$YUM
YUM BRANDS INC

2023 Q3 Form 10-Q Financial Statement

#000104106123000041 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.708B $1.687B
YoY Change 4.15% 3.12%
Cost Of Revenue $421.0M $835.0M
YoY Change -49.03% 101.2%
Gross Profit $1.287B $852.0M
YoY Change 58.11% -30.22%
Gross Profit Margin 75.35% 50.5%
Selling, General & Admin $267.0M $291.0M
YoY Change 2.3% 14.57%
% of Gross Profit 20.75% 34.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.00M $38.00M
YoY Change 12.12% 11.76%
% of Gross Profit 2.87% 4.46%
Operating Expenses $261.0M $296.0M
YoY Change -3.69% 14.29%
Operating Profit $613.0M $556.0M
YoY Change 12.89% 0.36%
Interest Expense -$114.0M -$96.00M
YoY Change 17.53% -38.06%
% of Operating Profit -18.6% -17.27%
Other Income/Expense, Net $2.000M $1.000M
YoY Change -200.0% -200.0%
Pretax Income $505.0M $478.0M
YoY Change 12.98% 22.56%
Income Tax $89.00M $60.00M
% Of Pretax Income 17.62% 12.55%
Net Earnings $416.0M $418.0M
YoY Change 25.68% 86.61%
Net Earnings / Revenue 24.36% 24.78%
Basic Earnings Per Share $1.48 $1.49
Diluted Earnings Per Share $1.46 $1.46
COMMON SHARES
Basic Shares Outstanding 280.2M shares 280.1M shares
Diluted Shares Outstanding 286.0M shares 286.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $656.0M $437.0M
YoY Change 60.0% 6.07%
Cash & Equivalents $656.0M $437.0M
Short-Term Investments
Other Short-Term Assets $402.0M $422.0M
YoY Change -33.66% 0.72%
Inventory
Prepaid Expenses
Receivables $647.0M $656.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.705B $1.515B
YoY Change 6.9% 6.02%
LONG-TERM ASSETS
Property, Plant & Equipment $1.157B $1.162B
YoY Change 3.86% -2.52%
Goodwill $638.0M $641.0M
YoY Change 0.79% -1.23%
Intangibles $369.0M $369.0M
YoY Change 8.21% 2.22%
Long-Term Investments
YoY Change
Other Assets $1.360B $2.161B
YoY Change -35.11% 48.32%
Total Long-Term Assets $4.366B $4.333B
YoY Change 4.35% -0.64%
TOTAL ASSETS
Total Short-Term Assets $1.705B $1.515B
Total Long-Term Assets $4.366B $4.333B
Total Assets $6.071B $5.848B
YoY Change 5.05% 1.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.119B $1.063B
YoY Change -3.2% -2.48%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $373.0M $374.0M
YoY Change 418.06% 419.44%
Long-Term Debt Due $376.0M $374.0M
YoY Change 422.22% 373.42%
Total Short-Term Liabilities $1.504B $1.487B
YoY Change 20.9% 25.7%
LONG-TERM LIABILITIES
Long-Term Debt $11.15B $11.19B
YoY Change -3.17% -3.0%
Other Long-Term Liabilities $1.605B $1.603B
YoY Change 2.88% -1.96%
Total Long-Term Liabilities $1.605B $12.80B
YoY Change -87.73% 682.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.504B $1.487B
Total Long-Term Liabilities $1.605B $12.80B
Total Liabilities $14.26B $14.28B
YoY Change -0.42% -0.52%
SHAREHOLDERS EQUITY
Retained Earnings -$7.909B -$8.156B
YoY Change -4.06% -1.43%
Common Stock $33.00M $13.00M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.190B -$8.436B
YoY Change
Total Liabilities & Shareholders Equity $6.071B $5.848B
YoY Change 5.05% 1.0%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $416.0M $418.0M
YoY Change 25.68% 86.61%
Depreciation, Depletion And Amortization $37.00M $38.00M
YoY Change 12.12% 11.76%
Cash From Operating Activities $477.0M $324.0M
YoY Change 5.3% 20.45%
INVESTING ACTIVITIES
Capital Expenditures $57.00M $60.00M
YoY Change -193.44% -209.09%
Acquisitions
YoY Change
Other Investing Activities $27.00M $147.0M
YoY Change 107.69% 635.0%
Cash From Investing Activities -$30.00M $87.00M
YoY Change -37.5% -348.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -223.0M -364.0M
YoY Change -34.8% 74.16%
NET CHANGE
Cash From Operating Activities 477.0M 324.0M
Cash From Investing Activities -30.00M 87.00M
Cash From Financing Activities -223.0M -364.0M
Net Change In Cash 224.0M 47.00M
YoY Change 255.56% 88.0%
FREE CASH FLOW
Cash From Operating Activities $477.0M $324.0M
Capital Expenditures $57.00M $60.00M
Free Cash Flow $420.0M $264.0M
YoY Change -18.29% -18.52%

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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 $880 million through the second 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 and the case has been accepted by the IRS Office of Appeals.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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