YUM BRANDS INC (YUM) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-27-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
KFC Global	2,793	2,272	2,491	2,644	3,110	3,225	3,222	3,507
Taco Bell Global	2,238	2,031	2,079	2,056	1,880	2,025	1,991	1,865
Pizza Hut Global	1,028	1,002	1,027	988	893	1,108	1,205	1,215
Other	525	347
Total revenues [+]	6,584	5,652	5,597	5,688	5,878	6,356	6,418	6,587
Products							4,336	4,503
Franchise							2,082	2,084
Revenue growth [+]	16.5%	1.0%	-1.6%	-3.2%	-7.5%	-1.0%	-2.6%	-49.7%
KFC Global	22.9%	-8.8%	-5.8%	-15.0%	-3.6%	0.1%	-8.1%	15.5%
Taco Bell Global	10.2%	-2.3%	1.1%	9.4%	-7.2%	1.7%	6.8%	-0.2%
Pizza Hut Global	2.6%	-2.4%	3.9%	10.6%	-19.4%	-8.0%	-0.8%	5.9%
Unit growth	6.0%	0.0%	4.2%
Cost of goods sold [+]	1,725	1,506	1,235	1,634	2,954	3,489	3,867	4,029
Cost of product sales							3,627	3,870
Franchise costs							240	159
Direct materials costs							1,340	1,471
Direct labor costs							1,125	1,172
Overhead costs							1,162	1,227
Gross profit	4,859	4,146	4,362	4,054	2,924	2,867	2,551	2,558
Gross margin	73.8%	73.4%	77.9%	71.3%	49.7%	45.1%	39.7%	38.8%
Selling, general and administrative [+]	1,177	1,209	1,097	1,083	1,236	1,129	1,058	1,028
Sales and marketing	117	145	180	188	237
General and administrative	1,060	1,064	917	895	999	1,129	1,058	1,028
Other operating expenses	1,578	1,468	1,372	1,215	-1,076	204	20	11
EBITDA [+]	2,268	1,615	2,005	1,893	3,017	1,844	1,792	1,847
EBITDA growth	40.4%	-19.5%	5.9%	-37.3%	63.6%	2.9%	-3.0%	-32.8%
EBITDA margin	34.4%	28.6%	35.8%	33.3%	51.3%	29.0%	27.9%	28.0%
Depreciation	88	83	60	100	220	279	306	315
EBITA	2,180	1,532	1,945	1,793	2,797	1,565	1,486	1,532
EBITA margin	33.1%	27.1%	34.8%	31.5%	47.6%	24.6%	23.2%	23.3%
Amortization of intangibles	76	63	52	37	33	31	13	13
EBIT [+]	2,104	1,469	1,893	1,756	2,764	1,534	1,473	1,519
EBIT growth	43.2%	-22.4%	7.8%	-36.5%	80.2%	4.1%	-3.0%	-25.1%
EBIT margin	32.0%	26.0%	33.8%	30.9%	47.0%	24.1%	23.0%	23.1%
Non-recurring items [+]	-35	-34	-37	-540	3	-148	39	2
Loss (gain) on sale of assets	-35	-34	-37	-540		-163	23	-16
Business exit costs					3	15	16	18
Interest expense, net [+]	-86	-74	-67	-9	-5	297	141	141
Interest expense	551	558	519	496	473	297	141	141
Interest income	86	74	67	9	5
Other income (expense), net		1	-105	30	-19	-40	-40	-2
Pre-tax income	1,674	1,020	1,373	1,839	2,274	1,345	1,253	1,374
Income taxes	99	116	79	297	934	327	327	368
Tax rate	5.9%	11.4%	5.8%	16.2%	41.1%	24.3%	26.1%	26.8%
Net income	1,674	1,020	1,373	1,839	2,274	1,018	926	1,051
Net margin	25.4%	18.0%	24.5%	32.3%	38.7%	16.0%	14.4%	16.0%

Basic EPS [+]	$5.64	$3.38	$4.49	$5.71	$6.55	$2.58	$2.13	$2.27
Growth	66.9%	-24.7%	-21.4%	-12.9%	154.0%	21.1%	-6.0%	-6.1%
Diluted EPS [+]	$5.54	$3.32	$4.39	$5.59	$6.41	$2.54	$2.09	$2.22
Growth	66.8%	-24.3%	-21.5%	-12.7%	152.2%	21.5%	-5.9%	-6.2%

Dividends per share [+]	$2.00	$1.88	$1.68	$1.44	$0.90	$1.89	$1.68	$1.56
Growth	6.4%	11.9%	16.7%	60.0%	-52.3%	12.3%	7.6%	10.6%

Shares outstanding (basic) [+]	297	302	306	322	347	395	435	444
Growth	-1.7%	-1.3%	-5.0%	-7.2%	-12.1%	-9.2%	-2.1%	-1.8%
Shares outstanding (diluted) [+]	302	307	313	329	355	401	443	453
Growth	-1.6%	-1.9%	-4.9%	-7.3%	-11.4%	-9.5%	-2.2%	-1.7%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.