$YUM
YUM BRANDS INC

2024 Q3 Form 10-Q Financial Statement

#000104106124000033 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.826B $1.763B
YoY Change 6.91% 4.51%
Cost Of Revenue $523.0M $470.0M
YoY Change 24.23% -43.71%
Gross Profit $1.303B $1.293B
YoY Change 1.24% 51.76%
Gross Profit Margin 71.36% 73.34%
Selling, General & Admin $263.0M $281.0M
YoY Change -1.5% -3.44%
% of Gross Profit 20.18% 21.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.00M $41.00M
YoY Change 18.92% 7.89%
% of Gross Profit 3.38% 3.17%
Operating Expenses $260.0M $276.0M
YoY Change -0.38% -6.76%
Operating Profit $619.0M $607.0M
YoY Change 0.98% 9.17%
Interest Expense -$116.0M -$121.0M
YoY Change 1.75% 26.04%
% of Operating Profit -18.74% -19.93%
Other Income/Expense, Net $2.000M $1.000M
YoY Change 0.0% 0.0%
Pretax Income $502.0M $487.0M
YoY Change -0.59% 1.88%
Income Tax $120.0M $120.0M
% Of Pretax Income 23.9% 24.64%
Net Earnings $382.0M $367.0M
YoY Change -8.17% -12.2%
Net Earnings / Revenue 20.92% 20.82%
Basic Earnings Per Share $1.36 $1.30
Diluted Earnings Per Share $1.35 $1.28
COMMON SHARES
Basic Shares Outstanding 281.2M shares 281.6M shares
Diluted Shares Outstanding 285.0M shares 286.0M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $548.0M $520.0M
YoY Change -16.46% 18.99%
Cash & Equivalents $457.0M $404.0M
Short-Term Investments $91.00M $116.0M
Other Short-Term Assets $314.0M $382.0M
YoY Change -21.89% -9.48%
Inventory
Prepaid Expenses
Receivables $708.0M $713.0M
Other Receivables $55.00M $20.00M
Total Short-Term Assets $1.625B $1.635B
YoY Change -4.69% 7.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.300B $1.272B
YoY Change 12.36% 9.47%
Goodwill $735.0M $718.0M
YoY Change 15.2% 12.01%
Intangibles $416.0M $417.0M
YoY Change 12.74% 13.01%
Long-Term Investments
YoY Change
Other Assets $1.352B $1.335B
YoY Change -0.59% -38.22%
Total Long-Term Assets $4.836B $4.760B
YoY Change 10.77% 9.85%
TOTAL ASSETS
Total Short-Term Assets $1.625B $1.635B
Total Long-Term Assets $4.836B $4.760B
Total Assets $6.461B $6.395B
YoY Change 6.42% 9.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.138B $1.098B
YoY Change 1.7% 3.29%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $24.00M $24.00M
YoY Change -93.57% -93.58%
Long-Term Debt Due $26.00M $26.00M
YoY Change -93.09% -93.05%
Total Short-Term Liabilities $1.186B $1.136B
YoY Change -21.14% -23.6%
LONG-TERM LIABILITIES
Long-Term Debt $11.17B $11.14B
YoY Change 0.15% -0.48%
Other Long-Term Liabilities $1.780B $1.749B
YoY Change 10.9% 9.11%
Total Long-Term Liabilities $1.780B $1.749B
YoY Change 10.9% -86.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.186B $1.136B
Total Long-Term Liabilities $1.780B $1.749B
Total Liabilities $14.14B $14.03B
YoY Change -0.88% -1.81%
SHAREHOLDERS EQUITY
Retained Earnings -$7.389B -$7.321B
YoY Change -6.57% -10.24%
Common Stock $0.00 $0.00
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.674B -$7.630B
YoY Change
Total Liabilities & Shareholders Equity $6.461B $6.395B
YoY Change 6.42% 9.35%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $382.0M $367.0M
YoY Change -8.17% -12.2%
Depreciation, Depletion And Amortization $44.00M $41.00M
YoY Change 18.92% 7.89%
Cash From Operating Activities $471.0M $342.0M
YoY Change -1.26% 5.56%
INVESTING ACTIVITIES
Capital Expenditures $52.00M $50.00M
YoY Change -8.77% -16.67%
Acquisitions
YoY Change
Other Investing Activities $13.00M -$248.0M
YoY Change -51.85% -268.71%
Cash From Investing Activities -$39.00M -$298.0M
YoY Change 30.0% -442.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -444.0M -300.0M
YoY Change 99.1% -17.58%
NET CHANGE
Cash From Operating Activities 471.0M 342.0M
Cash From Investing Activities -39.00M -298.0M
Cash From Financing Activities -444.0M -300.0M
Net Change In Cash -12.00M -256.0M
YoY Change -105.36% -644.68%
FREE CASH FLOW
Cash From Operating Activities $471.0M $342.0M
Capital Expenditures $52.00M $50.00M
Free Cash Flow $419.0M $292.0M
YoY Change -0.24% 10.61%

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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Investment Income Net
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q2 us-gaap Line Of Credit
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CY2023Q4 us-gaap Line Of Credit
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CY2023Q4 us-gaap Finance Lease Liability Noncurrent
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CY2023Q4 us-gaap Long Term Debt Current
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CY2024Q2 us-gaap Long Term Debt And Capital Lease Obligations
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us-gaap Debt Instrument Maturity Date Description
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The Term Loan A Facility and the Revolving Facility will mature on the earliest of (i) April 26, 2029, (ii) the date that is 91 days prior to the March 15, 2028 maturity of the Borrowers' existing Term Loan B Facility if more than $250 million of such Term Loan B remains outstanding as of such date or (iii) the date that is 91 days prior to the June 1, 2027 maturity of the Borrowers' existing Subsidiary Senior Unsecured Notes if more than $250 million of such Subsidiary Senior Unsecured Notes remains outstanding as of such date.
us-gaap Debt Related Commitment Fees And Debt Issuance Costs
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CY2024Q2 us-gaap Interest Paid
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CY2023Q4 us-gaap Investment Owned At Fair Value
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CY2024Q1 us-gaap Proceeds From Sale Of Longterm Investments
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CY2024Q1 us-gaap Unrealized Gain Loss On Investments
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us-gaap Deferred Tax Liability Not Recognized Events That Would Cause Temporary Difference To Be Taxable Undistributed Earnings Of Foreign Subsidiaries
DeferredTaxLiabilityNotRecognizedEventsThatWouldCauseTemporaryDifferenceToBeTaxableUndistributedEarningsOfForeignSubsidiaries
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 second 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. In March 2023, we received the IRS Examination Division’s Rebuttal to our Protest and the matter is proceeding with 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.
CY2024Q2 us-gaap Investment Income Net
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0 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.247 rate
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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