%
Interest Expense -$115.7M -$116.0M -$123.2M
YoY Change -60.39% 126.12% 143.48%
% of Operating Profit -35.93% -33.72% -40.78%
Other Income/Expense, Net -$300.0K -$700.0K -$700.0K
YoY Change 133.33% 75.0%
Pretax Income $206.0M $227.6M $139.0M
YoY Change -153.4% -551.59% 37.76%
Income Tax $21.50M $44.70M $45.20M
% Of Pretax Income 10.44% 19.64% 32.52%
Net Earnings $184.4M $182.9M $93.80M
YoY Change -148.36% -878.3% 24.9%
Net Earnings / Revenue 17.45% 17.94% 9.0%
Basic Earnings Per Share $0.25 $0.25 $0.05
Diluted Earnings Per Share $0.25 $0.24 $0.05
COMMON SHARES
Basic Shares Outstanding 202.4M shares 202.4M shares 202.4M shares
Diluted Shares Outstanding 476.5M shares 476.4M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $758.0M $976.0M $689.0M
YoY Change -57.96% 266.49%
Cash & Equivalents $792.0M $975.5M $688.9M
Short-Term Investments
Other Short-Term Assets $87.00M $178.0M $245.0M
YoY Change -68.93% 66.67%
Inventory $81.30M $98.80M $91.70M
Prepaid Expenses
Receivables $422.0M $372.0M $360.0M
Other Receivables $22.00M $18.00M $19.00M
Total Short-Term Assets $1.370B $1.642B $1.404B
YoY Change -48.14% 51.33%
LONG-TERM ASSETS
Property, Plant & Equipment $2.151B $2.212B $2.393B
YoY Change -11.73% 1.31%
Goodwill $4.574B $4.617B $5.438B
YoY Change -12.63%
Intangibles $9.148B $9.409B $8.898B
YoY Change -12.42%
Long-Term Investments $139.0M $143.3M $114.3M
YoY Change -18.09% -24.3%
Other Assets $220.7M $1.032B $763.6M
YoY Change -50.34% 65.64%
Total Long-Term Assets $17.04B $17.39B $17.62B
YoY Change -8.88% -5.61%
TOTAL ASSETS
Total Short-Term Assets $1.370B $1.642B $1.404B
Total Long-Term Assets $17.04B $17.39B $17.62B
Total Assets $18.41B $19.03B $19.03B
YoY Change -13.74% -2.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $361.5M $337.5M $250.8M
YoY Change 62.11% 36.3%
Accrued Expenses $297.0M $608.6M $492.4M
YoY Change -11.5% 94.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $39.00M $39.10M $29.30M
YoY Change -96.48% -68.49%
Total Short-Term Liabilities $1.121B $1.216B $1.003B
YoY Change -42.39% 42.82%
LONG-TERM LIABILITIES
Long-Term Debt $8.462B $8.472B $8.652B
YoY Change -4.13% -5.55%
Other Long-Term Liabilities $795.9M $848.4M $633.8M
YoY Change 12.45% 80.57%
Total Long-Term Liabilities $9.258B $9.320B $9.286B
YoY Change -2.9% -2.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.121B $1.216B $1.003B
Total Long-Term Liabilities $9.258B $9.320B $9.286B
Total Liabilities $12.20B $12.43B $12.19B
YoY Change -10.98% 1.64%
SHAREHOLDERS EQUITY
Retained Earnings $245.8M $220.5M $190.4M
YoY Change 6.41%
Common Stock $1.825B $1.795B $1.774B
YoY Change 3.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.337B $1.454B $1.545B
YoY Change
Total Liabilities & Shareholders Equity $18.41B $19.03B $19.03B
YoY Change -13.74% -2.91%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $184.4M $182.9M $93.80M
YoY Change -148.36% -878.3% 24.9%
Depreciation, Depletion And Amortization $44.20M $43.10M $45.90M
YoY Change 119.9% 161.21% 190.51%
Cash From Operating Activities $254.4M $442.2M $246.5M
YoY Change -318.74% 172.12% 180.75%
INVESTING ACTIVITIES
Capital Expenditures -$32.40M -$25.90M -$27.60M
YoY Change 51.4% 684.85% 352.46%
Acquisitions
YoY Change
Other Investing Activities $10.90M $10.40M -$29.60M
YoY Change -100.14% 10300.0% -900.0%
Cash From Investing Activities -$21.50M -$15.50M -$57.20M
YoY Change -99.72% 384.37% 2283.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -434.3M -135.7M -528.5M
YoY Change -104.99% 189.96% 1103.87%
NET CHANGE
Cash From Operating Activities 254.4M 442.2M 246.5M
Cash From Investing Activities -21.50M -15.50M -57.20M
Cash From Financing Activities -434.3M -135.7M -528.5M
Net Change In Cash -201.4M 291.0M -339.2M
YoY Change -125.09% 158.67% -917.35%
FREE CASH FLOW
Cash From Operating Activities $254.4M $442.2M $246.5M
Capital Expenditures -$32.40M -$25.90M -$27.60M
Free Cash Flow $286.8M $468.1M $274.1M
YoY Change -402.21% 182.33% 191.91%

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CY2016 dei Entity Registrant Name
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Restaurant Brands International Inc.
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10-K
CY2016 dei Entity Central Index Key
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0001618756
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CY2016 dei Document Period End Date
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2016-12-31
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2016
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CY2016 dei Current Fiscal Year End Date
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CY2016 dei Entity Current Reporting Status
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Yes
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CY2016 dei Document Fiscal Period Focus
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CY2016 dei Entity Filer Category
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CY2016 us-gaap Amortization Of Intangible Assets
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71900000
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CY2016 dei Entity Voluntary Filers
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt"> <b><i>Reclassifications</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Certain prior year amounts in the accompanying consolidated financial statements and notes to the consolidated financial statements have been reclassified in order to be comparable with the current year classifications. These reclassifications had no effect on previously reported net income.</p> </div>
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35100000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y8M27D
CY2016 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
69700000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y
CY2016 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
5700000
CY2016 qsr Income Tax Pension Liability In Accumulated Other Comprehensive Income Loss
IncomeTaxPensionLiabilityInAccumulatedOtherComprehensiveIncomeLoss
1600000
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
1000000
CY2016 qsr Other Comprehensive Income Loss Cash Flow Hedges Adjustment Tax
OtherComprehensiveIncomeLossCashFlowHedgesAdjustmentTax
-1600000
CY2016 qsr Minimum Lease Term For Assets Given On Lease
MinimumLeaseTermForAssetsGivenOnLease
P10Y
CY2016 qsr Increase Decrease In Inventories Prepaid Expenses And Other Current Assets
IncreaseDecreaseInInventoriesPrepaidExpensesAndOtherCurrentAssets
-7700000
CY2016 qsr Non Restaurant Properties To Third Parties Under Capital And Operating Leases
NonRestaurantPropertiesToThirdPartiesUnderCapitalAndOperatingLeases
160 Restaurants
CY2016 qsr Restaurant Buildings Under Capital Leases
RestaurantBuildingsUnderCapitalLeases
718 Restaurants
CY2016 qsr Franchise And Property Revenues
FranchiseAndPropertyRevenues
1941100000
CY2016 qsr Number Of Forward Starting Interest Rate Swaps
NumberOfForwardStartingInterestRateSwaps
3 Contract
CY2016 qsr Franchise Fees And Other Revenue
FranchiseFeesAndOtherRevenue
194900000
CY2016 qsr Effective Income Tax Rate Reconciliation Foreign Exchange Gain Loss
EffectiveIncomeTaxRateReconciliationForeignExchangeGainLoss
0.001 pure
CY2016 qsr Franchise And Property Costs
FranchiseAndPropertyCosts
454100000
CY2016 qsr Maximum Lease Term For Assets Given On Lease
MaximumLeaseTermForAssetsGivenOnLease
P20Y
CY2016 qsr Preferred Stock Voting Rights Per Share
PreferredStockVotingRightsPerShare
1
CY2016 qsr Effective Income Tax Rate Reconciliation Intercompany Transactions
EffectiveIncomeTaxRateReconciliationIntercompanyTransactions
-0.160 pure
CY2016 qsr Earnings Before Interest Tax Depreciation And Amortization
EarningsBeforeInterestTaxDepreciationAndAmortization
1838500000
CY2016 qsr Amortization Of Favorable And Unfavorable Payable Lease Contracts Net
AmortizationOfFavorableAndUnfavorablePayableLeaseContractsNet
9200000
CY2016 qsr Increase In Valuation Allowance Due To Current Year Losses And Prior Year Ordinary And Capital Loss Adjustments
IncreaseInValuationAllowanceDueToCurrentYearLossesAndPriorYearOrdinaryAndCapitalLossAdjustments
8300000
CY2016 qsr Maximum Lease Term For Assets Taken On Lease
MaximumLeaseTermForAssetsTakenOnLease
P30Y
CY2016 qsr Debt Instrument Floor Rate
DebtInstrumentFloorRate
0.0200 pure
CY2016 qsr Rent Expense From Subleases To Franchisees
RentExpenseFromSubleasesToFranchisees
253900000
CY2016 qsr Restaurant Properties To Franchisees Leased Or Subleased
RestaurantPropertiesToFranchiseesLeasedOrSubleased
5224 Lease
CY2016 qsr Other Operating Income Expense Other Net
OtherOperatingIncomeExpenseOtherNet
-100000
CY2016 qsr Depreciation And Amortization Excluding Oie Depreciation
DepreciationAndAmortizationExcludingOieDepreciation
171800000
CY2016 qsr Other Comprehensive Income Change In Fair Value Of Derivatives Net Of Tax
OtherComprehensiveIncomeChangeInFairValueOfDerivativesNetOfTax
119600000
CY2016 qsr Restaurant Variable Interest Entity Contribution Distribution
RestaurantVariableInterestEntityContributionDistribution
-100000
CY2016 qsr Comprehensive Income Net Of Tax Attributable To Common Shareholders
ComprehensiveIncomeNetOfTaxAttributableToCommonShareholders
399800000
CY2016 qsr Exchange Of Noncontrolling Interests For Common Shares
ExchangeOfNoncontrollingInterestsForCommonShares
227800000 shares
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
302100000
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2016Q1 us-gaap Revenues
Revenues
918500000
CY2016 qsr Deferred Income Tax Benefit Before Changes
DeferredIncomeTaxBenefitBeforeChanges
77600000
CY2016 qsr Modification Of Equity Awards With Tandem Sars
ModificationOfEquityAwardsWithTandemSARS
10200000
CY2016 qsr Stock Options Stock Options With Tandem Sars And Restricted Stock Units
StockOptionsStockOptionsWithTandemSarsAndRestrictedStockUnits
35100000
CY2016 qsr Cash Equivalents Maturity Period
CashEquivalentsMaturityPeriod
Three months or less
CY2016 qsr Effective Income Tax Rate Reconciliation Costs Benefits Taxes Foreign Operations
EffectiveIncomeTaxRateReconciliationCostsBenefitsTaxesForeignOperations
0.096 pure
CY2016 qsr Comprehensive Income Net Of Tax Attributable To Preferred Shareholders
ComprehensiveIncomeNetOfTaxAttributableToPreferredShareholders
270000000
CY2016 qsr Portion Of Net Income Loss Attributable To Peu Noncontrolling Interest
PortionOfNetIncomeLossAttributableToPEUNoncontrollingInterest
336800000
CY2016 qsr Litigation Settlement Expense Reserves
LitigationSettlementExpenseReserves
1600000
CY2016 qsr Number Of Brand
NumberOfBrand
2 Brand
CY2016 qsr Income Tax Stock Option Tax Benefit In Common Shares
IncomeTaxStockOptionTaxBenefitInCommonShares
8600000
CY2016 qsr Valuation Allowance Changes In Losses And Credits
ValuationAllowanceChangesInLossesAndCredits
-6900000
CY2016 qsr Increase Decrease In Advertising Fund Restricted Assets And Fund Liabilities
IncreaseDecreaseInAdvertisingFundRestrictedAssetsAndFundLiabilities
-10100000
CY2016 qsr Increase Decrease In Other Accrued Liabilities And Gift Card Liability
IncreaseDecreaseInOtherAccruedLiabilitiesAndGiftCardLiability
-1200000
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2015Q1 us-gaap Revenues
Revenues
933300000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
50600000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
224100000
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2015Q2 us-gaap Revenues
Revenues
1042200000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
93800000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
168300000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
330600000
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2016Q2 us-gaap Revenues
Revenues
1040200000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
247600000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
424000000
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2015Q3 us-gaap Revenues
Revenues
1019700000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
182900000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
344000000
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.36
CY2016Q3 us-gaap Revenues
Revenues
1075700000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
238600000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
420500000
CY2015Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
CY2015Q4 us-gaap Revenues
Revenues
1057000000
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
184400000
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
322000000
CY2016Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
CY2016Q4 us-gaap Revenues
Revenues
1111400000
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
301400000
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
491600000

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