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Restaurant Brands International Limited Partnership (RSTRF) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Restaurant Brands International Limited

CIK: 1618755 Ticker: RSTRF

EXHIBIT 99
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Restaurant Brands International Inc. Reports Full Year and Fourth Quarter 2021 Results
Global fourth quarter system-wide sales grow 14% year-over-year
Fourth quarter comparable sales improve sequentially across all brands, including at Tim Hortons Canada and Burger King U.S.
Global digital sales up over 65% year-over-year to $10 billion in 2021, representing nearly 30% of system-wide sales
Restaurant growth returns to over 1,200 units with Tim Hortons and Popeyes gaining traction internationally
RBI returns $1.5 billion of capital to shareholders in 2021, acquires Firehouse Subs and increases target dividend for 2022

Toronto, Ontario – February 15, 2022 – Restaurant Brands International Inc. (“RBI”) (TSX/NYSE: QSR, TSX: QSP) today reported financial results for the full year and fourth quarter ended December 31, 2021.

José Cil, Chief Executive Officer of RBI commented, “I’m proud of the strong performance our brands delivered as we closed out 2021. During the quarter, we saw sequential improvements in each brand and around the world, including notable growth at Tim Hortons Canada and Burger King U.S.”

Cil continued, “Two areas of particular strength across our business have been in digital sales and restaurant growth. Our digital investments have been embraced by our guests, with global digital sales reaching $10 billion in 2021, up from $6 billion in 2020 and now representing about 30% of our global system-wide sales. In addition, our strong global network of franchisees and our development team opened over 1,200 net new restaurants, representing the highest levels of restaurant growth at Tim Hortons and Popeyes in recent history.”

“Our growth throughout 2021 resulted in strong free cash flow, allowing us to make important investments in our business while returning over $1.5 billion of capital to shareholders and acquiring a new restaurant brand in Firehouse Subs. I am excited for what lies ahead for our family of four iconic brands and am confident in the strength of our team, our franchisees and our strategies to drive long-term growth and value creation,” concluded Cil.

2021 Highlights:
System-wide Sales Growth of 13.8%
Net Restaurant Growth of 4.5%
Diluted EPS of $2.69 versus $1.60 in prior year
Adjusted Diluted EPS of $2.82 versus $2.03 in prior year
Net Income Attributable to Common Shareholders and Noncontrolling Interests of $1,249 million versus $748 million in prior year
Adjusted EBITDA of $2,248 million increased 17.1% organically versus the prior year
Net Cash Provided by Operating Activities of $1,726 million and Free Cash Flow of $1,620 million
Returned $1,525 million of capital to shareholders through Dividends and open market Share Repurchases
Acquired Firehouse Subs on December 15, 2021

Dividend Update:
RBI announced that its board of directors declared a dividend of $0.54 per common share and partnership exchangeable unit of Restaurant Brands International Limited Partnership (“RBI LP”) for Q1 of 2022
In connection with the declared dividend, RBI also announced that it is targeting a total of $2.16 in dividends per common share and partnership exchangeable unit of RBI LP for 2022


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The following information was filed by Restaurant Brands International Limited Partnership (RSTRF) on Tuesday, February 15, 2022 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
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 - Additional Information (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 - Additional Information (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)
Firehouse Acquisition
Firehouse Acquisition (Tables)
Firehouse Acquisition - Additional Information (Details)
Firehouse Acquisition - Schedule Of Preliminary Allocation Of Consideration To Net Tangible And Intangible Assets Acquired (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 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 - Schedule Of Other Accrued Liabilities (Current) And Other Liabilities (Non-Current), Net (Details)
Other Operating Expenses (Income), Net
Other Operating Expenses (Income), Net (Tables)
Other Operating Expenses (Income), Net - (Narratives) (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 - Additional Information (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

Ticker: RSTRF
CIK: 1618755
Form Type: 10-K Annual Report
Accession Number: 0001618755-22-000009
Submitted to the SEC: Wed Feb 23 2022 4:15:19 PM EST
Accepted by the SEC: Wed Feb 23 2022
Period: Friday, December 31, 2021
Industry: Retail Eating Places

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