RBI Q2 2021 Earnings Report
Key Takeaways
Restaurant Brands International reported positive financial results for Q2 2021, with continued improvement in global system-wide sales growth, accelerating to +4% compared to 2019. Unit growth returned to pre-pandemic levels with 378 net new restaurants opened in the first half of the year. Digital sales in home markets scaled up by nearly +60% year over year and +15% sequentially. The company's liquidity expanded to $2.8 billion, and net leverage declined significantly. The Board authorized a $1 billion buyback program, demonstrating confidence in the company's value creation opportunity.
Global system-wide sales growth improved, reaching +4% compared to 2019.
Unit growth returned to pre-pandemic levels, with 378 net new restaurants opened in H1.
Digital sales in home markets scaled up by nearly +60% year over year and +15% sequentially.
Liquidity expanded to $2.8 billion, net leverage declined, and a $1 billion buyback program was authorized.
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RBI Revenue by Segment
Forward Guidance
The company expects to see a continued impact from COVID-19 on its results in 2021. The company expects local conditions to continue to dictate limitations on restaurant operations, capacity, and hours of operation. With the pandemic affecting consumer behavior, the importance of digital sales, including delivery, has grown. The company expects to continue to support enhancements of its digital and marketing capabilities.
Positive Outlook
- Continued support enhancements of our digital and marketing capabilities.
- Focus on quality menu items
- Rapid adoption of our digital channels by our guests
- Acceleration in new restaurant openings around the world
- Dedicated franchise partners
Challenges Ahead
- Continued impact from COVID-19 on our results in 2021.
- Local conditions continue to dictate limitations on restaurant operations, capacity, and hours of operation.
- Pandemic affecting consumer behavior
- Risks related to unforeseen events such as pandemics
- Risks related to supply chain
Revenue & Expenses
Visualization of income flow from segment revenue to net income