Burger King 2013 Annual Report Download - page 107
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Table of Contents
Our measure of segment income is adjusted EBITDA. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization,
adjusted to exclude specifically identified items that management believes do not directly reflect our core operations and assists management in comparing
segment performance by removing the impact of certain items that management believes do not reflect our core operations. A reconciliation of segment income to
net income consists of the following:
U.S. and Canada $ 436.7 $ 447.0 $ 436.6
EMEA 189.4 166.1 146.0
LAC 67.7 73.2 63.9
APAC 49.3 41.1 26.7
Total 743.1 727.4 673.2
Unallocated Management G&A (77.5) (75.3) (88.2)
Adjusted EBITDA 665.6 652.1 585.0
Share-based compensation and non-cash incentive compensation expense 17.6 10.2 6.4
Global portfolio realignment project costs 26.2 30.2 7.6
Business combination agreement expenses — 27.0 —
Field optimization project costs — — 10.6
Global restructuring and related professional fees — — 46.5
2010 Transaction costs — — 3.7
Other operating (income) expenses, net 34.0 53.3 11.3
EBITDA 587.8 531.4 498.9
Depreciation and amortization 65.6 113.7 136.4
Income from operations 522.2 417.7 362.5
Interest expense, net 200.0 223.8 226.7
Loss on early extinguishment of debt — 34.2 21.1
Income tax expense 88.5 42.0 26.6
Net income $233.7 $117.7 $ 88.1
United States and Canada $ 41.5 $ 68.8 $ 86.2
EMEA 11.1 17.9 22.6
LAC 0.7 6.0 6.7
APAC 2.4 5.7 7.6
Unallocated 9.9 15.3 13.3
Total depreciation and amortization $65.6 $113.7 $136.4
United States and Canada $ 3,718.4 $ 3,472.5 $ 230.9 $ 231.0 $ 875.4 $ 938.6
EMEA 1,449.9 1,383.9 207.9 201.6 28.2 55.3
LAC 152.3 189.9 128.7 124.1 4.6 20.0
APAC 439.7 459.3 62.5 62.5 0.3 0.4
Unallocated 68.2 58.4 — — 56.1 51.3
Total $5,828.5 $5,564.0 $630.0 $619.2 $964.6 $1,065.6
105
Source: Burger King Worldwide, Inc., 10-K, February 21, 2014 Powered by Morningstar® Document Research℠
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