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Restaurant Brands International Limited Partnership (RSTRF) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Restaurant Brands International Limited

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CIK: 1618755 Ticker: RSTRF

EXHIBIT 99
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Restaurant Brands International Inc. Reports Full Year and Fourth Quarter 2023 Results
Home market franchisee profitability increases 30% year-over-year, on average
Global system-wide sales grow nearly 10% for the fourth quarter and over 12% for 2023
Comparable sales up nearly 6% in Q4, led by over 8% growth at Tim Hortons Canada and over 6% at Burger King US
Digital sales grow over 20% year-over-year to $14 billion in 2023, representing over a third of system-wide sales
Nearly $1.5 billion of capital returned to shareholders in 2023 while investing for growth and reducing net leverage

Toronto, Ontario – February 13, 2024 – Restaurant Brands International Inc. (“RBI”) (TSX/NYSE: QSR, TSX: QSP) today reported financial results for the full year and fourth quarter ended December 31, 2023. Josh Kobza, Chief Executive Officer of RBI commented, "We are delivering better experiences for our guests, better profitability for our franchisees and are making the right long-term investments behind the growth of our brands. We have started 2024 with a foundation of strong operational performance and I'm thankful to all our teams, franchisees and their team members who work so hard to make us successful."

2023 Highlights:
•System-wide Sales Growth of 12.2%
•Net Restaurant Growth of 3.9%
•Income from Operations of $2,051 million versus $1,898 million in the prior year
•Net Income of $1,718 million versus $1,482 million in the prior year
•Diluted EPS of $3.76 versus $3.25 in the prior year
•Adjusted Operating Income of $2,200 million increased 7.5% organically versus the prior year
•Adjusted Diluted EPS of $3.24 versus $3.14 in prior year
•Net Cash Provided by Operating Activities of $1,323 million and Free Cash Flow of $1,203 million

Changes to operating and reportable segments and changes to measure of segment income
Beginning with the fourth quarter of 2023, we are reporting results under five operating and reportable segments. This shift in reportable segments reflects how our leadership oversees and manages the business. As a result of this change, our five operating and reportable segments consist of the following:

1.Tim Hortons brand in Canada and the U.S. (“TH”);
2.Burger King brand in the U.S. and Canada (“BK”);
3.Popeyes Louisiana Kitchen brand in the U.S. and Canada (“PLK”);
4.Firehouse Subs brand in the U.S. and Canada (“FHS”); and
5.International – which includes all operations of each of our brands outside the U.S. and Canada (“INTL”).

We also transitioned our definition of segment income from Adjusted EBITDA to Adjusted Operating Income (“AOI”). TH AOI, BK AOI, PLK AOI, FHS AOI and INTL AOI are our measures of segment profitability. Unlike Adjusted EBITDA, AOI includes depreciation and amortization (excluding franchise agreement amortization) as well as share-based compensation and non-cash incentive compensation expense.

In order to assist investors, we have provided certain unaudited historical financial and operational data that is on a basis consistent with our revised segment structure and segment income definition. This data can be found on the company's investor relations webpage under "Financial Information." These changes only affect segment allocation of results and do not revise or restate our previously reported consolidated financial statements.


1

The following information was filed by Restaurant Brands International Limited Partnership (RSTRF) on Tuesday, February 13, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Restaurant Brands International Limited Partnership's Definitive Proxy Statement (Form DEF 14A) filed after their 2024 10-K Annual Report includes:

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Inside Restaurant Brands International Limited Partnership's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies - (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Additional Information (Details)
Derivative Instruments - Quantitative Disclosures Of Derivative Instruments Including Estimated Fair Values (Details)
Derivative Instruments - Schedule Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Description Of Business And Organization
Description Of Business And Organization (Details)
Earnings Per Unit
Earnings Per Unit (Tables)
Earnings Per Unit - Basic And Diluted Earnings Per Unit (Details)
Equity
Equity (Tables)
Equity - Additional Information (Details)
Equity - Schedule Of Change In The Components Of Accumulated Other Comprehensive Income (Loss) (Details)
Equity Method Investments
Equity Method Investments (Tables)
Equity Method Investments - Additional Information (Details)
Equity Method Investments - Schedule Of Franchise And Property Revenue (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - A Reconciliation Of Beginning And Ending Amounts Of Unrecognized Tax Benefits (Details)
Income Taxes - Additional Information (Details)
Income Taxes - Income Before Income Taxes (Details)
Income Taxes - Income Tax (Benefit) Expense Attributable To Income From Continuing Operations (Details)
Income Taxes - Schedule Of Amount And Expiration Dates Of Operating Loss And Tax Credit Carry-Forwards (Details)
Income Taxes - Schedule Of Changes In Valuation Allowance (Details)
Income Taxes - Schedule Of Deferred Income Tax (Benefit) Expense Attributable To Income From Continuing Operations (Details)
Income Taxes - Schedule Of Income Tax (Benefit) Expense Allocated To Continuing Operations And Amounts Separately Allocated To Other Items (Details)
Income Taxes - Schedule Of The Deferred Tax Assets And Deferred Tax Liabilities (Details)
Income Taxes - Schedule Of Us Federal Tax Statutory Rate Reconciles To Effective Income Tax Rate (Details)
Intangible Assets, Net And Goodwill
Intangible Assets, Net And Goodwill (Tables)
Intangible Assets, Net And Goodwill - Additional Information (Details)
Intangible Assets, Net And Goodwill - Schedule Of Goodwill (Details)
Intangible Assets, Net And Goodwill - Schedule Of Intangible Assets, Net And Goodwill (Details)
Intangible Assets, Net And Goodwill - Schedule Of The Estimated Future Amortization Expenses On Intangible Assets (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Lease Cost (Details)
Leases - Lease Term And Discount Rate (Details)
Leases - Other Information Associated With Leases (Details)
Leases - Schedule Of Assets Lease, Property And Equipment, Net (Details)
Leases - Schedule Of Future Minimum Lease Receipts And Commitments (Details)
Leases - Schedule Of Net Investment, Direct Financing Leases (Details)
Leases - Schedule Of Property Revenue (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Credit Facilities (Details)
Long-Term Debt - Debt Issuance Costs And Loss On Early Extinguishment Of Debt (Details)
Long-Term Debt - Restrictions And Covenants (Details)
Long-Term Debt - Revolving Credit Facility (Details)
Long-Term Debt - Schedule Of Aggregate Maturities Of Long-Term Debt (Details)
Long-Term Debt - Schedule Of Interest Expense, Net (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Long-Term Debt - Senior Notes (Details)
Long-Term Debt - Th Facility And Re Facility (Details)
Other Accrued Liabilities And Other Liabilities
Other Accrued Liabilities And Other Liabilities - (Tables)
Other Accrued Liabilities And Other Liabilities, Net - (Details)
Other Operating Expenses (Income), Net
Other Operating Expenses (Income), Net (Tables)
Other Operating Expenses (Income), Net - (Additional Information) (Details)
Other Operating Expenses (Income), Net - Other Operating Expenses (Income), Net (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - Schedule Of Property And Equipment, Net (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Change In Contract Liabilities (Details)
Revenue Recognition - Disaggregation Of Total Revenues (Details)
Revenue Recognition - Estimated Revenue Recognition (Details)
Segment Reporting And Geographical Information
Segment Reporting And Geographical Information (Tables)
Segment Reporting And Geographical Information - (Income) Loss From Equity Method Investments (Details)
Segment Reporting And Geographical Information - Additional Information (Details)
Segment Reporting And Geographical Information - Capital Expenditure (Details)
Segment Reporting And Geographical Information - Depreciation And Amortization Expense (Details)
Segment Reporting And Geographical Information - Reconciliation Of Segment Income To Net Income (Loss) (Details)
Segment Reporting And Geographical Information - Revenues By Geographic Segment (Details)
Segment Reporting And Geographical Information - Schedule Of Segment Related Assets And Long Lived Assets (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Details)
Share-Based Compensation - Schedule Of Option Activity Under The Various Plan (Details)
Share-Based Compensation - Schedule Of Share-Based Compensation Expense (Details)
Share-Based Compensation - Schedule Of The Significant Assumptions Used During The Year To Estimate The Fair Value Of Stock Options (Details)
Share-Based Compensation - Schedule Of Time-Vested Rsus And Performance-Based Rsus Activity (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Details)
Significant Accounting Policies - Schedule Of Fair Value Measurements (Details)
Subsequent Events
Subsequent Events (Details)
Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Additional Information (Details)
Supplemental Financial Information - Condensed Consolidating Balance Sheets (Details)
Supplemental Financial Information - Condensed Consolidating Statements Of Cash Flows (Details)
Supplemental Financial Information - Condensed Consolidating Statements Of Operations (Details)

Material Contracts, Statements, Certifications & more

Restaurant Brands International Limited Partnership provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: RSTRF
CIK: 1618755
Form Type: 10-K Annual Report
Accession Number: 0001618755-24-000017
Submitted to the SEC: Thu Feb 22 2024 3:25:14 PM EST
Accepted by the SEC: Thu Feb 22 2024
Period: Sunday, December 31, 2023
Industry: Retail Eating Places

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