$YUM
YUM BRANDS INC

2023 Q4 Form 10-Q Financial Statement

#000104106123000050 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $2.036B $1.708B
YoY Change 0.84% 4.15%
Cost Of Revenue $1.063B $421.0M
YoY Change -1.02% -49.03%
Gross Profit $973.0M $1.287B
YoY Change 2.96% 58.11%
Gross Profit Margin 47.79% 75.35%
Selling, General & Admin $353.0M $267.0M
YoY Change -5.11% 2.3%
% of Gross Profit 36.28% 20.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $49.00M $37.00M
YoY Change 16.67% 12.12%
% of Gross Profit 5.04% 2.87%
Operating Expenses $346.0M $261.0M
YoY Change -8.71% -3.69%
Operating Profit $627.0M $613.0M
YoY Change 10.78% 12.89%
Interest Expense -$143.0M -$114.0M
YoY Change -1.38% 17.53%
% of Operating Profit -22.81% -18.6%
Other Income/Expense, Net $1.000M $2.000M
YoY Change -116.67% -200.0%
Pretax Income $464.0M $505.0M
YoY Change 8.67% 12.98%
Income Tax $30.00M $89.00M
% Of Pretax Income 6.47% 17.62%
Net Earnings $463.0M $416.0M
YoY Change 24.8% 25.68%
Net Earnings / Revenue 22.74% 24.36%
Basic Earnings Per Share $1.48
Diluted Earnings Per Share $1.64 $1.46
COMMON SHARES
Basic Shares Outstanding 280.3M shares 280.2M shares
Diluted Shares Outstanding 286.0M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $512.0M $656.0M
YoY Change 39.51% 60.0%
Cash & Equivalents $512.0M $656.0M
Short-Term Investments
Other Short-Term Assets $360.0M $402.0M
YoY Change -39.39% -33.66%
Inventory
Prepaid Expenses
Receivables $737.0M $647.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.609B $1.705B
YoY Change 0.0% 6.9%
LONG-TERM ASSETS
Property, Plant & Equipment $1.197B $1.157B
YoY Change 2.22% 3.86%
Goodwill $642.0M $638.0M
YoY Change 0.63% 0.79%
Intangibles $377.0M $369.0M
YoY Change 6.5% 8.21%
Long-Term Investments
YoY Change
Other Assets $1.361B $1.360B
YoY Change 2.79% -35.11%
Total Long-Term Assets $4.622B $4.366B
YoY Change 9.09% 4.35%
TOTAL ASSETS
Total Short-Term Assets $1.609B $1.705B
Total Long-Term Assets $4.622B $4.366B
Total Assets $6.231B $6.071B
YoY Change 6.59% 5.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.169B $1.119B
YoY Change -6.55% -3.2%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $53.00M $373.0M
YoY Change -86.68% 418.06%
Long-Term Debt Due $53.00M $376.0M
YoY Change -86.68% 422.22%
Total Short-Term Liabilities $1.277B $1.504B
YoY Change -23.3% 20.9%
LONG-TERM LIABILITIES
Long-Term Debt $11.14B $11.15B
YoY Change -2.72% -3.17%
Other Long-Term Liabilities $1.670B $1.605B
YoY Change 4.11% 2.88%
Total Long-Term Liabilities $1.670B $1.605B
YoY Change 4.11% -87.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.277B $1.504B
Total Long-Term Liabilities $1.670B $1.605B
Total Liabilities $14.09B $14.26B
YoY Change -4.3% -0.42%
SHAREHOLDERS EQUITY
Retained Earnings -$7.616B -$7.909B
YoY Change -10.47% -4.06%
Common Stock $60.00M $33.00M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.858B -$8.190B
YoY Change
Total Liabilities & Shareholders Equity $6.231B $6.071B
YoY Change 6.59% 5.05%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $463.0M $416.0M
YoY Change 24.8% 25.68%
Depreciation, Depletion And Amortization $49.00M $37.00M
YoY Change 16.67% 12.12%
Cash From Operating Activities $448.0M $477.0M
YoY Change -0.88% 5.3%
INVESTING ACTIVITIES
Capital Expenditures $106.0M $57.00M
YoY Change -12.4% -193.44%
Acquisitions
YoY Change
Other Investing Activities $3.000M $27.00M
YoY Change -90.32% 107.69%
Cash From Investing Activities -$103.0M -$30.00M
YoY Change 14.44% -37.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -508.0M -223.0M
YoY Change 28.61% -34.8%
NET CHANGE
Cash From Operating Activities 448.0M 477.0M
Cash From Investing Activities -103.0M -30.00M
Cash From Financing Activities -508.0M -223.0M
Net Change In Cash -163.0M 224.0M
YoY Change 393.94% 255.56%
FREE CASH FLOW
Cash From Operating Activities $448.0M $477.0M
Capital Expenditures $106.0M $57.00M
Free Cash Flow $342.0M $420.0M
YoY Change 3.32% -18.29%

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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 $940 million through the third 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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