Restaurant Brands International Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 22, 2024
QSR$77.63+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
(In millions of U.S. dollars)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $1,718 | $1,482 | $1,253 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 191 | 190 | 201 |
| Premiums paid and non-cash loss on early extinguishment of debt | 5 | — | 11 |
| Amortization of deferred financing costs and debt issuance discount | 27 | 28 | 27 |
| (Income) loss from equity method investments | (8) | 44 | 4 |
| Loss (gain) on remeasurement of foreign denominated transactions | 20 | (4) | (76) |
| Net (gains) losses on derivatives | (151) | (9) | 87 |
| Share-based compensation and non-cash incentive compensation expense | 194 | 136 | 102 |
| Deferred income taxes | (430) | (60) | (5) |
| Other | 26 | 19 | (16) |
| Changes in current assets and liabilities, excluding acquisitions and dispositions: | |||
| Accounts and notes receivable | (147) | (110) | 8 |
| Inventories and prepaids and other current assets | (43) | (61) | 12 |
| Accounts and drafts payable | 22 | 169 | 149 |
| Other accrued liabilities and gift card liability | 9 | 37 | 67 |
| Tenant inducements paid to franchisees | (32) | (26) | (20) |
| Other long-term assets and liabilities | (78) | (345) | (78) |
| Net cash provided by operating activities | 1,323 | 1,490 | 1,726 |
| Cash flows from investing activities: | |||
| Payments for property and equipment | (120) | (100) | (106) |
| Net proceeds from disposal of assets, restaurant closures and refranchisings | 37 | 12 | 16 |
| Net payment for purchase of Firehouse Subs, net of cash acquired | — | (12) | (1,004) |
| Settlement/sale of derivatives, net | 112 | 71 | 5 |
| Other investing activities, net | (18) | (35) | (14) |
| Net cash provided by (used for) investing activities | 11 | (64) | (1,103) |
| Cash flows from financing activities: | |||
| Proceeds from long-term debt | 55 | 2 | 1,335 |
| Repayments of long-term debt and finance leases | (92) | (94) | (889) |
| Payment of financing costs | (44) | — | (19) |
| Payment of dividends on common shares and distributions on Partnership exchangeable units | (990) | (971) | (974) |
| Repurchase of common shares | (500) | (326) | (551) |
| Proceeds from stock option exercises | 60 | 21 | 60 |
| Proceeds from issuance of common shares | — | 30 | — |
| Proceeds (payments) from derivatives | 141 | 34 | (51) |
| Other financing activities, net | (4) | (3) | (4) |
| Net cash used for financing activities | (1,374) | (1,307) | (1,093) |
| Effect of exchange rates on cash and cash equivalents | 1 | (28) | (3) |
| (Decrease) increase in cash and cash equivalents | (39) | 91 | (473) |
| Cash and cash equivalents at beginning of period | 1,178 | 1,087 | 1,560 |
| Cash and cash equivalents at end of period | $1,139 | $1,178 | $1,087 |
| Supplemental cash flow disclosures: | |||
| Interest paid | $761 | $487 | $404 |
| Income taxes paid, net | $290 | $275 | $256 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.