$YUM
YUM BRANDS INC

2023 Q2 Form 10-Q Financial Statement

#000104106123000025 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $1.687B $1.645B $2.019B
YoY Change 3.12% 6.33% 6.83%
Cost Of Revenue $835.0M $834.0M $1.074B
YoY Change 101.2% 107.46% 5.6%
Gross Profit $852.0M $811.0M $945.0M
YoY Change -30.22% -29.17% 8.25%
Gross Profit Margin 50.5% 49.3% 46.81%
Selling, General & Admin $291.0M $282.0M $372.0M
YoY Change 14.57% 11.46% 0.27%
% of Gross Profit 34.15% 34.77% 39.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.00M $29.00M $42.00M
YoY Change 11.76% -21.62% -10.64%
% of Gross Profit 4.46% 3.58% 4.44%
Operating Expenses $296.0M $292.0M $379.0M
YoY Change 14.29% 16.33% -1.56%
Operating Profit $556.0M $519.0M $566.0M
YoY Change 0.36% 1.96% 15.98%
Interest Expense -$96.00M -$154.0M -$145.0M
YoY Change -38.06% 43.93% 54.26%
% of Operating Profit -17.27% -29.67% -25.62%
Other Income/Expense, Net $1.000M $2.000M -$6.000M
YoY Change -200.0% 500.0%
Pretax Income $478.0M $371.0M $427.0M
YoY Change 22.56% -6.78% 4.91%
Income Tax $60.00M $71.00M $75.00M
% Of Pretax Income 12.55% 19.14% 17.56%
Net Earnings $418.0M $300.0M $371.0M
YoY Change 86.61% -24.81% 12.42%
Net Earnings / Revenue 24.78% 18.24% 18.38%
Basic Earnings Per Share $1.49 $1.07
Diluted Earnings Per Share $1.46 $1.05 $1.29
COMMON SHARES
Basic Shares Outstanding 280.1M shares 280.1M shares 281.7M shares
Diluted Shares Outstanding 286.0M shares 285.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $437.0M $349.0M $367.0M
YoY Change 6.07% -4.38% -24.49%
Cash & Equivalents $437.0M $349.0M $367.0M
Short-Term Investments
Other Short-Term Assets $422.0M $575.0M $594.0M
YoY Change 0.72% 34.98% 32.0%
Inventory
Prepaid Expenses
Receivables $656.0M $622.0M $648.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.515B $1.546B $1.609B
YoY Change 6.02% 14.01% 5.03%
LONG-TERM ASSETS
Property, Plant & Equipment $1.162B $1.162B $1.171B
YoY Change -2.52% -1.61% -2.98%
Goodwill $641.0M $639.0M $638.0M
YoY Change -1.23% -2.59% -2.89%
Intangibles $369.0M $351.0M $354.0M
YoY Change 2.22% -0.85% -1.39%
Long-Term Investments
YoY Change
Other Assets $2.161B $2.051B $1.324B
YoY Change 48.32% 38.11% -10.96%
Total Long-Term Assets $4.333B $4.203B $4.237B
YoY Change -0.64% -5.76% -4.44%
TOTAL ASSETS
Total Short-Term Assets $1.515B $1.546B $1.609B
Total Long-Term Assets $4.333B $4.203B $4.237B
Total Assets $5.848B $5.749B $5.846B
YoY Change 1.0% -1.15% -2.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.063B $1.128B $1.251B
YoY Change -2.48% -6.16% -6.22%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $374.0M $398.0M $398.0M
YoY Change 419.44% 445.21% 485.29%
Long-Term Debt Due $374.0M $398.0M $398.0M
YoY Change 373.42% 397.5% 430.67%
Total Short-Term Liabilities $1.487B $1.555B $1.665B
YoY Change 25.7% 19.43% 17.67%
LONG-TERM LIABILITIES
Long-Term Debt $11.19B $11.35B $11.45B
YoY Change -3.0% 0.15% 2.46%
Other Long-Term Liabilities $1.603B $1.619B $1.604B
YoY Change -1.96% -3.23% -8.13%
Total Long-Term Liabilities $12.80B $12.97B $1.604B
YoY Change 682.69% 675.13% -8.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.487B $1.555B $1.665B
Total Long-Term Liabilities $12.80B $12.97B $1.604B
Total Liabilities $14.28B $14.52B $14.72B
YoY Change -0.52% 1.51% 2.67%
SHAREHOLDERS EQUITY
Retained Earnings -$8.156B -$8.403B -$8.507B
YoY Change -1.43% 2.49% 5.7%
Common Stock $13.00M $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.436B -$8.774B -$8.876B
YoY Change
Total Liabilities & Shareholders Equity $5.848B $5.749B $5.846B
YoY Change 1.0% -1.15% -2.01%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $418.0M $300.0M $371.0M
YoY Change 86.61% -24.81% 12.42%
Depreciation, Depletion And Amortization $38.00M $29.00M $42.00M
YoY Change 11.76% -21.62% -10.64%
Cash From Operating Activities $324.0M $349.0M $452.0M
YoY Change 20.45% 37.94% 9.18%
INVESTING ACTIVITIES
Capital Expenditures $60.00M $62.00M $121.0M
YoY Change -209.09% 47.62% -231.52%
Acquisitions
YoY Change
Other Investing Activities $147.0M $6.000M $31.00M
YoY Change 635.0% -45.45% -26.19%
Cash From Investing Activities $87.00M -$56.00M -$90.00M
YoY Change -348.57% 93.1% 80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $20.00M
YoY Change 33.33%
Cash From Financing Activities -364.0M -334.0M -395.0M
YoY Change 74.16% -11.41% -55.42%
NET CHANGE
Cash From Operating Activities 324.0M 349.0M 452.0M
Cash From Investing Activities 87.00M -56.00M -90.00M
Cash From Financing Activities -364.0M -334.0M -395.0M
Net Change In Cash 47.00M -41.00M -33.00M
YoY Change 88.0% -73.2% -93.68%
FREE CASH FLOW
Cash From Operating Activities $324.0M $349.0M $452.0M
Capital Expenditures $60.00M $62.00M $121.0M
Free Cash Flow $264.0M $287.0M $331.0M
YoY Change -18.52% 36.02% -34.58%

Facts In Submission

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As a result of an audit by the Internal Revenue Service (“IRS”) for fiscal years 2013 through 2015, in August 2022, we received a Revenue Agent’s Report (“RAR”) from the IRS asserting an underpayment of tax of $2.1 billion plus $418 million in penalties for the 2014 fiscal year. Additionally, interest on the underpayment is estimated to be approximately $830 million through the first quarter of 2023. The proposed underpayment relates primarily to a series of reorganizations we undertook during that year in connection with the business realignment of our corporate and management reporting structure along brand lines. The IRS asserts that these transactions resulted in taxable distributions of approximately $6.0 billion.We disagree with the IRS’s position as asserted in the RAR and intend to contest that position vigorously. In September 2022, we filed a Protest with the IRS Examination Division disputing on multiple grounds the proposed underpayment of tax and penalties. We have received the IRS Examination Division’s Rebuttal to our Protest. We expect the case to be transmitted to the IRS Office of Appeals for independent review within the next several months.The Company does not expect resolution of this matter within twelve months and cannot predict with certainty the timing of such resolution. The Company believes that it is more likely than not the Company’s tax position will be sustained; therefore, no reserve is recorded with respect to this matter.An unfavorable resolution of this matter could have a material, adverse impact on our Condensed Consolidated Financial Statements in future periods.
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yum-20230331.xsd Edgar Link pending
yum-20230331_def.xml Edgar Link unprocessable
yum-3312023xex15.htm Edgar Link pending
yum-3312023xex311.htm Edgar Link pending
yum-3312023xex312.htm Edgar Link pending
yum-3312023xex321.htm Edgar Link pending
yum-3312023xex322.htm Edgar Link pending
yum-20230331_lab.xml Edgar Link unprocessable
yum-20230331_pre.xml Edgar Link unprocessable
yum-20230331_htm.xml Edgar Link completed