Restaurant Brands International Inc
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
QSR$77.63+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In millions of U.S. dollars)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $1,445 | $1,718 | $1,482 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 264 | 191 | 190 |
| Non-cash loss on early extinguishment of debt | 23 | 5 | — |
| Amortization of deferred financing costs and debt issuance discount | 25 | 27 | 28 |
| (Income) loss from equity method investments | (69) | (8) | 44 |
| Loss (gain) on remeasurement of foreign denominated transactions | (71) | 20 | (4) |
| Net (gains) losses on derivatives | (191) | (151) | (9) |
| Share-based compensation and non-cash incentive compensation expense | 172 | 194 | 136 |
| Deferred income taxes | (5) | (430) | (60) |
| Other | 19 | 26 | 19 |
| Changes in current assets and liabilities, excluding acquisitions and dispositions: | |||
| Accounts and notes receivable | 7 | (147) | (110) |
| Inventories and prepaids and other current assets | 30 | (43) | (61) |
| Accounts and drafts payable | (30) | 22 | 169 |
| Other accrued liabilities and gift card liability | (37) | 9 | 37 |
| Tenant inducements paid to franchisees | (38) | (32) | (26) |
| Other long-term assets and liabilities | (41) | (78) | (345) |
| Net cash provided by operating activities | 1,503 | 1,323 | 1,490 |
| Cash flows from investing activities: | |||
| Payments for additions of property and equipment | (201) | (120) | (100) |
| Net proceeds from disposal of assets, restaurant closures and refranchisings | 34 | 37 | 12 |
| Payment for purchase of Carrols Restaurant Group, net of cash acquired | (508) | — | — |
| Net payments for acquisition of franchised restaurants | (32) | (17) | — |
| Payment for purchase of Firehouse Subs, net of cash acquired | — | — | (12) |
| Settlement/sale of derivatives, net | 74 | 112 | 71 |
| Other investing activities, net | (27) | (1) | (35) |
| Net cash (used for) provided by investing activities | (660) | 11 | (64) |
| Cash flows from financing activities: | |||
| Proceeds from long-term debt | 2,450 | 55 | 2 |
| Repayments of long-term debt and finance leases | (2,190) | (92) | (94) |
| Payment of financing costs | (41) | (44) | — |
| Payment of common share dividends and Partnership exchangeable unit distributions | (1,029) | (990) | (971) |
| Repurchase of common shares | — | (500) | (326) |
| Proceeds from stock option exercises | 78 | 60 | 21 |
| Proceeds from issuance of common shares | — | — | 30 |
| Proceeds from derivatives | 109 | 141 | 34 |
| Other financing activities, net | (2) | (4) | (3) |
| Net cash used for financing activities | (625) | (1,374) | (1,307) |
| Effect of exchange rates on cash and cash equivalents | (23) | 1 | (28) |
| Increase (decrease) in cash and cash equivalents | 195 | (39) | 91 |
| Cash and cash equivalents at beginning of period | 1,139 | 1,178 | 1,087 |
| Cash and cash equivalents at end of period | $1,334 | $1,139 | $1,178 |
| Supplemental cash flow disclosures: | |||
| Interest paid | $785 | $761 | $487 |
| Income taxes paid, net | $293 | $290 | $275 |
| Accruals for additions of property and equipment | $51 | $— | $— |
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