Restaurant Brands International Inc. Reports Full Year and Fourth Quarter 2020 Results
Global digital sales reach $6 billion in 2020, more than doubling in home markets
Continued strength in off-premise channels across all brands with global delivery sales also doubling in 2020
Accelerated transformation of drive-thru experience, 3,600 digital menu boards installed in home markets in 2020
RBI declares 9th consecutive dividend increase and ends 2020 with $2.6 billion of available liquidity
Toronto, Ontario – February 11, 2021 – Restaurant Brands International Inc. (TSX/NYSE: QSR, TSX: QSP) today reported financial results for the full year and fourth quarter ended December 31, 2020.
Jose Cil, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") commented, “We are confident that our efforts in food and beverage quality, restaurant experience, digital leadership and brand building will be beneficial to returning our business to the growth we know we are capable of in all three brands. While we ended 2020 with about the same restaurant count as 2019, we have been working closely with our network of franchisees on restarting the development engine and expect to deliver net restaurant growth roughly in line with what we delivered in 2018 and 2019. Strong results in 2021 will help pave the way toward our aspiration of achieving 40,000 restaurants in the coming years.”
Cil continued, “Driving rapid digital innovation has been essential to the recovery of our business. We increased support for and continued to build on our e-commerce platforms, reimagined service opportunities like curbside pickup and expanded delivery services into thousands of new restaurants. The outcome has been the more than doubling of digital sales in North America.”
“The quality of our plans today is the result of a team that refused to be distracted by short-term barriers that we couldn’t control and instead focused on the right long-term priorities to grow our restaurant brands for many years to come,” concluded Cil."
•System-wide Sales Growth declined (8.6)%
•Net Restaurant Growth declined (0.2)%
•Diluted EPS of $1.60 versus $2.37 in prior year
•Adjusted Diluted EPS of $2.03 versus $2.72 in prior year
•Net Income Attributable to Common Shareholders and Noncontrolling Interests of $748 million versus $1,109 million in prior year
•Adjusted EBITDA of $1,864 million decreased (18.1)% organically versus the prior year
•Net Cash Provided by Operating Activities of $921 million and Free Cash Flow of $804 million
2020 Corporate Highlights:
•RBI announced its Restaurant Brands for Good evergreen framework in 2020, available on the company’s website and discussed in the open letter posted today by Jose Cil
•RBI awarded “Great Place to Work®” certification and achieved 100% on Corporate Equality Index
The following information was filed by Restaurant Brands International Limited Partnership (RSTRF) on Thursday, February 11, 2021 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.