$YUM
YUM BRANDS INC

2024 Q2 Form 10-Q Financial Statement

#000104106124000020 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $1.763B $1.598B $2.036B
YoY Change 4.51% -2.86% 0.84%
Cost Of Revenue $470.0M $798.0M $1.063B
YoY Change -43.71% -4.32% -1.02%
Gross Profit $1.293B $800.0M $973.0M
YoY Change 51.76% -1.36% 2.96%
Gross Profit Margin 73.34% 50.06% 47.79%
Selling, General & Admin $281.0M $286.0M $353.0M
YoY Change -3.44% 1.42% -5.11%
% of Gross Profit 21.73% 35.75% 36.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.00M $35.00M $49.00M
YoY Change 7.89% 20.69% 16.67%
% of Gross Profit 3.17% 4.38% 5.04%
Operating Expenses $276.0M $285.0M $346.0M
YoY Change -6.76% -2.4% -8.71%
Operating Profit $607.0M $515.0M $627.0M
YoY Change 9.17% -0.77% 10.78%
Interest Expense -$121.0M -$139.0M -$143.0M
YoY Change 26.04% -9.74% -1.38%
% of Operating Profit -19.93% -26.99% -22.81%
Other Income/Expense, Net $1.000M $2.000M $1.000M
YoY Change 0.0% 0.0% -116.67%
Pretax Income $487.0M $383.0M $464.0M
YoY Change 1.88% 3.23% 8.67%
Income Tax $120.0M $69.00M $30.00M
% Of Pretax Income 24.64% 18.02% 6.47%
Net Earnings $367.0M $314.0M $463.0M
YoY Change -12.2% 4.67% 24.8%
Net Earnings / Revenue 20.82% 19.65% 22.74%
Basic Earnings Per Share $1.30 $1.11
Diluted Earnings Per Share $1.28 $1.10 $1.64
COMMON SHARES
Basic Shares Outstanding 281.6M shares 281.3M shares 280.3M shares
Diluted Shares Outstanding 286.0M shares 286.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $520.0M $652.0M $512.0M
YoY Change 18.99% 86.82% 39.51%
Cash & Equivalents $404.0M $652.0M $512.0M
Short-Term Investments $116.0M
Other Short-Term Assets $382.0M $436.0M $360.0M
YoY Change -9.48% -24.17% -39.39%
Inventory
Prepaid Expenses
Receivables $713.0M $686.0M $737.0M
Other Receivables $20.00M $0.00 $0.00
Total Short-Term Assets $1.635B $1.774B $1.609B
YoY Change 7.92% 14.75% 0.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.272B $1.190B $1.197B
YoY Change 9.47% 2.41% 2.22%
Goodwill $718.0M $641.0M $642.0M
YoY Change 12.01% 0.31% 0.63%
Intangibles $417.0M $370.0M $377.0M
YoY Change 13.01% 5.41% 6.5%
Long-Term Investments
YoY Change
Other Assets $1.335B $2.249B $1.361B
YoY Change -38.22% 9.65% 2.79%
Total Long-Term Assets $4.760B $4.450B $4.622B
YoY Change 9.85% 5.88% 9.09%
TOTAL ASSETS
Total Short-Term Assets $1.635B $1.774B $1.609B
Total Long-Term Assets $4.760B $4.450B $4.622B
Total Assets $6.395B $6.224B $6.231B
YoY Change 9.35% 8.26% 6.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.098B $1.095B $1.169B
YoY Change 3.29% -2.93% -6.55%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $24.00M $58.00M $53.00M
YoY Change -93.58% -85.43% -86.68%
Long-Term Debt Due $26.00M $58.00M $53.00M
YoY Change -93.05% -85.43% -86.68%
Total Short-Term Liabilities $1.136B $1.188B $1.277B
YoY Change -23.6% -23.6% -23.3%
LONG-TERM LIABILITIES
Long-Term Debt $11.14B $11.13B $11.14B
YoY Change -0.48% -1.93% -2.72%
Other Long-Term Liabilities $1.749B $1.662B $1.670B
YoY Change 9.11% 2.66% 4.11%
Total Long-Term Liabilities $1.749B $12.79B $1.670B
YoY Change -86.33% -1.36% 4.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.136B $1.188B $1.277B
Total Long-Term Liabilities $1.749B $12.79B $1.670B
Total Liabilities $14.03B $13.98B $14.09B
YoY Change -1.81% -3.74% -4.3%
SHAREHOLDERS EQUITY
Retained Earnings -$7.321B -$7.492B -$7.616B
YoY Change -10.24% -10.84% -10.47%
Common Stock $0.00 $45.00M $60.00M
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.630B -$7.756B -$7.858B
YoY Change
Total Liabilities & Shareholders Equity $6.395B $6.224B $6.231B
YoY Change 9.35% 8.26% 6.59%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $367.0M $314.0M $463.0M
YoY Change -12.2% 4.67% 24.8%
Depreciation, Depletion And Amortization $41.00M $35.00M $49.00M
YoY Change 7.89% 20.69% 16.67%
Cash From Operating Activities $342.0M $363.0M $448.0M
YoY Change 5.56% 4.01% -0.88%
INVESTING ACTIVITIES
Capital Expenditures $50.00M $49.00M $106.0M
YoY Change -16.67% -20.97% -12.4%
Acquisitions
YoY Change
Other Investing Activities -$248.0M $94.00M $3.000M
YoY Change -268.71% 1466.67% -90.32%
Cash From Investing Activities -$298.0M $45.00M -$103.0M
YoY Change -442.53% -180.36% 14.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $10.00M
YoY Change -50.0%
Cash From Financing Activities -300.0M -247.0M -508.0M
YoY Change -17.58% -26.05% 28.61%
NET CHANGE
Cash From Operating Activities 342.0M 363.0M 448.0M
Cash From Investing Activities -298.0M 45.00M -103.0M
Cash From Financing Activities -300.0M -247.0M -508.0M
Net Change In Cash -256.0M 161.0M -163.0M
YoY Change -644.68% -492.68% 393.94%
FREE CASH FLOW
Cash From Operating Activities $342.0M $363.0M $448.0M
Capital Expenditures $50.00M $49.00M $106.0M
Free Cash Flow $292.0M $314.0M $342.0M
YoY Change 10.61% 9.41% 3.32%

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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 $1.2 billion through the first quarter of 2024. 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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