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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Yum Brands Inc | NYSE:YUM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.73 | -0.54% | 134.34 | 136.00 | 133.92 | 135.88 | 2,448,252 | 01:00:00 |
| | |
Price to
Public(1) |
| |
Underwriting
Discount |
| |
Proceeds,
before expenses, to YUM |
| |||||||||
Per Note
|
| | | | % | | | | | | % | | | | | | % | | |
Total
|
| | | $ | | | | | $ | | | | | $ | | |
| | |
Page
|
| |||
Prospectus Supplement | | | | | | | |
| | | | S-ii | | | |
| | | | S-ii | | | |
| | | | S-iii | | | |
| | | | S-iii | | | |
| | | | S-iv | | | |
| | | | S-1 | | | |
| | | | S-11 | | | |
| | | | S-17 | | | |
| | | | S-18 | | | |
| | | | S-19 | | | |
| | | | S-24 | | | |
| | | | S-30 | | | |
| | | | S-35 | | | |
| | | | S-40 | | | |
| | | | S-41 | | | |
| | | | S-42 | | |
| Prospectus | | | |||||
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 8 | | | |
| Experts | | | | | 10 | | |
| | | | | 10 | | |
| | |
Fiscal Year Ended
December 31,(1) |
| |||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020(2)
|
| |||||||||
| | |
(dollars in millions, except unit amounts)
|
| |||||||||||||||
Income Statement Data: | | | | | | | | | | | | | | | | | | | |
Company sales
|
| | | $ | 2,000 | | | | | $ | 1,546 | | | | | $ | 1,810 | | |
Franchise and property revenues
|
| | | | 2,482 | | | | | | 2,660 | | | | | | 2,510 | | |
Franchise contributions for advertising and other services
|
| | | | 1,206 | | | | | | 1,391 | | | | | | 1,332 | | |
Total revenues
|
| | | | 5,688 | | | | | | 5,597 | | | | | | 5,652 | | |
Company restaurant expenses
|
| | | | 1,634 | | | | | | 1,235 | | | | | | 1,506 | | |
General and administrative expenses
|
| | | | 895 | | | | | | 917 | | | | | | 1,064 | | |
Franchise and property expenses
|
| | | | 188 | | | | | | 180 | | | | | | 145 | | |
Franchise advertising and other services expense
|
| | | | 1,208 | | | | | | 1,368 | | | | | | 1,314 | | |
Refranchising (gain) loss
|
| | | | (540) | | | | | | (37) | | | | | | (34) | | |
Other (income) expense
|
| | | | 7 | | | | | | 4 | | | | | | 154 | | |
Total costs and expenses, net
|
| | | | 3,392 | | | | | | 3,667 | | | | | | 4,149 | | |
Operating profit
|
| | | | 2,296 | | | | | | 1,930 | | | | | | 1,503 | | |
Investment (income) expense, net
|
| | | | (9) | | | | | | 67 | | | | | | (74) | | |
Other pension (income) expense
|
| | | | 14 | | | | | | 4 | | | | | | 14 | | |
Interest expense, net
|
| | | | 452 | | | | | | 486 | | | | | | 543 | | |
Income before income taxes
|
| | | | 1,839 | | | | | | 1,373 | | | | | | 1,020 | | |
Income tax provision
|
| | | | 297 | | | | | | 79 | | | | | | 116 | | |
Net Income
|
| | | $ | 1,542 | | | | | $ | 1,294 | | | | | $ | 904 | | |
Statement of Cash Flows Data: | | | | | | | | | | | | | | | | | | | |
Capital spending
|
| | | $ | 234 | | | | | $ | 196 | | | | | $ | 160 | | |
Depreciation and amortization
|
| | | | 137 | | | | | | 112 | | | | | | 146 | | |
Proceeds from refranchising of restaurants
|
| | | | 825 | | | | | | 110 | | | | | | 19 | | |
Other Financial and Operating Data: | | | | | | | | | | | | | | | | | | | |
Company-owned units(3) | | | | | 856 | | | | | | 913 | | | | | | 1,098 | | |
Franchised units(3) | | | | | 47,268 | | | | | | 49,257 | | | | | | 49,255 | | |
System sales(4)
|
| | | $ | 49,237 | | | | | $ | 52,584 | | | | | $ | 50,359 | | |
Financing EBITDA(5)
|
| | | $ | 1,958 | | | | | $ | 2,117 | | | | | $ | 2,037 | | |
| | |
Fiscal Year Ended
December 31, |
| |||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
(dollars in millions)
|
| |||||||||||||||
Reconciliation of Financing EBITDA: | | | | | | | | | | | | | | | | | | | |
Net Income
|
| | | $ | 1,542 | | | | | $ | 1,294 | | | | | $ | 904 | | |
Income tax provision
|
| | | | 297 | | | | | | 79 | | | | | | 116 | | |
Investment (income) expense, net
|
| | | | (9) | | | | | | 67 | | | | | | (74) | | |
Other pension (income) expense
|
| | | | 14 | | | | | | 4 | | | | | | 14 | | |
Interest expense, net
|
| | | | 452 | | | | | | 486 | | | | | | 543 | | |
GAAP Operating Profit
|
| | | $ | 2,296 | | | | | $ | 1,930 | | | | | $ | 1,503 | | |
Special Items (Income) Expense–Operating Profit(a)
|
| | | | (530) | | | | | | 11 | | | | | | 267 | | |
Depreciation and amortization
|
| | | | 137 | | | | | | 112 | | | | | | 146 | | |
Share-based compensation(b)
|
| | | | 53 | | | | | | 59 | | | | | | 97 | | |
Impairment charges(c)
|
| | | | 2 | | | | | | 5 | | | | | | 24 | | |
Financing EBITDA
|
| | | $ | 1,958 | | | | | $ | 2,117 | | | | | $ | 2,037 | | |
| | |
Fiscal Year Ended
December 31, |
| |||||||||||||||
| | |
2018
|
| |
2019
|
| |
2020
|
| |||||||||
| | |
(dollars in millions)
|
| |||||||||||||||
Details of Special Items: | | | | | | | | | | | | | | | | | | | |
Refranchising gain (loss)(a)
|
| | | $ | 540 | | | | | $ | 12 | | | | | $ | 8 | | |
Impairment of Habit Burger Grill goodwill(b)
|
| | | | — | | | | | | — | | | | | | (144) | | |
Costs associated with acquisition and integration of Habit Burger Grill(c)
|
| | | | — | | | | | | (1) | | | | | | (9) | | |
Unlocking Opportunity Initiative contribution(d)
|
| | | | — | | | | | | — | | | | | | (50) | | |
COVID-19 relief contribution(e)
|
| | | | — | | | | | | — | | | | | | (25) | | |
Charges associated with resource optimization(f)
|
| | | | — | | | | | | — | | | | | | (36) | | |
Costs associated with Pizza Hut U.S. Transformation Agreement(g)
|
| | | | (6) | | | | | | (13) | | | | | | (5) | | |
Yum’s Strategic Transformation Initiatives(h)
|
| | | | (8) | | | | | | — | | | | | | — | | |
Other Special Items Income (Expense)(i)
|
| | | | 4 | | | | | | (9) | | | | | | (6) | | |
Special Items Income (Expense)–Operating Profit
|
| | | $ | 530 | | | | | $ | (11) | | | | | $ | (267) | | |
| | |
As of
December 31, 2020 |
| |||||||||||||||
| | |
Actual
|
| |
(Unaudited)
Pro Forma |
| |
(Unaudited)
Pro Forma as adjusted |
| |||||||||
| | |
(dollars in millions)
|
| |||||||||||||||
Cash and cash equivalents
|
| | | $ | 730 | | | | | $ | 629 | | | | | $ | | | |
Parent Outstanding Notes
|
| | | | 3,725 | | | | | | 3,725 | | | | | | 3,725 | | |
% Notes offered hereby
|
| | | | — | | | | | | — | | | | | | | | |
Debt of Subsidiaries:(1) | | | | | | | | | | | | | | | | | | | |
Senior Secured Credit Facilities:
|
| | | | | | | | | | | | | | | | | | |
Revolving credit facility due 2022
|
| | | | 0 | | | | | | — | | | | | | — | | |
New Revolving credit facility due 2026(2)
|
| | | | — | | | | | | 0 | | | | | | 0 | | |
Term loan A due 2022
|
| | | | 431 | | | | | | — | | | | | | — | | |
New Term loan A due 2026
|
| | | | — | | | | | | 750 | | | | | | 750 | | |
Term loan B due 2025
|
| | | | 1,916 | | | | | | — | | | | | | — | | |
New Term loan B due 2028
|
| | | | — | | | | | | 1,500 | | | | | | 1,500 | | |
Senior Notes
|
| | | | 1,800 | | | | | | 1,800 | | | | | | 750 | | |
Finance lease obligations
|
| | | | 72 | | | | | | 72 | | | | | | 72 | | |
Total debt of Restricted Group
|
| | | | 4,219 | | | | | | 4,122 | | | | | | 3,072 | | |
Taco Bell Securitization Notes
|
| | | | 2,869 | | | | | | 2,869 | | | | | | 2,869 | | |
Total debt(1)
|
| | | | 10,813 | | | | | | 10,716 | | | | | | | | |
Total shareholders’ deficit
|
| | | | (7,891) | | | | | | (7,891) | | | | | | (7,891) | | |
Total capitalization
|
| | | $ | 2,922 | | | | | $ | 2,825 | | | | | $ | | | |
Year
|
| |
Percentage
|
| |||
2026 | | | | | % | | |
2027 | | | | | % | | |
2028 | | | | | % | | |
2029 and thereafter
|
| | | | 100% | | |
Name
|
| |
Principal Amount of Notes
|
| |||
Citigroup Global Markets Inc.
|
| | | $ | | | |
Wells Fargo Securities, LLC
|
| | | | | | |
J. P. Morgan Securities LLC
|
| | | | | | |
BofA Securities, Inc.
|
| | | | | | |
Goldman Sachs & Co. LLC
|
| | | | | | |
Barclays Capital Inc.
|
| | | | | | |
Fifth Third Securities, Inc.
|
| | | | | | |
MUFG Securities Americas Inc.
|
| | | | | | |
ING Financial Markets LLC
|
| | | | | | |
Capital One Securities, Inc.
|
| | | | | | |
Scotia Capital (USA) Inc.
|
| | | | | | |
Rabo Securities USA, Inc.
|
| | | | | | |
PNC Capital Markets LLC
|
| | | | | | |
U.S. Bancorp Investments, Inc
|
| | | | | | |
ICBC Standard Bank Plc
|
| | | | | | |
HSBC Securities (USA) Inc.
|
| | | | | | |
BNP Paribas Securities Corp.
|
| | | | | | |
Siebert Williams Shank & Co., LLC
|
| | | | | | |
Total
|
| | | $ | | | |
| | |
Per Note
|
| |
Total
|
| ||||||
Underwriting discount for the Notes:
|
| | | | % | | | | | $ | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 8 | | | |
| | | | | 10 | | | |
| | | | | 10 | | |
1 Year Yum Brands Chart |
1 Month Yum Brands Chart |
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