Restaurant Brands International Inc. (NYSE:QSR) Q1 2023 Results Conference Call May 2, 2023 8:30 AM ET Company Participants Kendall Peck - Head, IR Patrick Doyle - Executive Chairman Josh Kobza - CEO Matt Dunnigan - CFO Conference Call Participants Dennis Geiger - UBS David Palmer - Evercore ISI Brian Bittner - Oppenheimer Chris Carril - RBC Capital Markets Lauren Silberman - Credit Suisse Andrew Charles - TD Cowan Brian Harbour - Morgan Stanley Katherine Griffin - Bank of America Jon Tower - Citi Jeffrey ...

Table of Contents 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 March 31, 2023 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-36786 RESTAURANT BRANDS INTERNATIONAL INC. (Exact Name of Registrant as Specified in its Charter) Canada 98-1202754 (State or Other Jurisdiction of ...

Business Operations - The company operates four reportable segments: TH, BK, PLK, and FHS[29]. - As of December 31, 2022, the company leased or subleased 3,531 properties to TH franchisees, 1,364 properties to BK franchisees, and 83 properties to PLK franchisees[48]. - The typical royalty rates for BK, PLK, and FHS franchisees in the U.S. and Canada are 4.5%, 5.0%, and 6.0% respectively[45]. - The company has established master franchise agreements for PLK in Indonesia, New Zealand, Poland, the Czech Republic, and Taiwan, and for BK in Poland, the Czech Republic, and Romania[47]. - The company has adopted a master franchise development model to accelerate international growth, which involves risks related to joint venture partners' performance and market conditions[121]. Financial Performance - Total revenues for 2022 were $6,505 million, an increase from $5,739 million in 2021, representing a growth of approximately 13.4%[340]. - Net income for 2022 was $1,482 million, compared to $1,253 million in 2021, reflecting a year-over-year increase of about 18.3%[343]. - Earnings per common share for 2022 were $3.28, up from $2.71 in 2021, indicating an increase of approximately 20.9%[340]. - The company’s cash and cash equivalents increased from $1,087 million in 2021 to $1,178 million in 2022, a rise of about 8.4%[338]. - The company reported a comprehensive income of $1,533 million for 2022, compared to $1,504 million in 2021, showing a slight increase[344]. - The company’s retained earnings increased from $791 million in 2021 to $1,121 million in 2022, reflecting a growth of approximately 41.6%[338]. - The company experienced a net cash used for investing activities of $64 million in 2022, a significant improvement from $1,103 million in 2021[349]. - The company’s total comprehensive income for 2022 was $4,268 million, reflecting a strong performance compared to previous years[349]. Employment and Workforce - As of December 31, 2022, the company employed approximately 6,400 employees, with franchisees employing over 500,000 team members[62]. - In 2022, the company hired approximately 670 new corporate employees, 5,800 new restaurant employees, and 430 new distribution and manufacturing employees[64]. - The company is committed to creating a diverse and inclusive workplace, with initiatives to attract and retain diverse talent exceeding targets[64]. Marketing and Technology - The company plans to continue investing in technology capabilities to support and drive its business, including enhancing its proprietary point-of-sale software[50][52]. - The company aims to modernize the drive-thru experience with outdoor digital menu boards for TH, BK, and PLK brands[51]. - The company relies on effective marketing and successful new product launches to attract and retain customers; failure in these areas could adversely affect operations[87]. - The company is investing in technology and digital engagement to enhance customer experience, but the anticipated benefits may not be fully realized[88]. Sustainability and Social Responsibility - The company aims to reduce greenhouse gas emissions by 50% by 2030 and achieve net-zero emissions by 2050 or sooner[59]. - The Burger King Foundation has awarded over $55 million in scholarship funds and supported over 250,000 children and families since its inception[70]. - The Tim Hortons Foundation's annual Camp Day has raised over C$237 million and sent more than 300,000 youth to camps[71]. - The Popeyes Foundation has provided $1.7 million and over 4 million meals to children in local communities since 2018[72]. - The Firehouse Subs Public Safety Foundation has granted $73 million to support first responders and public safety organizations since its establishment[73]. Risks and Challenges - The company faces intense competition in the restaurant industry, impacting its ability to respond to consumer preferences and manage operational complexities[78]. - Economic conditions, including inflation and unemployment, significantly affect consumer discretionary spending, which correlates with restaurant sales and profitability[82]. - The COVID-19 pandemic has led to store closures and reduced operations, negatively impacting restaurant traffic and system-wide sales[85]. - The company faces risks related to securing desirable restaurant locations, which are critical for growth and sales[99]. - Food safety concerns and negative publicity regarding health risks associated with fast food could adversely affect brand reputation and sales[101]. - The company faces ongoing litigation risks that could harm its reputation and financial condition, including disputes with franchisees and suppliers[149]. - The company is subject to various laws and regulations, including food safety regulations governed by the U.S. Food and Drug Administration[54]. Financial Management and Debt - As of December 31, 2022, the company had aggregate outstanding indebtedness of $13,045 million, including senior secured term loan facilities of $6,440 million, senior secured first lien notes of $2,800 million, and senior secured second lien notes of $3,650 million[122]. - The company's substantial leverage may limit its ability to take certain actions, including making investments or acquisitions, which could hinder future growth opportunities[124]. - A breach of covenants under the company's indebtedness could result in an event of default, allowing debt holders to accelerate repayment and potentially impacting financial stability[125]. Taxation and Regulatory Environment - The company is subject to income and other taxes in Canada, the U.S., and various foreign jurisdictions, which may lead to unanticipated tax liabilities affecting profitability[128]. - The 2021 Canadian Federal Budget proposed tax law changes that could limit the deductibility of interest expenses, potentially increasing future income taxes[133]. - The Inflation Reduction Act of 2022 introduced a 15% corporate alternative minimum tax effective January 1, 2023, which may impact financial results[134]. - The OECD and EU are pursuing substantial changes to tax principles, including a 15% global minimum tax, which could increase future income taxes if enacted[135]. Currency and Interest Rate Risks - The company is exposed to market risks related to currency exchange rates, interest rates, commodity prices, and inflation, managed through various strategies[280]. - The company has entered into cross-currency rate swaps with a notional value of $5,000 million between Canadian dollars and U.S. dollars, and $2,250 million between Euros and U.S. dollars to hedge against foreign currency exchange rate fluctuations[282]. - A hypothetical 10% uniform weakening or strengthening of all foreign currencies relative to the U.S. dollar could have resulted in an approximate $190 million change in income from operations for 2022[284]. - The company has $4,000 million in notional value of interest rate swaps to hedge variability in interest payments, with $3,500 million expiring on October 31, 2028, and $500 million expiring on September 30, 2026[285]. - A hypothetical 1.00% increase in LIBOR and SOFR would increase the company's annual interest expense by approximately $24 million[286]. Operational Efficiency - The company aims to become one of the most efficient franchised QSR operators globally, leveraging its fully franchised business model for growth[302]. - The company is focused on driving traffic and expanding its customer base through new product innovations[302]. - The company is implementing cost management initiatives across its brands to enhance profitability[303].

Restaurant Brands International, Inc. (NYSE:QSR) Q4 2022 Earnings Conference Call February 14, 2023 8:30 AM ET Company Participants Kendall Peck - Head of Investor Relations Patrick Doyle - Executive Chairman Jose Cil - CEO Matthew Dunnigan - CFO Joshua Kobza - COO, Restaurant Brands International Inc Conference Call Participants David Palmer - Evercore ISI Brian Harbour - Morgan Stanley Dennis Geiger - UBS Sara Senatore - Bank of America Merrill Lynch Chris Carril - RBC Capital Markets Gregory Francfort - ...

Restaurant Brands International Inc. (NYSE:QSR) Q3 2022 Results Conference Call November 3, 2022 8:30 AM ET Company Participants José Cil - CEO Josh Kobza - COO Matt Dunnigan - CFO Conference Call Participants Dennis Geiger - UBS David Palmer - Evercore Brian Mullan - Deutsche Bank John Glass - Morgan Stanley Chris Carril - RBC Nicole Miller - Piper Sandler Brian Bittner - Oppenheimer Operator Good morning, and welcome to the Restaurant Brands International Third Quarter 2022 Earnings Conference Call. All p ...

Table of Contents 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 September 30, 2022 ☐ 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: 001-36786 RESTAURANT BRANDS INTERNATIONAL INC. (Exact Name of Registrant as Specified in its Charter) Canada 98- ...

Restaurant Brands International, Inc. (NYSE:QSR) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET Company Participants Stephen Lichtner - IR José Cil - CEO Joshua Kobza - COO Matthew Dunnigan - CFO Conference Call Participants John Glass - Morgan Stanley David Palmer - Evercore ISI Dennis Geiger - UBS Brian Mullan - Deutsche Bank Christopher Carril - RBC Capital Markets Jeffrey Bernstein - Barclays Brian Bittner - Oppenheimer David Tarantino - Robert W. Baird Sara Senatore - Bank of America ...

Table of Contents 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, 2022 ☐ 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: 001-36786 RESTAURANT BRANDS INTERNATIONAL INC. (Exact Name of Registrant as Specified in its Charter) Canada 98-12027 ...

Restaurant Brands International, Inc. (NYSE:QSR) Q1 2022 Earnings Conference Call May 3, 2022 8:30 AM ET Company Participants Stephen Lichtner - Head of Investor Relations José Cil - CEO Joshua Kobza - COO Matthew Dunnigan - CFO Conference Call Participants Dennis Geiger - UBS Brian Mullan - Deutsche Bank David Palmer - Evercore Brian Bittner - Oppenheimer and Co John Glass - Morgan Stanley Jeffrey Bernstein - Barclays Nicole Miller - Piper Sandler Jake Bartlett - Truist Securities Andrew Charles - Cowen La ...

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 March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Exact Name of Registrant as Specified in its Charter) Canada 98-1202754 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or O ...