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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended
June 30, 2019
 
 
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ______ to ______
Commission File Number: 001-35625

http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13039731&doc=14
BLOOMIN’ BRANDS, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
20-8023465
(State or other jurisdiction of incorporation or organization)
 
(IRS Employer Identification No.)
2202 North West Shore Boulevard, Suite 500, Tampa, Florida 33607
(Address of principal executive offices) (Zip Code)

(813) 282-1225
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock
$0.01 par value
 
BLMN
 
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer   Non-accelerated filer
Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  

As of July 30, 2019, 86,832,208 shares of common stock of the registrant were outstanding.
 
 
 
 
 


Table of Contents
BLOOMIN’ BRANDS, INC.



INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarterly Period Ended June 30, 2019
(Unaudited)

TABLE OF CONTENTS

 
Page No.
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
 

2

Table of Contents
BLOOMIN’ BRANDS, INC.


PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA, UNAUDITED)
 
JUNE 30, 2019
 
DECEMBER 30, 2018
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
64,653

 
$
71,823

Restricted cash and cash equivalents
2,187

 

Inventories
69,238

 
72,812

Other current assets, net
97,821

 
190,848

Total current assets
233,899

 
335,483

Property, fixtures and equipment, net
1,058,938

 
1,115,929

Operating lease right-of-use assets
1,275,303

 

Goodwill
294,292

 
295,427

Intangible assets, net
476,470

 
503,972

Deferred income tax assets, net
56,499

 
92,990

Other assets, net
116,325

 
120,973

Total assets
$
3,511,726

 
$
2,464,774

LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

Current liabilities
 

 
 

Accounts payable
$
151,495

 
$
174,488

Accrued and other current liabilities
371,079

 
246,653

Unearned revenue
237,304


342,708

Current portion of long-term debt
26,706

 
27,190

Total current liabilities
786,584

 
791,039

Non-current operating lease liabilities
1,284,574

 

Deferred rent

 
167,027

Deferred income tax liabilities
13,668

 
14,790

Long-term debt, net
1,122,189

 
1,067,585

Long-term portion of deferred gain on sale-leaseback transactions, net

 
177,983

Other long-term liabilities, net
146,118

 
191,533

Total liabilities
3,353,133

 
2,409,957

Commitments and contingencies (Note 16)


 


Stockholders’ equity
 
 
 
Bloomin’ Brands stockholders’ equity
 
 
 
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2019 and December 30, 2018

 

Common stock, $0.01 par value, 475,000,000 shares authorized; 86,826,650 and 91,271,825 shares issued and outstanding as of June 30, 2019 and December 30, 2018, respectively
868

 
913

Additional paid-in capital
1,099,598

 
1,107,582

Accumulated deficit
(792,341
)
 
(920,010
)
Accumulated other comprehensive loss
(157,346
)
 
(142,755
)
Total Bloomin’ Brands stockholders’ equity
150,779

 
45,730

Noncontrolling interests
7,814

 
9,087

Total stockholders’ equity
158,593

 
54,817

Total liabilities and stockholders’ equity
$
3,511,726

 
$
2,464,774

 
The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents
BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)


 
THIRTEEN WEEKS ENDED
 
TWENTY-SIX WEEKS ENDED
 
JUNE 30, 2019

JULY 1, 2018

JUNE 30, 2019

JULY 1, 2018
Revenues
 
 
 
 
 
 
 
Restaurant sales
$
1,005,687

 
$
1,015,484

 
$
2,117,329

 
$
2,114,487

Franchise and other revenues
16,243

 
16,330

 
32,732

 
33,792

Total revenues
1,021,930

 
1,031,814

 
2,150,061

 
2,148,279

Costs and expenses
 

 
 

 
 

 
 

Cost of sales
312,679

 
322,790

 
664,790

 
674,922

Labor and other related
301,213

 
301,921

 
620,228

 
612,983

Other restaurant operating
240,895

 
238,379

 
491,749

 
491,724

Depreciation and amortization
49,788

 
50,782

 
99,270

 
100,902

General and administrative
71,955

 
76,129

 
142,544

 
144,825

Provision for impaired assets and restaurant closings
1,940

 
8,889

 
5,526

 
11,628

Total costs and expenses
978,470

 
998,890

 
2,024,107

 
2,036,984

Income from operations
43,460

 
32,924

 
125,954

 
111,295

Other income (expense), net
12

 
(6
)
 
(156
)
 
(5
)
Interest expense, net
(12,448
)
 
(11,319
)
 
(23,629
)
 
(21,629
)
Income before provision (benefit) for income taxes
31,024

 
21,599

 
102,169

 
89,661

Provision (benefit) for income taxes
1,215

 
(5,124
)
 
6,711

 
(3,199
)
Net income
29,809

 
26,723

 
95,458

 
92,860

Less: net income attributable to noncontrolling interests
788

 
2

 
2,137

 
741

Net income attributable to Bloomin’ Brands
$
29,021

 
$
26,721

 
$
93,321

 
$
92,119

 
 
 
 
 
 
 
 
Net income
$
29,809

 
$
26,723

 
$
95,458

 
$
92,860

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustment
(8,476
)
 
(30,044
)
 
(2,721
)
 
(28,695
)
Unrealized (loss) gain on derivatives, net of tax
(7,239
)
 
296

 
(11,620
)
 
1,184

Reclassification of adjustment for loss (gain) on derivatives included in Net income, net of tax
130

 
71

 
(234
)
 
379

Comprehensive income (loss)
14,224

 
(2,954
)
 
80,883

 
65,728

Less: comprehensive income attributable to noncontrolling interests
896

 
360

 
2,153

 
1,081

Comprehensive income (loss) attributable to Bloomin’ Brands
$
13,328

 
$
(3,314
)
 
$
78,730

 
$
64,647

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.32

 
$
0.29

 
$
1.03

 
$
1.00

Diluted
$
0.32

 
$
0.28

 
$
1.02

 
$
0.97

Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
90,194

 
92,120

 
90,805

 
92,194

Diluted
90,953

 
94,361

 
91,807

 
95,072

 
The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents
BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)

 
BLOOMIN’ BRANDS, INC.
 
 
 
 

COMMON STOCK

ADDITIONAL PAID-IN CAPITAL
 
ACCUM-
ULATED DEFICIT

ACCUMULATED OTHER
COMPREHENSIVE LOSS

NON-CONTROLLING INTERESTS

TOTAL
 
SHARES
 
AMOUNT
 
 
 
 
 
Balance, March 31, 2019
91,647

 
$
916

 
$
1,099,346

 
$
(714,425
)
 
$
(141,653
)
 
$
8,179

 
$
252,363

Net income

 

 

 
29,021

 

 
788

 
29,809

Other comprehensive (loss) income, net of tax

 

 

 

 
(15,727
)
 
142

 
(15,585
)
Cash dividends declared, $0.10 per common share

 

 
(9,227
)
 

 

 

 
(9,227
)
Repurchase and retirement of common stock
(5,469
)
 
(55
)
 

 
(106,937
)
 

 

 
(106,992
)
Stock-based compensation

 

 
5,137

 

 

 

 
5,137

Common stock issued under stock plans (1)
649

 
7

 
4,499

 

 

 

 
4,506

Purchase of noncontrolling interests

 

 
(157
)
 

 
34

 
82

 
(41
)
Distributions to noncontrolling interests

 

 

 

 

 
(1,578
)
 
(1,578
)
Contributions from noncontrolling interests

 

 

 

 

 
201

 
201

Balance, June 30, 2019
86,827

 
$
868

 
$
1,099,598

 
$
(792,341
)
 
$
(157,346
)
 
$
7,814

 
$
158,593

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 30, 2018
91,272

 
$
913

 
$
1,107,582

 
$
(920,010
)
 
$
(142,755
)
 
$
9,087

 
$
54,817

Cumulative-effect from a change in accounting principle, net of tax

 

 

 
141,285

 

 

 
141,285

Net income

 

 

 
93,321

 

 
2,137

 
95,458

Other comprehensive (loss) income, net of tax

 

 

 

 
(14,625
)
 
50

 
(14,575
)
Cash dividends declared, $0.20 per common share

 

 
(18,367
)
 

 

 

 
(18,367
)
Repurchase and retirement of common stock
(5,469
)
 
(55
)
 

 
(106,937
)
 

 

 
(106,992
)
Stock-based compensation

 

 
9,130

 

 

 

 
9,130

Common stock issued under stock plans (1)
1,024

 
10

 
1,410

 

 

 

 
1,420

Purchase of noncontrolling interests

 

 
(157
)
 

 
34

 
82

 
(41
)
Distributions to noncontrolling interests

 

 

 

 

 
(4,007
)
 
(4,007
)
Contributions from noncontrolling interests

 

 

 

 

 
465

 
465

Balance, June 30, 2019
86,827

 
$
868

 
$
1,099,598

 
$
(792,341
)
 
$
(157,346
)
 
$
7,814

 
$
158,593

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(CONTINUED...)
 

5

Table of Contents
BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)

 
BLOOMIN’ BRANDS, INC.
 
 
 
 
 
COMMON STOCK
 
ADDITIONAL PAID-IN CAPITAL
 
ACCUM-
ULATED DEFICIT
 
ACCUMULATED OTHER
COMPREHENSIVE LOSS
 
NON-CONTROLLING INTERESTS
 
TOTAL
 
SHARES
 
AMOUNT
 
 
 
 
 
Balance, April 1, 2018
91,416

 
$
914

 
$
1,092,147

 
$
(898,768
)
 
$
(96,636
)
 
$
10,778

 
$
108,435

Net income

 

 

 
26,721

 

 
245

 
26,966

Other comprehensive (loss) income, net of tax

 

 

 

 
(30,036
)
 
359

 
(29,677
)
Cash dividends declared, $0.09 per common share

 

 
(8,363
)
 

 

 

 
(8,363
)
Repurchase and retirement of common stock
(1,288
)
 
(13
)
 

 
(29,991
)
 

 

 
(30,004
)
Stock-based compensation

 

 
6,057

 

 

 

 
6,057

Common stock issued under stock plans (1)
2,309

 
23

 
19,417

 

 

 

 
19,440

Change in the redemption value of redeemable interests

 

 
(243
)
 

 

 

 
(243
)
Distributions to noncontrolling interests

 

 

 

 

 
(2,303
)
 
(2,303
)
Contributions from noncontrolling interests

 

 

 

 

 
1,162

 
1,162

Balance, July 1, 2018
92,437

 
$
924

 
$
1,109,015

 
$
(902,038
)
 
$
(126,672
)
 
$
10,241

 
$
91,470

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2017
91,913

 
$
919

 
$
1,081,813

 
$
(913,191
)
 
$
(99,199
)
 
$
10,889

 
$
81,231

Net income

 

 

 
92,119

 

 
1,063

 
93,182

Other comprehensive (loss) income, net of tax

 

 

 

 
(27,473
)
 
341

 
(27,132
)
Cash dividends declared, $0.18 per common share

 

 
(16,734
)
 

 

 

 
(16,734
)
Repurchase and retirement of common stock
(3,404
)
 
(34
)
 

 
(80,966
)
 

 

 
(81,000
)
Stock-based compensation

 
 
 
11,178

 

 

 

 
11,178

Common stock issued under stock plans (1)
3,928

 
39

 
33,080

 

 

 

 
33,119

Change in the redemption value of redeemable interests

 

 
(322
)
 

 

 

 
(322
)
Distributions to noncontrolling interests

 

 

 

 

 
(3,372
)
 
(3,372
)
Contributions from noncontrolling interests

 

 

 

 

 
1,320

 
1,320

Balance, July 1, 2018
92,437

 
$
924

 
$
1,109,015

 
$
(902,038
)
 
$
(126,672
)
 
$
10,241

 
$
91,470

________________
(1)
Net of forfeitures and shares withheld for employee taxes.

The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents
BLOOMIN’ BRANDS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)


 
TWENTY-SIX WEEKS ENDED
 
JUNE 30, 2019
 
JULY 1, 2018
Cash flows provided by operating activities:
 
 
 
Net income
$
95,458

 
$
92,860

Adjustments to reconcile Net income to cash provided by operating activities:
 

 
 

Depreciation and amortization
99,270

 
100,902

Amortization of deferred discounts and issuance costs
1,255

 
1,288

Amortization of deferred gift card sales commissions
14,089

 
15,219

Provision for impaired assets and restaurant closings
5,526

 
11,628

Non-cash operating lease costs
36,096

 

Stock-based and other non-cash compensation expense
12,854

 
13,263

Deferred income tax benefit
(945
)
 
(264
)
Loss on sale of a business or subsidiary
214

 

Recognition of deferred gain on sale-leaseback transactions

 
(6,142
)
Other, net
(4,299
)
 
1,257

Change in assets and liabilities
(127,075
)
 
(129,928
)
Net cash provided by operating activities
132,443

 
100,083

Cash flows used in investing activities:
 

 
 

Proceeds from disposal of property, fixtures and equipment
1,717

 
6,164

Proceeds from sale-leaseback transactions, net
3,052

 
4,695

Capital expenditures
(80,773
)
 
(92,528
)
Other investments, net
2,150

 
(275
)
Net cash used in investing activities
$
(73,854
)
 
$
(81,944
)
 
 
 
 
 
(CONTINUED...)
 
 
 
 
 

7

Table of Contents
BLOOMIN’ BRANDS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)


 
TWENTY-SIX WEEKS ENDED
 
JUNE 30, 2019
 
JULY 1, 2018
Cash flows used in financing activities:
 
 
 
Repayments of long-term debt
$
(14,031
)
 
$
(12,876
)
Proceeds from borrowings on revolving credit facilities, net
408,000

 
266,829

Repayments of borrowings on revolving credit facilities
(321,200
)
 
(234,500
)
Proceeds from the exercise of share-based compensation, net
1,420

 
33,119

Distributions to noncontrolling interests
(4,007
)
 
(3,372
)
Contributions from noncontrolling interests
465

 
1,320

Purchase of limited partnership and noncontrolling interests
(41
)
 
(1,443
)
Repayments of partner deposits and accrued partner obligations
(8,662
)
 
(9,646
)
Repurchase of common stock
(106,992
)
 
(81,000
)
Cash dividends paid on common stock
(18,367
)
 
(16,734
)
Net cash used in financing activities
(63,415
)
 
(58,303
)
Effect of exchange rate changes on cash and cash equivalents
(157
)
 
(3,164
)
Net decrease in cash, cash equivalents and restricted cash
(4,983
)
 
(43,328
)
Cash, cash equivalents and restricted cash as of the beginning of the period
71,823

 
129,543

Cash, cash equivalents and restricted cash as of the end of the period
$
66,840

 
$
86,215

Supplemental disclosures of cash flow information:
 

 
 

Cash paid for interest
$
25,263

 
$
20,488

Cash paid for income taxes, net of refunds
11,309

 
6,675

Supplemental disclosures of non-cash investing and financing activities:
 

 
 

Leased assets obtained in exchange for new operating lease liabilities
$
33,679

 
$

Leased assets obtained in exchange for new finance lease liabilities
194

 

(Decrease) increase in liabilities from the acquisition of property, fixtures and equipment or capital leases
(5,494
)
 
1,430


The accompanying notes are an integral part of these consolidated financial statements.


8

Table of Contents
BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)


1.    Description of the Business and Basis of Presentation

Description of the Business - Bloomin’ Brands (“Bloomin’ Brands” or the “Company”) owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements.

Basis of Presentation - The accompanying interim unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 30, 2018.

Recently Adopted Financial Accounting Standards - On December 31, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02: Leases (Topic 842) (“ASU No. 2016-02”), ASU No. 2018-01: Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 (“ASU No. 2018-01”), and ASU No. 2018-11: Leases (Topic 842): Targeted Improvements (“ASU No. 2018-11”). ASU No. 2016-02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU No. 2018-01 allows an entity to elect an optional transition practical expedient to not evaluate land easements that exist or expired before the Company’s adoption of ASU No. 2016-02. ASU No. 2018-11 allows for an additional transition method, which permits use of the effective date of adoption as the date of initial application of ASU No. 2016-02 without restating comparative period financial statements and provides entities with a practical expedient that allows entities to elect not to separate lease and non-lease components when certain conditions are met.

The Company adopted ASU No. 2016-02 using December 31, 2018 as the date of initial application. Consequently, financial information and the disclosures required under the new standard were not provided for dates and periods before December 31, 2018. The Company also elected a transition package including practical expedients that permitted it not to reassess the classification and initial direct costs of expired or existing contracts and leases, to not separate lease and non-lease components of restaurant facility leases executed subsequent to adoption, and to not evaluate land easements that exist or expired before the adoption. In preparation for adoption, the Company implemented a new lease accounting system.

Adoption resulted in the following, as of December 31, 2018:

(i)
recording of right-of-use assets of $1.3 billion and lease liabilities of $1.5 billion;
(ii)
a credit to the beginning balance of Accumulated Deficit of $190.4 million to derecognize deferred gains on sale-leaseback transactions and a debit to the beginning balance of Accumulated Deficit of $49.2 million to derecognize the related deferred tax assets; and
(iii)
derecognition of existing debt obligations of $19.6 million and existing fixed assets of $16.1 million related to restaurant properties sold and leased back from third parties that previously did not qualify for sale accounting, with gains or losses associated with this change recognized in Accumulated Deficit.

Other restaurant operating expense increased during the thirteen and twenty-six weeks ended June 30, 2019 from the adoption of ASU No. 2016-02 since the Company no longer recognizes the benefit of deferred gains on sale-leaseback

9

Table of Contents
BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued

transactions through its statements of operations over the corresponding lease term. During the thirteen and twenty-six weeks ended July 1, 2018, the Company recognized $3.0 million and $6.1 million, respectively, of sale-leaseback deferred gain amortization.

As a result of adoption of ASU No. 2016-02, the Company recorded reclassification adjustments to certain balances that were recorded under Accounting Standards Codification Topic 840, “Leases” (“ASC 840”) in its Consolidated Balance Sheet as of December 30, 2018. The following table summarizes accounts with material reclassification adjustments which impacted Operating lease right-of-use assets as a part of the adoption of ASU No. 2016-02:
ACCOUNT
 
CONSOLIDATED BALANCE SHEET CLASSIFICATION UNDER ASC 840
Favorable leases
 
Intangible assets, net
Deferred rent
 
Deferred rent
Unfavorable leases
 
Other long-term liabilities, net
Exit-related lease accruals
 
Other long-term liabilities, net


In addition, rent payments that were recorded within prepaid assets under ASC 840 are now recorded as a reduction of the current portion of operating lease liabilities.

Recently Issued Financial Accounting Standards Not Yet Adopted - In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” (“ASU No. 2016-13”), which requires measurement and recognition of expected versus incurred losses for financial instruments. ASU No. 2016-13 is effective for the Company in the first quarter of 2020, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2016-13 on its consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” (“ASU No. 2018-15”), which clarifies the accounting for implementation costs in cloud computing arrangements. ASU No. 2018-15 is effective for the Company in the first quarter of 2020, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2018-15 on its consolidated financial statements.

Reclassifications - The Company reclassified certain items in the accompanying Consolidated Financial Statements for prior periods to be comparable with the classification for the current period. These reclassifications had no effect on previously reported net income.

2.    Revenue Recognition

The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:
 
THIRTEEN WEEKS ENDED
 
TWENTY-SIX WEEKS ENDED
(dollars in thousands)
JUNE 30, 2019
 
JULY 1, 2018
 
JUNE 30, 2019
 
JULY 1, 2018