Company Quick10K Filing
Yum Brands
Price112.99 EPS3
Shares314 P/E44
MCap35,479 P/FCF40
Net Debt9,800 EBIT1,300
TEV45,279 TEV/EBIT35
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-03 Filed 2016-10-11
10-Q 2016-06-11 Filed 2016-07-19
10-Q 2016-03-19 Filed 2016-04-26
10-K 2015-12-26 Filed 2016-02-16
10-Q 2015-09-05 Filed 2015-10-15
10-Q 2015-06-13 Filed 2015-07-21
10-Q 2015-03-21 Filed 2015-04-27
10-K 2014-12-27 Filed 2015-02-17
10-Q 2014-09-06 Filed 2014-10-14
10-Q 2014-06-14 Filed 2014-07-22
10-Q 2014-03-22 Filed 2014-04-28
10-K 2013-12-28 Filed 2014-02-18
10-Q 2013-09-07 Filed 2013-10-15
10-Q 2013-06-15 Filed 2013-07-16
10-Q 2013-03-23 Filed 2013-04-29
10-K 2012-12-29 Filed 2013-02-20
10-Q 2012-09-08 Filed 2012-10-16
10-Q 2012-06-16 Filed 2012-07-24
10-Q 2012-03-24 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-21
10-Q 2011-09-03 Filed 2011-10-11
10-Q 2011-06-11 Filed 2011-07-19
10-Q 2011-03-19 Filed 2011-04-26
10-K 2010-12-25 Filed 2011-02-15
10-Q 2010-09-04 Filed 2010-10-12
10-Q 2010-06-12 Filed 2010-07-20
10-Q 2010-03-20 Filed 2010-04-21
10-K 2009-12-26 Filed 2010-02-17
8-K 2020-08-14 Other Events
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-06-25
8-K 2020-06-10
8-K 2020-05-14
8-K 2020-04-29
8-K 2020-04-01
8-K 2020-03-30
8-K 2020-03-29
8-K 2020-03-18
8-K 2020-02-06
8-K 2020-01-12
8-K 2020-01-05
8-K 2019-10-30
8-K 2019-09-11
8-K 2019-09-04
8-K 2019-08-13
8-K 2019-08-01
8-K 2019-06-26
8-K 2019-05-16
8-K 2019-05-01
8-K 2019-02-07
8-K 2019-01-25
8-K 2018-11-28
8-K 2018-11-15
8-K 2018-11-01
8-K 2018-10-31
8-K 2018-09-24
8-K 2018-08-02
8-K 2018-05-17
8-K 2018-05-02
8-K 2018-04-03
8-K 2018-02-13
8-K 2018-02-08

YUM 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Financial Statement Presentation
Note 2 - Habit Burger Grill Acquisition
Note 3 - Earnings per Common Share ("Eps")
Note 4 - Accumulated Other Comprehensive Loss ("Aoci")
Note 5 - Other (Income) Expense
Note 6 - Supplemental Balance Sheet Information
Note 7 - Income Taxes
Note 8 - Revenue Recognition
Note 9 - Reportable Operating Segments
Note 10 - Pension Benefits
Note 11 - Short - Term Borrowings and Long - Term Debt
Note 12 - Derivative Instruments
Note 13 - Fair Value Disclosures
Note 14 - Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information and Signatures
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-15 yum-6302020xex15.htm
EX-31.1 yum-6302020xex311.htm
EX-31.2 yum-6302020xex312.htm
EX-32.1 yum-6302020xex321.htm
EX-32.2 yum-6302020xex322.htm

Yum Brands Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151050-5-102012201420172020
Assets, Equity
4.23.32.51.60.8-0.12012201420172020
Rev, G Profit, Net Income
1.61.10.60.0-0.5-1.02012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 10-Q

(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 
 
EXCHANGE ACT OF 1934 for the quarterly period ended
June 30, 2020
 
 
 
 
OR
 
 
 
 
 
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ____________ to _________________
 
 Commission file number 1-13163
________________________
YUM! BRANDS, INC.
(Exact name of registrant as specified in its charter)
 
North Carolina
 
13-3951308
 
 
(State or other jurisdiction of
 
(I.R.S. Employer
 
 
incorporation or organization)
 
Identification No.)
 
 
 
 
 
 
 
 
 
1441 Gardiner Lane,
Louisville,
Kentucky
 
40213
 
 
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
Registrant’s telephone number, including area code:
(502)
 874-8300
 
Securities registered pursuant to Section 12(b) of the Act
 
 
 
 
 
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
 
Common Stock, no par value
YUM
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
 
Accelerated Filer
 
 
 
 
 
Non-accelerated Filer
 
Smaller Reporting Company
 
 
 
 
 
Emerging Growth Company
 
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No x
 
The number of shares outstanding of the registrant’s Common Stock as of July 29, 2020 was 301,399,629 shares.
 




YUM! BRANDS, INC.

INDEX
 
 
 
Page
 
 
No.
Part I.
Financial Information
 
 
 
 
 
Item 1 - Financial Statements
 
 
 
 
 
Condensed Consolidated Statements of Income
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income
 
 
 
 
Condensed Consolidated Statements of Cash Flows
 
 
 
 
Condensed Consolidated Balance Sheets
 
 
 
 
Condensed Consolidated Statements of Shareholders' Deficit
 
 
 
 
Notes to Condensed Consolidated Financial Statements
 
 
 
 
Item 2 - Management’s Discussion and Analysis of Financial Condition
              and Results of Operations
 
 
 
 
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
 
 
 
 
Item 4 – Controls and Procedures
 
 
 
 
Report of Independent Registered Public Accounting Firm
 
 
 
Part II.
Other Information and Signatures
 
 
 
 
 
Item 1 – Legal Proceedings
 
 
 
 
Item 1A – Risk Factors
 
 
 
 
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
 
Item 6 – Exhibits
 
 
 
 
Signatures


2



PART I - FINANCIAL INFORMATION

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
6/30/2020
 
6/30/2019
 
6/30/2020
 
6/30/2019
Company sales
$
403


$
359


$
758


$
692

Franchise and property revenues
525


633


1,121


1,245

Franchise contributions for advertising and other services
270

 
318

 
582

 
627

Total revenues
1,198

 
1,310


2,461


2,564

Costs and Expenses, Net
 
 
 
 
 
 
 
Company restaurant expenses
349

 
286


647


558

General and administrative expenses
259


198


467


409

Franchise and property expenses
36


38


94


81

Franchise advertising and other services expense
264

 
315

 
574

 
616

Refranchising (gain) loss
(8
)

(4
)

(21
)

(10
)
Other (income) expense
(2
)

6


150


6

Total costs and expenses, net
898


839


1,911


1,660

Operating Profit
300


471


550


904

Investment (income) expense, net
(91
)
 
(25
)
 
(57
)
 
(9
)
Other pension (income) expense
2

 

 
5

 
3

Interest expense, net
132


119


250


234

Income Before Income Taxes
257

 
377


352


676

Income tax provision
51


88


63


125

Net Income
$
206

 
$
289


$
289


$
551

 
 
 
 
 
 
 
 
Basic Earnings Per Common Share
$
0.68


$
0.94


$
0.96


$
1.79

 
 
 
 
 
 
 
 
Diluted Earnings Per Common Share
$
0.67


$
0.92


$
0.94


$
1.75

 
 
 
 
 
 
 
 
Dividends Declared Per Common Share
$
0.47

 
$
0.42

 
$
0.94

 
$
0.84

 
 
 
 
 
 
 
 
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
 
6/30/2020
 
6/30/2019
 
6/30/2020
 
6/30/2019
 
 
 
 
 
 
 
 
Net Income
$
206

 
$
289

 
$
289

 
$
551

Other comprehensive income (loss), 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
68

 
(29
)
 
(34
)
 
5

 
68

 
(29
)
 
(34
)
 
5

Tax (expense) benefit

 
4

 

 

 
68

 
(25
)
 
(34
)
 
5

Changes in pension and post-retirement benefits
 
 
 
 
 
 
 
Unrealized gains (losses) arising during the period

 

 

 

Reclassification of (gains) losses into Net Income
5

 
1

 
10

 
5

 
5

 
1

 
10

 
5

Tax (expense) benefit
(1
)
 

 
(2
)
 
(1
)
 
4

 
1

 
8

 
4

Changes in derivative instruments
 
 
 
 
 
 
 
Unrealized gains (losses) arising during the period
(19
)
 
(44
)
 
(93
)
 
(60
)
Reclassification of (gains) losses into Net Income
4

 
1

 
(5
)
 
(14
)
 
(15
)
 
(43
)
 
(98
)
 
(74
)
Tax (expense) benefit
4

 
11

 
24

 
19

 
(11
)
 
(32
)
 
(74
)
 
(55
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
61

 
(56
)
 
(100
)
 
(46
)
Comprehensive Income (Loss)
$
267

 
$
233

 
$
189

 
$
505

 
 
 
 
 
 
 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
 
 


5



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
YUM! BRANDS, INC. AND SUBSIDIARIES
 
 
 
(in millions)
 
 
 
 
Year to date
 
6/30/2020
 
6/30/2019
Cash Flows – Operating Activities
 
 
 
Net Income
$
289

 
$
551

Depreciation and amortization
53

 
54

Impairment and closure (income) expenses
146

 
1

Refranchising (gain) loss
(21
)

(10
)
Investment (income) expense, net
(57
)
 
(9
)
Contributions to defined benefit pension plans
(1
)
 
(11
)
Deferred income taxes
(20
)
 

Share-based compensation expense
29

 
31

Changes in accounts and notes receivable
4

 
7

Changes in prepaid expenses and other current assets
(26
)
 
(24
)
Changes in accounts payable and other current liabilities
(76
)
 
(171
)
Changes in income taxes payable
(49
)
 
(36
)
Other, net
91

 
78

Net Cash Provided by Operating Activities
362

 
461

 
 
 
 
Cash Flows – Investing Activities
 
 
 
Capital spending
(67
)
 
(76
)
Acquisition of The Habit Restaurants, Inc., net of cash acquired
(408
)
 

Proceeds from refranchising of restaurants
3

 
25

Other, net

 
(1
)
Net Cash Used in Investing Activities
(472
)
 
(52
)
 
 
 
 
Cash Flows – Financing Activities
 
 
 
Proceeds from long-term debt
600

 

Repayments of long-term debt
(41
)
 
(40
)
Revolving credit facility, three months or less, net
575

 
157

Short-term borrowings by original maturity
 
 
 
More than three months - proceeds
85

 
48

More than three months - payments
(90
)
 
(44
)
Three months or less, net

 

Repurchase shares of Common Stock

 
(305
)
Dividends paid on Common Stock
(283
)
 
(257
)
Debt issuance costs
(7
)
 

Other, net
(31
)
 
(51
)
Net Cash Provided by (Used in) Financing Activities
808

 
(492
)
Effect of Exchange Rates on Cash and Cash Equivalents
(18
)
 
(2
)
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
680

 
(85
)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period
768

 
474

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period
$
1,448

 
$
389

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
 
 
 


6



CONDENSED CONSOLIDATED BALANCE SHEETS
YUM! BRANDS, INC. AND SUBSIDIARIES
 
 
 
(in millions)
 
 
 
 
(Unaudited) 6/30/2020
 
12/31/2019
ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
1,243


$
605

Accounts and notes receivable, net
530

 
584

Prepaid expenses and other current assets
625

 
338

Total Current Assets
2,398

 
1,527

 
 
 
 
Property, plant and equipment, net
1,265


1,170

Goodwill
602

 
530

Intangible assets, net
344

 
244

Other assets
1,313

 
1,313

Deferred income taxes
499

 
447

Total Assets
$
6,421

 
$
5,231

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ DEFICIT
 
 
 
Current Liabilities
 
 
 
Accounts payable and other current liabilities
$
908

 
$
960

Income taxes payable
133

 
150

Short-term borrowings
434

 
431

Total Current Liabilities
1,475

 
1,541

 
 
 
 
Long-term debt
11,252

 
10,131

Other liabilities and deferred credits
1,802

 
1,575

Total Liabilities
14,529

 
13,247

 
 
 
 
Shareholders’ Deficit
 
 
 
Common Stock, no par value, 750 shares authorized; 301 shares issued in 2020 and 300 issued in 2019
11

 

Accumulated deficit
(7,631
)
 
(7,628
)
Accumulated other comprehensive loss
(488
)

(388
)
Total Shareholders’ Deficit
(8,108
)
 
(8,016
)
Total Liabilities and Shareholders’ Deficit
$
6,421

 
$
5,231

 
 
 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
 
 
 

7



CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (Unaudited)
YUM! BRANDS, INC. AND SUBSIDIARIES
 
 
 
 
 
 
 
 
 
 
Quarters and years to date ended June 30, 2020 and 2019
(in millions)
 
 
 
 
 
 
 
 
 
 
 
 
Yum! Brands, Inc.
 
 
 
 
Issued Common Stock
 
Accumulated Deficit
 
Accumulated
Other Comprehensive Loss
 
Total Shareholders' Deficit
 
 
Shares
 
Amount
 
 
 
Balance at March 31, 2020
 
301

 
$
15

 
$
(7,695
)
 
$
(549
)
 
$
(8,229
)
Net Income
 
 
 
 
 
206

 
 
 
206

Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature
 
 
 
 
 
 
 
68

 
68

Pension and post-retirement benefit plans (net of tax impact of $1 million)
 
 
 
 
 
 
 
4

 
4

Net loss on derivative instruments (net of tax impact of $4 million)
 
 
 
 
 
 
 
(11
)
 
(11
)
Comprehensive Income
 
 
 
 
 
 
 
 
 
267

Dividends declared
 
 
 
 
 
(142
)
 
 
 
(142
)
Repurchase of shares of Common Stock
 
 
 
 
 
 
 
 
 

Employee share-based award exercises
 

 
(18
)
 
 
 
 
 
(18
)
Share-based compensation events
 
 
 
14

 
 
 
 
 
14

Balance at June 30, 2020
 
301

 
$
11

 
$
(7,631
)
 
$
(488
)
 
$
(8,108
)
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
 
300

 
$

 
$
(7,628
)
 
$
(388
)
 
$
(8,016
)
Net Income
 
 
 
 
 
289

 
 
 
289

Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature
 
 
 
 
 
 
 
(34
)
 
(34
)
Pension and post-retirement benefit plans (net of tax impact of $2 million)
 
 
 
 
 
 
 
8

 
8

Net loss on derivative instruments (net of tax impact of $24 million)
 
 
 
 
 
 
 
(74
)
 
(74
)
Comprehensive Income
 
 
 
 
 
 
 
 
 
189

Dividends declared
 
 
 
 
 
(284
)
 
 
 
(284
)
Repurchase of shares of Common Stock
 
 
 
 
 
 
 
 
 

Employee share-based award exercises
 
1

 
(31
)
 
 
 
 
 
(31
)
Share-based compensation events
 
 
 
42

 
 
 
 
 
42

Adoption of accounting standard
 
 
 
 
 
(8
)
 


 
(8
)
Balance at June 30, 2020
 
301

 
$
11

 
$
(7,631
)
 
$
(488
)
 
$
(8,108
)
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
 
306

 
$

 
$
(7,580
)
 
$
(324
)
 
$
(7,904
)
Net Income
 
 
 
 
 
289

 
 
 
289

Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature (net of tax impact of $4 million)
 
 
 
 
 
 
 
(25
)
 
(25
)
Pension and post-retirement benefit plans
 
 
 
 
 
 
 
1

 
1

Net loss on derivative instruments (net of tax impact of $11 million)
 
 
 
 
 
 
 
(32
)
 
(32
)
Comprehensive Income
 
 
 
 
 
 
 
 
 
233

Dividends declared
 
 
 
 
 
(128
)
 
 
 
(128
)
Repurchase of shares of Common Stock
 
(2
)
 
(1
)
 
(195
)
 
 
 
(196
)
Employee share-based award exercises
 
 
 
(13
)
 
 
 
 
 
(13
)
Share-based compensation events
 
 
 
14

 
 
 
 
 
14

Balance at June 30, 2019
 
304

 
$

 
$
(7,614
)
 
$
(380
)
 
$
(7,994
)
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
 
306

 
$

 
$
(7,592
)
 
$
(334
)
 
$
(7,926
)
Net Income
 
 
 
 
 
551

 
 
 
551

Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature
 
 
 
 
 
 
 
5

 
5

Pension and post-retirement benefit plans (net of tax impact of $1 million)
 
 
 
 
 
 
 
4

 
4

Net loss on derivative instruments (net of tax impact of $19 million)
 
 
 
 
 
 
 
(55
)
 
(55
)
Comprehensive Income
 
 
 
 
 
 
 
 
 
505

Dividends declared
 
 
 
 
 
(257
)
 
 
 
(257
)
Repurchase of shares of Common Stock
 
(3
)
 
(1
)
 
(301
)
 
 
 
(302
)
Employee share-based award exercises
 
1

 
(38
)
 
(13
)
 
 
 
(51
)
Share-based compensation events
 
 
 
39

 
 
 
 
 
39

Adoption of accounting standard
 
 
 
 
 
(2
)
 
 
 
(2
)
Balance at June 30, 2019
 
304

 
$

 
$
(7,614
)
 
$
(380
)
 
$
(7,994
)
 
 
 
 
 
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