Restaurant Brands International Limited Partnership

For the period ended Dec 31, 2023. Filed Feb 22, 2024.

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FY2023 · Filed Feb 22, 2024

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Contents

Consolidated Statements of Operations

(In millions of U.S. dollars, except per unit data)

	2023	2022	2021
Revenues:
Sales	$2,950	$2,819	$2,378
Franchise and property revenues	2,903	2,661	2,443
Advertising revenues and other services	1,169	1,025	918
Total revenues	7,022	6,505	5,739
Operating costs and expenses:
Cost of sales	2,435	2,312	1,890
Franchise and property expenses	512	518	489
Advertising expenses and other services	1,273	1,077	986
General and administrative expenses	704	631	484
(Income) loss from equity method investments	(8)	44	4
Other operating expenses (income), net	55	25	7
Total operating costs and expenses	4,971	4,607	3,860
Income from operations	2,051	1,898	1,879
Interest expense, net	582	533	505
Loss on early extinguishment of debt	16	—	11
Income before income taxes	1,453	1,365	1,363
Income tax (benefit) expense	(265)	(117)	110
Net income	1,718	1,482	1,253
Net income attributable to noncontrolling interests	3	3	4
Net income attributable to common unitholders	$1,715	$1,479	$1,249
Earnings per unit - basic and diluted (Note 3):
Class A common units	$5.89	$4.99	$4.15
Partnership exchangeable units	$3.78	$3.28	$2.72
Weighted average units outstanding - basic and diluted (in millions) (Note 3):
Class A common units	202	202	202
Partnership exchangeable units	139	144	151

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.