Yum Brands Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Yum Brands Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

YUM BRANDS INC (YUM) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Yum Brands Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal executive offices are located in Louisville, KY. Yum Brands Inc. was formerly known as Tricon Global Restaurants Inc. and Great American Restaurant Co. The SIC code for Yum Brands Inc. is 5812 (Retail-Eating Places).

Why It Matters

For investors and stakeholders tracking YUM BRANDS INC, this filing contains several important signals. This filing provides investors and analysts with the latest financial performance and operational updates for Yum Brands Inc. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and future prospects in the fast-food industry.

Risk Assessment

Risk Level: low — YUM BRANDS INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or material adverse events.

Analyst Insight

Review the detailed financial statements and segment information in the 10-Q to understand the performance drivers and identify any emerging trends.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (First quarter of 2024)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)

Key Players & Entities

• YUM BRANDS INC (company) — Filer name
• 0001041061 (company) — Central Index Key
• 5812 (company) — Standard Industrial Classification
• 133951308 (company) — IRS Number
• NC (company) — State of Incorporation
• 1441 GARDINER LANE (company) — Business Address Street 1
• LOUISVILLE (company) — Business Address City
• KY (company) — Business Address State

FAQ

Industry Context

Yum Brands Inc. operates in the fast-food restaurant industry, a highly competitive sector characterized by brand loyalty, pricing strategies, and global expansion.

Regulatory Implications

The company is subject to various regulations related to food safety, labor practices, and financial reporting, as mandated by the SEC and other governmental bodies.

What Investors Should Do

1. Analyze the revenue and profit trends for each of Yum Brands' major divisions (e.g., KFC, Pizza Hut, Taco Bell).
2. Examine any disclosures regarding international operations, as these often represent significant growth areas and potential risks.
3. Review management's discussion and analysis (MD&A) for insights into the company's strategic priorities and outlook.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, so a direct comparison to a prior 10-Q for the same period is not yet available within this document's scope.

Key Financial Figures

• $250 — sting Term Loan B Facility if more than $250 15 million of such Term Loan B remai
• $250 million — ary Senior Unsecured Notes if more than $250 million of such Subsidiary Senior Unsecured Not

Filing Documents

• yum-20240331.htm (10-Q) — 1296KB
• yum-3312024xex102.htm (EX-10.2) — 192KB
• yum-3312024xex103.htm (EX-10.3) — 160KB
• yum-3312024xex104.htm (EX-10.4) — 99KB
• yum-3312024xex15.htm (EX-15) — 3KB
• yum-3312024xex311.htm (EX-31.1) — 10KB
• yum-3312024xex312.htm (EX-31.2) — 10KB
• yum-3312024xex321.htm (EX-32.1) — 6KB
• yum-3312024xex322.htm (EX-32.2) — 6KB
• 0001041061-24-000020.txt (&nbsp;) — 6754KB
• yum-20240331.xsd (EX-101.SCH) — 34KB
• yum-20240331_cal.xml (EX-101.CAL) — 60KB
• yum-20240331_def.xml (EX-101.DEF) — 258KB
• yum-20240331_lab.xml (EX-101.LAB) — 509KB
• yum-20240331_pre.xml (EX-101.PRE) — 380KB
• yum-20240331_htm.xml (XML) — 859KB

Financial Information

Part I. Financial Information

- Financial Statements

Item 1 - Financial Statements Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Cash Flows 6 Condensed Consolidated Balance Sheets 7 Condensed Consolidated Statements of Shareholders' Deficit 8 Notes to Condensed Consolidated Financial Statements 9

- Management's Discussion and Analysis of Financial Condition

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 20

- Quantitative and Qualitative Disclosures About Market Risk 34

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 34

- Controls and Procedures 34

Item 4 - Controls and Procedures 34 Report of Independent Registered Public Accounting Firm 35

Other Information and Signatures

Part II. Other Information and Signatures

- Legal Proceedings 36

Item 1 - Legal Proceedings 36

- Risk Factors 36

Item 1A - Risk Factors 36

- Unregistered Sales of Equity Securities and Use of Proceeds 36

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 36

- Other Information 36

Item 5 - Other Information 36

- Exhibits 37

Item 6 - Exhibits 37 Signatures 38 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) YUM! BRANDS, INC. AND SUBSIDIARIES (in millions, except per share data) Quarter ended Revenues 3/31/2024 3/31/2023 Company sales $ 474 $ 474 Franchise and property revenues 757 770 Franchise contributions for advertising and other services 367 401 Total revenues 1,598 1,645 Costs and Expenses, Net Company restaurant expenses 400 403 General and administrative expenses 286 282 Franchise and property expenses 31 36 Franchise advertising and other services expense 367 395 Refranchising (gain) loss ( 5 ) ( 4 ) Other (income) expense ( 1 ) 10 Total costs and expenses, net 1,078 1,122 Operating Profit 520 523 Investment (income) expense, net 22 24 Other pension (income) expense ( 2 ) ( 2 ) Interest expense, net 117 130 Income Before Income Taxes 383 371 Income tax provision 69 71 Net Income $ 314 $ 300 Basic Earnings Per Common Share $ 1.11 $ 1.07 Diluted Earnings Per Common Share $ 1.10 $ 1.05 Dividends Declared Per Common Share $ 0.67 $ 0.605 See accompanying Notes to Condensed Consolidated Financial Statements. 4 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) YUM! BRANDS, INC. AND SUBSIDIARIES (in millions) Quarter ended 3/31/2024 3/31/2023 Net Income $ 314 $ 300 Other comprehensive income, net of tax Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature Adjustments and gains (losses) arising during the period ( 10 ) 8 Reclassification of adjustments and (gains) losses into Net Income — — ( 10 ) 8 Tax (expense) benefit — — ( 10 ) 8 Changes in pension and post-retirement benefits Unrealized gains (losses) arising during the period — — Reclassification of (gains) losses into Net Income — — — — Tax (expense) benefit — ( 2 ) — ( 2 ) Changes in derivative instruments Unrealized gains (losses) arising during the period 12 ( 8 ) Reclassification o

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View this 10-Q filing on SEC EDGAR