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New words:
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achieving, added, adjust, adjustment, affiliate, alleging, alongside, answer, appeal, applying, bear, bone, breakfast, buyer, capacity, certification, chairman, China, clarified, demand, denial, devote, disclose, disclosed, discontinued, dismissed, division, end, enhancement, evaluated, extended, extension, extinguishment, false, favorably, final, gas, greenhouse, heard, impacted, informational, intended, key, lawsuit, lifted, line, macroeconomic, magnitude, mandated, matter, merit, methodology, misleading, moved, Municipal, obligation, offering, operation, opposed, opposition, optional, ordered, pandemic, passed, Pension, prospectively, putatively, reaching, reduce, reduced, reduction, registration, remodel, reply, rescission, rest, retained, retrospectively, rollforward, science, sheet, shelf, shorter, shown, significantly, spread, sufficiently, supplemental, trial, understand, unspecified, valid, vesting, war, Warwick
Financial report summary
?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 and our business and results.
- Our results can be adversely affected by unforeseen events, such as adverse weather conditions, natural disasters, war or terrorist attacks, pandemics, or other catastrophic events.
- Our results depend on effective marketing and advertising, successful new product launches and digital engagement.
- The global scope of our business subjects us to risks and costs that may cause our profitability to decline.
- Our operations are subject to fluctuations in foreign currency exchange and interest rates.
- Increases in food, equipment and commodity costs or shortages or interruptions in supply or delivery thereof 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 and renew desirable restaurant locations to maintain and grow our restaurant portfolios.
- Food safety concerns and concerns about the health risk of fast food may adversely affect our business.
- Materially increasing the number of restaurants that we operate could expose us to additional risk and adversely affect our operating margins and cash flows.
- 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.
- We and our franchisees may be adversely affected by climate change.
- Outsourcing certain functions to third-party vendors subjects us to risks, including disruptions and increased costs.
- Our nearly 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.
- Labor challenges for franchisees or being liable as a joint employer could adversely affect our business.
- Our future growth and profitability will depend on our ability to successfully accelerate international development with strategic partners and joint ventures.
- Our leverage and obligations to service our debt could adversely affect our business.
- Unanticipated tax liabilities could adversely affect the taxes we pay and our profitability.
- RBI 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.
- 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
- Tabular amounts in millions of U.S. dollars unless noted otherwise. Total revenues and segment income for each segment may not calculate exactly due to rounding.
- (a)We calculate the FX Impact by translating prior year results at current year monthly average exchange rates. We analyze these results on a constant currency basis as this helps identify underlying business trends, without distortion from the effects of currency movements.
- During 2023, the increase in sales was primarily driven by an increase of $173 million in our TH segment, an increase of $26 million in our BK segment and an increase of $11 million in our PLK segment, partially offset by an unfavorable FX Impact of $79 million.