Restaurant Brands shifts reportable segment, definition of segment income

Restaurant Brands announced details of its shift in reportable segments and definition of segment income. Beginning with the fourth quarter and year ended December 31, 2023, RBI will report results under five reportable segments: Tim Hortons; Burger King; Popeyes Louisiana Kitchen; Firehouse Subs and International. 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, or AOI. Unlike adjusted EBITDA, AOI includes depreciation and 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.