$QSR
Restaurant Brands International Inc

2020 Q4 Form 10-Q Financial Statement

#000161875620000075 Filed on October 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $1.358B $1.337B $1.479B
YoY Change -8.18% -8.3% 6.79%
Cost Of Revenue $454.0M $418.0M $488.0M
YoY Change -6.97% -12.0% 3.81%
Gross Profit $904.0M $919.0M $991.0M
YoY Change -8.78% -6.51% 8.38%
Gross Profit Margin 66.57% 68.74% 67.0%
Selling, General & Admin $472.0M $96.00M $441.0M
YoY Change 7.03% -70.0% 12.96%
% of Gross Profit 52.21% 10.45% 44.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.00M $48.00M $46.00M
YoY Change 8.7% 2.13% 8.24%
% of Gross Profit 5.53% 5.22% 4.64%
Operating Expenses $471.0M $96.00M $448.0M
YoY Change 5.13% -70.0% 13.85%
Operating Profit $373.0M $417.0M $511.0M
YoY Change -27.01% -26.97% -0.97%
Interest Expense -$181.0M -$129.0M -$140.0M
YoY Change 29.29% -5.84% 25.67%
% of Operating Profit -48.53% -30.94% -27.4%
Other Income/Expense, Net
YoY Change
Pretax Income $143.0M $288.0M $366.0M
YoY Change -60.93% -33.02% -5.25%
Income Tax $4.000M $65.00M $109.0M
% Of Pretax Income 2.8% 22.57% 29.78%
Net Earnings $139.0M $223.0M $257.0M
YoY Change -45.91% -36.47% -14.62%
Net Earnings / Revenue 10.24% 16.68% 17.38%
Basic Earnings Per Share $0.30 $0.48 $0.55
Diluted Earnings Per Share $0.30 $0.47 $0.54
COMMON SHARES
Basic Shares Outstanding 303.9M shares 303.0M shares 298.1M shares
Diluted Shares Outstanding 470.0M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.560B $1.919B $1.533B
YoY Change 1.76% 10.8% 67.91%
Cash & Equivalents $1.560B $1.919B $1.533B
Short-Term Investments
Other Short-Term Assets $72.00M $85.00M $52.00M
YoY Change 38.46% -1.16% -13.33%
Inventory $96.00M $87.00M $84.00M
Prepaid Expenses
Receivables $536.0M $589.0M $527.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.264B $2.680B $2.196B
YoY Change 3.1% 12.94% 46.4%
LONG-TERM ASSETS
Property, Plant & Equipment $1.523B $1.975B $2.007B
YoY Change -24.12% -0.3% 0.55%
Goodwill $5.739B $5.571B $5.651B
YoY Change 1.56% -0.14% 3.01%
Intangibles $10.70B $10.42B $10.56B
YoY Change 1.31% -0.23% 0.96%
Long-Term Investments $205.0M $63.00M $48.00M
YoY Change 327.08% 34.04% -11.11%
Other Assets $824.0M $707.0M $719.0M
YoY Change 14.6% 3.51% 11.99%
Total Long-Term Assets $20.51B $19.85B $20.16B
YoY Change 1.73% -0.12% 8.17%
TOTAL ASSETS
Total Short-Term Assets $2.264B $2.680B $2.196B
Total Long-Term Assets $20.51B $19.85B $20.16B
Total Assets $22.78B $22.53B $22.36B
YoY Change 1.86% 1.28% 11.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $464.0M $523.0M $644.0M
YoY Change -27.95% 2.55% 25.54%
Accrued Expenses $542.0M $587.0M $515.0M
YoY Change 5.24% 12.02% 34.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $79.00M $78.00M $74.00M
YoY Change 6.76% -89.59% 5.71%
Total Short-Term Liabilities $1.601B $1.621B $1.703B
YoY Change -5.99% -25.54% 20.95%
LONG-TERM LIABILITIES
Long-Term Debt $12.40B $12.30B $11.76B
YoY Change 5.43% 6.33% -0.54%
Other Long-Term Liabilities $2.236B $1.917B $1.698B
YoY Change 31.68% 19.96% 9.76%
Total Long-Term Liabilities $14.63B $14.22B $13.46B
YoY Change 8.74% 7.98% 0.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.601B $1.621B $1.703B
Total Long-Term Liabilities $14.63B $14.22B $13.46B
Total Liabilities $19.06B $18.62B $18.10B
YoY Change 5.28% 2.38% 9.55%
SHAREHOLDERS EQUITY
Retained Earnings $622.0M $692.0M $775.0M
YoY Change -19.74% -9.19% 14.99%
Common Stock $2.399B $2.648B $2.478B
YoY Change -3.19% 7.64% 42.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.167B $2.343B $2.490B
YoY Change
Total Liabilities & Shareholders Equity $22.78B $22.53B $22.36B
YoY Change 1.86% 1.28% 11.02%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $139.0M $223.0M $257.0M
YoY Change -45.91% -36.47% -14.62%
Depreciation, Depletion And Amortization $50.00M $48.00M $46.00M
YoY Change 8.7% 2.13% 8.24%
Cash From Operating Activities $313.0M $412.0M $565.0M
YoY Change -44.6% -5.5% 14.86%
INVESTING ACTIVITIES
Capital Expenditures -$46.00M -$32.00M -$30.00M
YoY Change 53.33% 77.78% -8.26%
Acquisitions
YoY Change
Other Investing Activities $0.00 $11.00M -$7.000M
YoY Change -100.0% 450.0% -142.68%
Cash From Investing Activities -$46.00M -$21.00M -$37.00M
YoY Change 24.32% 31.25% 126.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -639.0M -21.00M -736.0M
YoY Change -13.18% -107.27% 5.73%
NET CHANGE
Cash From Operating Activities 313.0M 412.0M 565.0M
Cash From Investing Activities -46.00M -21.00M -37.00M
Cash From Financing Activities -639.0M -21.00M -736.0M
Net Change In Cash -372.0M 370.0M -208.0M
YoY Change 78.85% -47.81% -5.67%
FREE CASH FLOW
Cash From Operating Activities $313.0M $412.0M $565.0M
Capital Expenditures -$46.00M -$32.00M -$30.00M
Free Cash Flow $359.0M $444.0M $595.0M
YoY Change -39.66% -2.2% 13.42%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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RESTAURANT BRANDS INTERNATIONAL INC.
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Derivatives Used In Net Investment Hedge Tax Expense Benefit
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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CY2019Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2019Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2019Q3 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2020Q3 us-gaap Profit Loss
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CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2019Q1 us-gaap Dividends Common Stock Cash
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CY2019Q1 us-gaap Profit Loss
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CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2019Q2 qsr Restaurant Variable Interest Entity Contribution Distribution
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CY2019Q2 us-gaap Profit Loss
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CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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17000000 USD
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
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CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2019Q3 us-gaap Dividends Common Stock Cash
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CY2019Q3 qsr Restaurant Variable Interest Entity Contribution Distribution
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CY2019Q3 us-gaap Profit Loss
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CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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139000000 USD
qsr Gains Losses On Extinguishment Of Debt Noncash Portion
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qsr Gains Losses On Extinguishment Of Debt Noncash Portion
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Deferred Income Taxes And Tax Credits
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us-gaap Deferred Income Taxes And Tax Credits
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us-gaap Increase Decrease In Accounts And Notes Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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34000000 USD
us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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qsr Increase Decrease In Other Accrued Liabilities And Gift Card Liability
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qsr Increase Decrease In Other Accrued Liabilities And Gift Card Liability
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qsr Tenant Inducements Paidto Franchisees
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qsr Tenant Inducements Paidto Franchisees
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us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Proceeds From Derivative Instrument Investing Activities
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us-gaap Proceeds From Derivative Instrument Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Repayments Of Long Term Debt And Capital Securities
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290000000 USD
us-gaap Payments Of Financing Costs
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us-gaap Payments Of Financing Costs
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Payments For Derivative Instrument Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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913000000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1919000000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid
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163000000 USD
us-gaap Income Taxes Paid
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171000000 USD
CY2020Q3 us-gaap Number Of Restaurants
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CY2020Q3 us-gaap Number Of Countries In Which Entity Operates
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100 country
CY2020Q3 qsr Restaurants Owned By Franchisees Percentage
RestaurantsOwnedByFranchiseesPercentage
1
us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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<div style="margin-top:12pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP and related rules and regulations of the SEC requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates.</span></div><div style="margin-top:12pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The carrying amounts for cash and cash equivalents, accounts and notes receivable and accounts and drafts payable approximate fair value based on the short-term nature of these amounts.</span></div>
qsr Percentof Rent Structure Variable Rent
PercentofRentStructureVariableRent
1
CY2020Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
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CY2019Q3 us-gaap Operating Lease Lease Income Lease Payments
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us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
333000000 USD
us-gaap Operating Lease Lease Income Lease Payments
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335000000 USD
CY2020Q3 us-gaap Operating Lease Variable Lease Income
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CY2019Q3 us-gaap Operating Lease Variable Lease Income
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100000000 USD
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
191000000 USD
us-gaap Operating Lease Variable Lease Income
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281000000 USD
CY2020Q3 qsr Operating Lease Amortization
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qsr Operating Lease Amortization
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qsr Operating Lease Amortization
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5000000 USD
CY2020Q3 us-gaap Operating Lease Lease Income
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195000000 USD
CY2019Q3 us-gaap Operating Lease Lease Income
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213000000 USD
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
528000000 USD
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
621000000 USD
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