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Restaurant Brands International (QSR)

Restaurant Brands International Inc. ('RBI') is one of the world's largest quick service restaurant companies with approximately $31 billion in annual system-wide sales and 27,000 restaurants in more than 100 countries and U.S. territories. RBI owns three of the world's most prominent and iconic quick service restaurant brands - TIM HORTONS®, BURGER KING®, and POPEYES®. These independently operated brands have been serving their respective guests, franchisees and communities for over 45 years.

Company profile

Ticker
QSR
Exchange
Website
CEO
Jose Cil
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
1011773 B.C. Unlimited Liability Co, 9060669 Canada Inc.
SEC CIK
Subsidiaries
1011778 B.C. Unlimited Liability Company • 1013414 B.C. Unlimited Liability Company • 1013421 B.C. Unlimited Liability Company • 1014369 B.C. Unlimited Liability Company • 1019334 B.C. Unlimited Liability Company • 1024670 B.C. Unlimited Liability Company • 1028539 B.C. Unlimited Liability Company • 1029261 B.C. Unlimited Liability Company • 1057639 B.C. Unlimited Liability Company • 1057772 B.C. Unlimited Liability Company ...

QSR stock data

Calendar

4 Aug 22
16 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 838M 838M 838M 838M 838M 838M
Cash burn (monthly) 19M 77M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 29.84M 120.92M n/a n/a n/a n/a
Cash remaining 808.16M 717.08M n/a n/a n/a n/a
Runway (months of cash) 42.5 9.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
6 Jul 22 Sami A. Siddiqui Performance Share Units Common Shares Grant Acquire A No No 0 416.179 0 40,269.179
6 Jul 22 Sami A. Siddiqui Restricted Share Units Common Shares Grant Acquire A No No 0 91.235 0 8,827.806
6 Jul 22 Sami A. Siddiqui Performance Share Units Common Shares Grant Acquire A No No 0 292.138 0 28,267.068
6 Jul 22 Sami A. Siddiqui Restricted Share Units Common Shares Grant Acquire A No No 0 83.99 0 8,126.782
6 Jul 22 Sami A. Siddiqui Restricted Share Units Common Shares Grant Acquire A No No 0 95.926 0 9,281.724
6 Jul 22 Sami A. Siddiqui Performance Share Units Common Shares Grant Acquire A No No 0 219.922 0 21,279.526
6 Jul 22 Sami A. Siddiqui Performance Share Units Common Shares Grant Acquire A No No 0 227.337 0 21,996.975
6 Jul 22 Sami A. Siddiqui Performance Share Units Common Shares Grant Acquire A No No 0 585.373 0 56,640.264
6 Jul 22 Sami A. Siddiqui Restricted Share Units Common Shares Grant Acquire A No No 0 81.421 0 7,878.217
6 Jul 22 Sami A. Siddiqui Restricted Share Units Common Shares Grant Acquire A No No 0 67.037 0 6,486.443
13F holders Current Prev Q Change
Total holders 374 380 -1.6%
Opened positions 52 70 -25.7%
Closed positions 58 54 +7.4%
Increased positions 139 129 +7.8%
Reduced positions 116 125 -7.2%
13F shares Current Prev Q Change
Total value 22.28B 23.54B -5.4%
Total shares 367.96M 380.53M -3.3%
Total puts 1.5M 2.36M -36.4%
Total calls 1.46M 975.91K +49.7%
Total put/call ratio 1.0 2.4 -57.5%
Largest owners Shares Value Change
3G Restaurant Brands Holdings General Partner 132.66M $8.47B 0.0%
Capital World Investors 37.58M $2.19B +0.3%
Pershing Square Capital Management 23.86M $1.39B -0.3%
RY Royal Bank Of Canada 19.81M $1.16B +1.6%
EdgePoint Investment 16.7M $976.21M +5.8%
Jarislowsky, Fraser 10.36M $605.86M -10.9%
Vanguard 10.22M $596.91M +6.2%
Beutel, Goodman & Co 8.43M $492.88M -2.8%
MTH Meritage 6.67M $389.4M -6.5%
MKFCF Mackenzie Financial 5.56M $325.62M +0.9%
Largest transactions Shares Bought/sold Change
Murchinson 0 -4.09M EXIT
Norges Bank 0 -2.51M EXIT
Alliancebernstein 135.39K -2.05M -93.8%
Mufg Securities 0 -1.91M EXIT
Citadel Advisors 129.69K -1.38M -91.4%
Jarislowsky, Fraser 10.36M -1.27M -10.9%
Ubs Global Asset Management Americas 3.8K -1.22M -99.7%
BNS Bank Of Nova Scotia 4.01M -955.39K -19.2%
EdgePoint Investment 16.7M +919.49K +5.8%
FIL 1.8M +823.93K +84.4%

Financial report summary

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Risks
  • We face intense competition in our markets, which could negatively impact our business.
  • Failure to preserve the value and relevance of our brands could negatively impact our financial results.
  • Economic conditions have and may continue to adversely affect consumer discretionary spending which could negatively impact our business and operating results.
  • Our results can be adversely affected by unforeseen events, such as adverse weather conditions, natural disasters, terrorist attacks or threats, pandemics, such as the COVID-19 pandemic, or other catastrophic events.
  • Our results depend on effective marketing and advertising, the successful development and launch of new products and digital engagement with customers.
  • The global scope of our business subjects us to risks and costs and may cause our profitability to decline.
  • Our operations are subject to fluctuations in foreign currency exchange and interest rates.
  • Increases in food and commodity costs or shortages or interruptions in the supply or delivery of our food could harm our operating results and the results of our franchisees.
  • Our supply chain operations subject us to additional risks and may cause our profitability to decline.
  • We and our franchisees may be unable to secure desirable restaurant locations to maintain and effectively grow our restaurant portfolios.
  • Our ownership and leasing of significant amounts of real estate exposes us to possible liabilities, losses, and risks.
  • Food safety concerns and concerns about the health risk of fast food may have an adverse effect on our business.
  • If we are unable to adequately protect our intellectual property, the value of our brands and our business may be harmed.
  • Changes in regulations may adversely affect restaurant operations and our financial results.
  • Climate change and our inability to effectively implement measures to address climate change and other sustainable
  • business practices could negatively affect our business or damage our reputation.
  • We outsource certain aspects of our business to third-party vendors which subjects us to risks, including disruptions in our business and increased costs.
  • Our fully franchised business model presents a number of disadvantages and risks.
  • Our results are closely tied to the success of independent franchisees, and we have limited influence over their operations.
  • Our future growth and profitability will depend on our ability to successfully accelerate international development with strategic partners and joint ventures.
  • Our substantial leverage and obligations to service our debt could adversely affect our business.
  • Our indebtedness limits our ability to take certain actions and could delay or prevent a future change of control.
  • Unanticipated tax liabilities could adversely affect the taxes we pay and our profitability.
  • The Company and Partnership may be treated as U.S. corporations for U.S. federal income tax purposes, which could subject us and Partnership to substantial additional U.S. taxes.
  • Future changes to Canadian, U.S. and other foreign tax laws, including future regulations and other interpretive guidance of such tax laws, could materially affect RBI and/or Partnership, and adversely affect their anticipated financial positions and results.
  • The personal information that we collect may be vulnerable to breach, theft, or loss that could adversely affect our reputation, results of operations, and financial condition.
  • Information technology system failures or interruptions or breaches of our network security may interrupt our operations, cause reputational harm, subject us to increased operating costs and expose us to litigation.
  • Canadian laws may have the effect of delaying or preventing a change in control.
  • The loss of key management personnel or our inability to attract and retain new qualified personnel could hurt our business.
  • We have been, and in the future may be, subject to litigation that could have an adverse effect on our business.
Management Discussion
  • Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • You should read the following discussion together with our audited Consolidated Financial Statements and the related notes thereto included in Part II, Item 8 “Financial Statements and Supplementary Data” of this Annual Report for the year ended December 31, 2021 (our “Annual Report”).
  • We prepare our financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”). However, this Management’s Discussion and Analysis of Financial Condition and Results of Operations also contains certain non-GAAP financial measures to assist readers in understanding our performance. Non-GAAP financial measures either exclude or include amounts that are not reflected in the most directly comparable measure calculated and presented in accordance with GAAP. Where non-GAAP financial measures are used, we have provided the most directly comparable measures calculated and presented in accordance with U.S. GAAP, a reconciliation to GAAP measures and a discussion of the reasons why management believes this information is useful to it and may be useful to investors.

Content analysis

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