Restaurant Brands International Inc. · NYSE:QSR
Restaurant Brands International — Earnings Presentation (January 2024)
16 slides from Restaurant Brands International's earnings presentation, Jan 8, 2024
Slide 1: New Segment Disclosure Trending Schedules January 2024
Included Within: Consolidated Operational Highlights; Consolidated Statement of Operations; Consolidated Segment Results; Tim Hortons Segment Results; Burger King Segment Results; Popeyes Segment Results; Firehouse Segment Results; International Segment Results; Home Market and International Operati
Slide 2: Consolidated Operational Highlights
Consolidated Operational Highlights Unaudited 3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 System-wide Sales Growth TH (6.3%) 30.0% 9.2% 11.5% 10.4% 10.0% 14.8% 11.1% 10.5
Slide 3: Consolidated Statement of Operations
Consolidated Statement of Operations Audited, $ in millions (nominal) 3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 Sales $507 $590 $621 $660 $2,378 $609 $708 $759 $743 $2,
Slide 4: Consolidated Segment Results
Selected Consolidated Results Unaudited, $ in millions (nominal) 3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 System-wide Sales Growth 1.4% 31.9% 10.8% 13.8% 13.8% 13.5% 1
Slide 5: Tim Hortons Segment Results
Tim Hortons ("TH") Segment Results Unaudited, $ in millions (nominal) 3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 System-wide Sales Growth (6.3%) 30.0% 9.2% 11.5% 10.4% 1
Slide 6: Burger King Segment Results
Burger King ("BK") Segment Results Unaudited, $ in millions (nominal) 3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 System-wide Sales Growth 4.8% 13.4% (2.0%) 1.5% 4.2% 0.7
Slide 7: Popeyes Louisiana Kitchen Segment Results
Popeyes Louisiana Kitchen ("PLK") Segment Results Unaudited, $ in millions (nominal) 3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 System-wide Sales Growth 6.7% 6.3% 1.5% 4
Slide 8: Firehouse Subs Segment Results
Firehouse Subs ("FHS") Segment Results Unaudited, $ in millions (nominal) 3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 System-wide Sales Growth 27.0% 37.9% 19.3% 18.1% 25.
Slide 9: International Segment Results
International ("INTL") Segment Results Unaudited, $ in millions (nominal) 3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 System-wide Sales Growth 0.1% 72.5% 27.4% 29.9% 28.9
Slide 10: Supplemental Operational Information: Home Market and International Results by Brand
Supplemental Operational Information Home Market and International Results by Brand 3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 System-wide Sales Growth TH - Canada (7.3%
Slide 11: Home Market and International Results by Brand (continued)
3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 Net Restaurant Growth TH - Canada (1.7%) (1.5%) (1.0%) 0.3% 0.3% (0.2%) (0.5%) (1.0%) (1.3%) (1.3%) (1.2%) (1.0%) (0.6%) BK -
Slide 12: Reconciliation of Income from Operations to AOI
3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 Income from Operations $442 $488 $533 $416 $1,879 $450 $541 $561 $346 $1,898 $447 $554 $582 Franchise Agreement Amortization 8
Slide 13: Reconciliation of Net Income to Adjusted EBITDA and Adjusted Net Income
3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 Net Income $271 $391 $329 $262 $1,253 $270 $346 $530 $336 $1,482 $277 $351 $364 Income Tax (Benefit) Expense 47 (29) 65 27 110
Slide 14: Balance Sheet and Leverage
As of Year-End As of Year-End As of Balance Sheet and Leverage 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 Net Leverage Long-Term Debt, net of Current Portion $12,386 $12,375 $12,379 $12,916 $12,916 $12,903 $12,881 $12,853 $12,839 $12,8
Slide 15: Organic Revenue and Adjusted EBITDA Growth
3 Months Ending Year-End 3 Months Ending Year-End 3 Months Ending 3/31/21 6/30/21 9/30/21 12/31/21 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 12/31/22 3/31/23 6/30/23 9/30/23 Organic Revenue Growth Total Revenues Current Year Period $1,260 $1,438 $1,495 $1,546 $5,739 $1,451 $1,639 $1,726 $1,689 $6,50
Slide 16: Non-GAAP Financial Measure Definitions
Non-GAAP Financial Measure Definition Adjusted Operating Income ("AOI") EBITDA Adjusted EBITDA LTM Adjusted EBITDA Adjusted Net Income Adjusted Diluted EPS Free Cash Flow Net Interest Paid Net income excluding (i) franchise agreement amortization as a result of acquisition accounting, (ii) amortizat
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