Beginning with the fourth quarter and year ended December 31, 2023, RBI will report results under five reportable segments: (1) Tim Hortons (TH); (2) Burger King (BK); (3) Popeyes Louisiana Kitchen (PLK); (4) Firehouse Subs (FHS); and (5) International (INTL). The TH, BK, PLK and FHS segments include results from each brands’ operations in the United States and Canada. INTL includes consolidated results from each brands’ operations outside of the United States and Canada. This shift in reportable segments reflects how RBI’s leadership intends to oversee and manage the business going forward.
In addition, RBI has transitioned its definition of segment income from Adjusted Ebitda to Adjusted Operating Income (AOI). Unlike Adjusted Ebitda, AOI includes depreciation and amortization (excluding franchise agreement amortization) as well as share-based compensation and non-cash incentive compensation expense. RBI will continue to report Adjusted Ebitda on a consolidated and segment level basis for supplemental purposes.
Chief Executive Officer Josh Kobza: «Our announcement today reflects how I plan to oversee and manage our business moving forward. We have four amazing brands being led by five ambitious leaders across our home markets and international. I am excited to provide them with even greater autonomy over their strategic decisions so they can move quickly to accelerate growth.»
Chief Financial Officer Matthew Dunnigan: «Our business leaders are prioritizing investments that will drive long-term growth and attractive returns for our shareholders. Our transition to Adjusted Operating Income will provide increased focus on all the operating expenses associated with these investments and add greater accountability for delivering strong returns through profitability growth over time.»
The Company has included supplemental unaudited information containing 11 quarters of historical financial and operational metrics (from the first quarter of 2021 through the third quarter of 2023) for these five reportable segments. Additional details on each segment are included in the supplemental information below. Please read the Company’s PDF file below (282 KB):20240108-RBI-SEGMENT-REPORTING.