Yum Brands Files Q2 2024 10-Q

TL;DR

YUM Q2 10-Q filed. Financials and ops details out.

AI Summary

Yum Brands Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance across its various restaurant brands. Specific financial figures and operational updates for the second quarter of 2024 are provided, reflecting the company's ongoing business activities and strategies.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Yum Brands, influencing investment decisions and market perception.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• YUM BRANDS INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filed as of Date
• TRICON GLOBAL RESTAURANTS INC (company) — Former Company Name
• GREAT AMERICAN RESTAURANT CO (company) — Former Company Name

FAQ

Filing Documents

• yum-20240630.htm (10-Q) — 1815KB
• yum-6302024xex15.htm (EX-15) — 3KB
• yum-6302024xex311.htm (EX-31.1) — 10KB
• yum-6302024xex312.htm (EX-31.2) — 10KB
• yum-6302024xex321.htm (EX-32.1) — 6KB
• yum-6302024xex322.htm (EX-32.2) — 6KB
• 0001041061-24-000033.txt ( ) — 7754KB
• yum-20240630.xsd (EX-101.SCH) — 36KB
• yum-20240630_cal.xml (EX-101.CAL) — 66KB
• yum-20240630_def.xml (EX-101.DEF) — 272KB
• yum-20240630_lab.xml (EX-101.LAB) — 557KB
• yum-20240630_pre.xml (EX-101.PRE) — 408KB
• yum-20240630_htm.xml (XML) — 1271KB

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 22

- Quantitative and Qualitative Disclosures About Market Risk 37

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 37

- Controls and Procedures 38

Item 4 - Controls and Procedures 38 Report of Independent Registered Public Accounting Firm 39

Other Information and Signatures

Part II. Other Information and Signatures

- Legal Proceedings 40

Item 1 - Legal Proceedings 40

- Risk Factors 40

Item 1A - Risk Factors 40

- Unregistered Sales of Equity Securities and Use of Proceeds 40

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 40

- Other Information 40

Item 5 - Other Information 40

- Exhibits 42

Item 6 - Exhibits 42 Signatures 43 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 Year to date Revenues 6/30/2024 6/30/2023 6/30/2024 6/30/2023 Company sales $ 572 $ 511 $ 1,046 $ 985 Franchise and property revenues 789 785 1,546 1,555 Franchise contributions for advertising and other services 402 391 769 792 Total revenues 1,763 1,687 3,361 3,332 Costs and Expenses, Net Company restaurant expenses 470 415 870 818 General and administrative expenses 281 291 567 573 Franchise and property expenses 23 32 54 68 Franchise advertising and other services expense 401 388 768 783 Refranchising (gain) loss ( 14 ) ( 17 ) ( 19 ) ( 21 ) Other (income) expense ( 5 ) 5 ( 6 ) 15 Total costs and expenses, net 1,156 1,114 2,234 2,236 Operating Profit 607 573 1,127 1,096 Investment (income) expense, net — ( 29 ) 22 ( 5 ) Other pension (income) expense ( 1 ) ( 1 ) ( 3 ) ( 3 ) Interest expense, net 121 125 238 255 Income Before Income Taxes 487 478 870 849 Income tax provision 120 60 189 131 Net Income $ 367 $ 418 $ 681 $ 718 Basic Earnings Per Common Share $ 1.30 $ 1.49 $ 2.41 $ 2.55 Diluted Earnings Per Common Share $ 1.28 $ 1.46 $ 2.38 $ 2.51 Dividends Declared Per Common Share $ 0.67 $ 0.605 $ 1.34 $ 1.21 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 Year to date 6/30/2024 6/30/2023 6/30/2024 6/30/2023 Net Income $ 367 $ 418 $ 681 $ 718 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 2 4 ( 8 ) 12 Reclassification of adjustments and (gains) losses into Net Income — 60 — 60 2 64 ( 8 ) 72 Tax (expense) benefit — — — — 2 64 ( 8 ) 72

View Full Filing

View this 10-Q filing on SEC EDGAR