Document
P9YP7Yfalse--12-27Q120200001546417false0.01USDBloomin' Brands, Inc.falseNASDAQ20000025000000.10.20.010.01475000000475000000869458698741686786945869874168670.02750.017530000036000000.010.0125000000250000000000 0001546417 2019-12-30 2020-03-29 0001546417 blmn:UnearnedRevenueMember 2019-12-30 2020-03-29 0001546417 us-gaap:OtherCurrentAssetsMember 2019-12-30 2020-03-29 0001546417 2020-05-18 0001546417 2019-12-29 0001546417 2020-03-29 0001546417 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember 2018-12-31 2019-03-31 0001546417 blmn:FranchiseandOtherRevenueMember 2019-12-30 2020-03-29 0001546417 blmn:FranchiseandOtherRevenueMember 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember 2019-12-30 2020-03-29 0001546417 us-gaap:CommonStockMember 2018-12-30 0001546417 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 2019-03-31 0001546417 us-gaap:CommonStockMember 2018-12-31 2019-03-31 0001546417 us-gaap:NoncontrollingInterestMember 2018-12-31 2019-03-31 0001546417 2018-12-31 0001546417 us-gaap:RetainedEarningsMember 2018-12-31 0001546417 us-gaap:AdditionalPaidInCapitalMember 2018-12-30 0001546417 us-gaap:RetainedEarningsMember 2018-12-30 0001546417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 2019-03-31 0001546417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-30 0001546417 us-gaap:RetainedEarningsMember 2019-03-31 0001546417 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001546417 us-gaap:NoncontrollingInterestMember 2019-03-31 0001546417 2018-12-30 0001546417 us-gaap:NoncontrollingInterestMember 2018-12-30 0001546417 us-gaap:CommonStockMember 2019-03-31 0001546417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001546417 2019-03-31 0001546417 us-gaap:RetainedEarningsMember 2018-12-31 2019-03-31 0001546417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-30 2020-03-29 0001546417 us-gaap:NoncontrollingInterestMember 2019-12-30 2020-03-29 0001546417 us-gaap:CommonStockMember 2020-03-29 0001546417 us-gaap:CommonStockMember 2019-12-29 0001546417 us-gaap:RetainedEarningsMember 2019-12-30 2020-03-29 0001546417 us-gaap:RetainedEarningsMember 2020-03-29 0001546417 us-gaap:RetainedEarningsMember 2019-12-29 0001546417 us-gaap:RetainedEarningsMember 2019-12-30 0001546417 us-gaap:AdditionalPaidInCapitalMember 2019-12-30 2020-03-29 0001546417 us-gaap:NoncontrollingInterestMember 2020-03-29 0001546417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-29 0001546417 us-gaap:AdditionalPaidInCapitalMember 2020-03-29 0001546417 us-gaap:CommonStockMember 2019-12-30 2020-03-29 0001546417 us-gaap:AdditionalPaidInCapitalMember 2019-12-29 0001546417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-29 0001546417 2019-12-30 0001546417 us-gaap:NoncontrollingInterestMember 2019-12-29 0001546417 us-gaap:AccountingStandardsUpdate201613Member 2019-12-30 0001546417 us-gaap:AccountingStandardsUpdate201613Member us-gaap:PropertyLeaseGuaranteeMember 2019-12-30 0001546417 us-gaap:AccountingStandardsUpdate201613Member us-gaap:RetainedEarningsMember 2019-12-30 0001546417 us-gaap:AccountingStandardsUpdate201613Member 2019-12-30 2019-12-30 0001546417 blmn:COVID19PandemicMember 2019-12-30 2020-03-29 0001546417 us-gaap:CostOfSalesMember blmn:COVID19PandemicMember 2019-12-30 2020-03-29 0001546417 blmn:GoodwillandOtherAssetsMember blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember blmn:COVID19PandemicMember 2019-12-30 2020-03-29 0001546417 us-gaap:PropertyPlantAndEquipmentMember blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember blmn:COVID19PandemicMember 2019-12-30 2020-03-29 0001546417 blmn:LaborandOtherRelatedMember blmn:COVID19PandemicMember 2019-12-30 2020-03-29 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember blmn:COVID19PandemicMember 2019-12-30 2020-03-29 0001546417 us-gaap:GeneralAndAdministrativeExpenseMember blmn:COVID19PandemicMember 2019-12-30 2020-03-29 0001546417 us-gaap:PropertyLeaseGuaranteeMember us-gaap:GeneralAndAdministrativeExpenseMember blmn:COVID19PandemicMember 2019-12-30 2020-03-29 0001546417 us-gaap:FranchiseMember 2018-12-31 2019-03-31 0001546417 us-gaap:FranchiseMember 2019-12-30 2020-03-29 0001546417 us-gaap:ProductAndServiceOtherMember 2018-12-31 2019-03-31 0001546417 us-gaap:ProductAndServiceOtherMember 2019-12-30 2020-03-29 0001546417 us-gaap:FranchiseMember blmn:OutbackSteakhouseMember 2018-12-31 2019-03-31 0001546417 us-gaap:FranchiseMember blmn:BonefishGrillMember 2018-12-31 2019-03-31 0001546417 us-gaap:FranchiseMember blmn:OtherInternationalMember 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember blmn:OtherInternationalMember 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember blmn:InternationalSegmentMember 2019-12-30 2020-03-29 0001546417 us-gaap:FranchiseMember blmn:OutbackSteakhouseMember 2019-12-30 2020-03-29 0001546417 us-gaap:FoodAndBeverageMember blmn:CarrabbasItalianGrillMember 2018-12-31 2019-03-31 0001546417 us-gaap:FranchiseMember blmn:InternationalSegmentMember 2019-12-30 2020-03-29 0001546417 us-gaap:FranchiseMember blmn:OtherU.S.Member 2019-12-30 2020-03-29 0001546417 us-gaap:FoodAndBeverageMember blmn:FlemingsPrimeSteakhouseWineBarMember 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember blmn:OtherInternationalMember 2019-12-30 2020-03-29 0001546417 us-gaap:FoodAndBeverageMember blmn:OtherU.S.Member 2018-12-31 2019-03-31 0001546417 us-gaap:FranchiseMember blmn:InternationalSegmentMember 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember blmn:CarrabbasItalianGrillMember 2019-12-30 2020-03-29 0001546417 us-gaap:FoodAndBeverageMember blmn:BonefishGrillMember 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember blmn:OtherU.S.Member 2019-12-30 2020-03-29 0001546417 us-gaap:FranchiseMember blmn:U.S.SegmentMember 2018-12-31 2019-03-31 0001546417 us-gaap:FranchiseMember blmn:OtherInternationalMember 2019-12-30 2020-03-29 0001546417 us-gaap:FoodAndBeverageMember blmn:OutbackBrazilMember 2018-12-31 2019-03-31 0001546417 us-gaap:FranchiseMember blmn:BonefishGrillMember 2019-12-30 2020-03-29 0001546417 us-gaap:FranchiseMember blmn:CarrabbasItalianGrillMember 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember blmn:OutbackSteakhouseMember 2018-12-31 2019-03-31 0001546417 us-gaap:FranchiseMember blmn:U.S.SegmentMember 2019-12-30 2020-03-29 0001546417 us-gaap:FoodAndBeverageMember blmn:U.S.SegmentMember 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember blmn:U.S.SegmentMember 2019-12-30 2020-03-29 0001546417 us-gaap:FranchiseMember blmn:OtherU.S.Member 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember blmn:InternationalSegmentMember 2018-12-31 2019-03-31 0001546417 us-gaap:FranchiseMember blmn:FlemingsPrimeSteakhouseWineBarMember 2019-12-30 2020-03-29 0001546417 us-gaap:FranchiseMember blmn:FlemingsPrimeSteakhouseWineBarMember 2018-12-31 2019-03-31 0001546417 us-gaap:FranchiseMember blmn:OutbackBrazilMember 2018-12-31 2019-03-31 0001546417 us-gaap:FoodAndBeverageMember blmn:OutbackSteakhouseMember 2019-12-30 2020-03-29 0001546417 us-gaap:FoodAndBeverageMember blmn:OutbackBrazilMember 2019-12-30 2020-03-29 0001546417 us-gaap:FoodAndBeverageMember blmn:FlemingsPrimeSteakhouseWineBarMember 2019-12-30 2020-03-29 0001546417 us-gaap:FoodAndBeverageMember blmn:BonefishGrillMember 2019-12-30 2020-03-29 0001546417 us-gaap:FranchiseMember blmn:CarrabbasItalianGrillMember 2019-12-30 2020-03-29 0001546417 us-gaap:FranchiseMember blmn:OutbackBrazilMember 2019-12-30 2020-03-29 0001546417 blmn:UnearnedRevenueMember 2020-03-29 0001546417 blmn:UnearnedRevenueMember blmn:LoyaltyRevenueMember 2020-03-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:RoyaltyArrangementMember 2020-03-29 0001546417 blmn:UnearnedRevenueMember us-gaap:UpFrontPaymentArrangementMember 2020-03-29 0001546417 blmn:UnearnedRevenueMember blmn:LoyaltyRevenueMember 2019-12-29 0001546417 us-gaap:OtherCurrentAssetsMember 2019-12-29 0001546417 us-gaap:OtherCurrentAssetsMember 2020-03-29 0001546417 blmn:UnearnedRevenueMember us-gaap:RoyaltyArrangementMember 2020-03-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:RoyaltyArrangementMember 2019-12-29 0001546417 blmn:UnearnedRevenueMember us-gaap:RoyaltyArrangementMember 2019-12-29 0001546417 blmn:UnearnedRevenueMember us-gaap:UpFrontPaymentArrangementMember 2019-12-29 0001546417 blmn:UnearnedRevenueMember 2019-12-29 0001546417 us-gaap:UpFrontPaymentArrangementMember 2019-12-29 0001546417 us-gaap:UpFrontPaymentArrangementMember 2019-12-30 2020-03-29 0001546417 us-gaap:UpFrontPaymentArrangementMember 2020-03-29 0001546417 us-gaap:UpFrontPaymentArrangementMember 2018-12-31 2019-03-31 0001546417 us-gaap:UpFrontPaymentArrangementMember 2018-12-30 0001546417 us-gaap:UpFrontPaymentArrangementMember 2019-03-31 0001546417 us-gaap:FacilityClosingMember 2019-12-29 0001546417 us-gaap:FacilityClosingMember 2019-12-30 2020-03-29 0001546417 us-gaap:FacilityClosingMember 2020-03-29 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember blmn:U.S.SegmentMember 2018-12-31 2019-03-31 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember blmn:U.S.SegmentMember 2019-12-30 2020-03-29 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember blmn:InternationalSegmentMember 2018-12-31 2019-03-31 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember blmn:InternationalSegmentMember 2019-12-30 2020-03-29 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember 2018-12-31 2019-03-31 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember 2019-12-30 2020-03-29 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember us-gaap:CorporateNonSegmentMember 2019-12-30 2020-03-29 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember us-gaap:CorporateNonSegmentMember 2018-12-31 2019-03-31 0001546417 blmn:OutbackHongKongMember blmn:InternationalSegmentMember 2019-12-30 2020-03-29 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember blmn:InternationalSegmentMember blmn:COVID19PandemicMember 2019-12-30 2020-03-29 0001546417 blmn:OperatingLeaseLiabilityNoncurrentMember us-gaap:FacilityClosingMember 2020-03-29 0001546417 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember blmn:CarrabbasItalianGrillMember 2019-03-31 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember blmn:TransformationalInitiativesMember us-gaap:CorporateNonSegmentMember 2019-12-30 2020-03-29 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember us-gaap:FacilityClosingMember 2020-03-29 0001546417 blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember blmn:U.S.SegmentMember blmn:COVID19PandemicMember 2019-12-30 2020-03-29 0001546417 us-gaap:EmployeeStockOptionMember 2018-12-31 2019-03-31 0001546417 us-gaap:EmployeeStockOptionMember 2019-12-30 2020-03-29 0001546417 us-gaap:RestrictedStockUnitsRSUMember 2019-12-30 2020-03-29 0001546417 us-gaap:RestrictedStockUnitsRSUMember 2018-12-31 2019-03-31 0001546417 us-gaap:PerformanceSharesMember 2018-12-31 2019-03-31 0001546417 us-gaap:PerformanceSharesMember 2019-12-30 2020-03-29 0001546417 us-gaap:PerformanceSharesMember 2018-12-31 2019-03-31 0001546417 us-gaap:PerformanceSharesMember 2019-12-30 2020-03-29 0001546417 us-gaap:EmployeeStockOptionMember 2019-12-30 2020-03-29 0001546417 us-gaap:EmployeeStockOptionMember 2018-12-31 2019-03-31 0001546417 us-gaap:RestrictedStockUnitsRSUMember 2019-12-30 2020-03-29 0001546417 us-gaap:RestrictedStockUnitsRSUMember 2018-12-31 2019-03-31 0001546417 us-gaap:PerformanceSharesMember 2020-03-29 0001546417 us-gaap:RestrictedStockUnitsRSUMember 2020-03-29 0001546417 us-gaap:EmployeeStockOptionMember 2020-03-29 0001546417 blmn:AccountsReceivableOtherMember 2019-12-29 0001546417 blmn:AccountsReceivableGiftCardsMember 2020-03-29 0001546417 blmn:AccountsReceivableVendorsMember 2019-12-29 0001546417 blmn:AccountsReceivableVendorsMember 2020-03-29 0001546417 blmn:AccountsReceivableOtherMember 2020-03-29 0001546417 blmn:AccountsReceivableGiftCardsMember 2019-12-29 0001546417 us-gaap:AccruedIncomeReceivableMember 2020-03-29 0001546417 us-gaap:AccruedIncomeReceivableMember 2019-12-29 0001546417 blmn:U.S.SegmentMember 2019-12-29 0001546417 blmn:InternationalSegmentMember 2019-12-30 2020-03-29 0001546417 blmn:U.S.SegmentMember 2019-12-30 2020-03-29 0001546417 blmn:U.S.SegmentMember 2020-03-29 0001546417 blmn:InternationalSegmentMember 2020-03-29 0001546417 blmn:InternationalSegmentMember 2019-12-29 0001546417 us-gaap:RevolvingCreditFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:SecuredDebtMember 2020-03-29 0001546417 us-gaap:RevolvingCreditFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:SecuredDebtMember 2019-12-29 0001546417 us-gaap:NotesPayableOtherPayablesMember us-gaap:UnsecuredDebtMember 2020-03-29 0001546417 us-gaap:NotesPayableOtherPayablesMember us-gaap:UnsecuredDebtMember 2019-12-29 0001546417 srt:WeightedAverageMember blmn:TermLoanAFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:SecuredDebtMember 2020-03-29 0001546417 srt:WeightedAverageMember blmn:TermLoanAFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:SecuredDebtMember 2019-12-29 0001546417 blmn:SeniorSecuredCreditFacilityMember us-gaap:SecuredDebtMember 2020-03-29 0001546417 srt:WeightedAverageMember us-gaap:RevolvingCreditFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:SecuredDebtMember 2019-12-29 0001546417 srt:WeightedAverageMember us-gaap:RevolvingCreditFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:SecuredDebtMember 2020-03-29 0001546417 blmn:TermLoanAFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:SecuredDebtMember 2020-03-29 0001546417 blmn:SeniorSecuredCreditFacilityMember us-gaap:SecuredDebtMember 2019-12-29 0001546417 blmn:TermLoanAFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:SecuredDebtMember 2019-12-29 0001546417 blmn:AmendedCreditAgreementMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2021-06-28 2021-09-26 0001546417 us-gaap:RevolvingCreditFacilityMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2020-05-03 2020-05-04 0001546417 srt:MaximumMember blmn:AmendedCreditAgreementMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2020-05-03 2020-05-04 0001546417 blmn:AmendedCreditAgreementMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2021-03-29 2021-06-27 0001546417 blmn:AmendedCreditAgreementMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2020-05-04 0001546417 blmn:EurocurrencyRateMember srt:MinimumMember blmn:AmendedCreditAgreementMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2020-05-04 0001546417 blmn:AmendedCreditAgreementMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2020-12-28 2021-03-28 0001546417 srt:MaximumMember blmn:AmendedCreditAgreementMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2020-05-04 0001546417 us-gaap:LetterOfCreditMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2020-05-03 2020-05-04 0001546417 blmn:EurocurrencyRateMember blmn:AmendedCreditAgreementMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2020-05-03 2020-05-04 0001546417 us-gaap:BaseRateMember blmn:AmendedCreditAgreementMember us-gaap:SecuredDebtMember us-gaap:SubsequentEventMember 2020-05-03 2020-05-04 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-30 2020-03-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:PropertyLeaseGuaranteeMember 2019-12-30 2020-03-29 0001546417 us-gaap:ParentMember 2018-12-31 2019-03-31 0001546417 us-gaap:ParentMember 2019-12-30 2020-03-29 0001546417 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-29 0001546417 us-gaap:AccumulatedTranslationAdjustmentMember 2020-03-29 0001546417 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2020-03-29 0001546417 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-12-29 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LondonInterbankOfferedRateLiborSwapRateMember 2018-10-24 2018-10-25 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-29 0001546417 srt:MaximumMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-10-24 2018-10-25 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-29 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-10-24 2018-10-25 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-10-25 0001546417 srt:MinimumMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-10-24 2018-10-25 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2019-12-30 2020-03-29 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-29 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-29 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 2019-03-31 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2018-12-31 2019-03-31 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-30 2020-03-29 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember blmn:IncomeTaxExpenseBenefitMember 2019-12-30 2020-03-29 0001546417 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember blmn:IncomeTaxExpenseBenefitMember 2018-12-31 2019-03-31 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember 2019-12-29 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember 2020-03-29 0001546417 blmn:OperatingLeaseLiabilityNoncurrentMember 2020-03-29 0001546417 blmn:CurrentPortionofLongTermDebtMember 2019-12-29 0001546417 blmn:OperatingLeaseLiabilityNoncurrentMember 2019-12-29 0001546417 us-gaap:PropertyPlantAndEquipmentMember 2020-03-29 0001546417 blmn:CurrentPortionofLongTermDebtMember 2020-03-29 0001546417 blmn:LongTermDebtnetMember 2019-12-29 0001546417 us-gaap:PropertyPlantAndEquipmentMember 2019-12-29 0001546417 blmn:OperatingLeaseRightofUseAssetMember 2020-03-29 0001546417 blmn:OperatingLeaseRightofUseAssetMember 2019-12-29 0001546417 blmn:LongTermDebtnetMember 2020-03-29 0001546417 blmn:DepreciationandAmortizationMember 2019-12-30 2020-03-29 0001546417 blmn:OtherRestaurantOperatingMember 2019-12-30 2020-03-29 0001546417 blmn:OtherRestaurantOperatingMember 2018-12-31 2019-03-31 0001546417 blmn:DepreciationandAmortizationMember 2018-12-31 2019-03-31 0001546417 us-gaap:InterestExpenseMember 2019-12-30 2020-03-29 0001546417 blmn:FranchiseandOtherRevenueMember 2019-12-30 2020-03-29 0001546417 us-gaap:InterestExpenseMember 2018-12-31 2019-03-31 0001546417 blmn:FranchiseandOtherRevenueMember 2018-12-31 2019-03-31 0001546417 blmn:FinanceLeaseAssetsMember 2019-12-29 0001546417 us-gaap:GeneralAndAdministrativeExpenseMember 2019-12-30 2020-03-29 0001546417 blmn:FinanceLeaseAssetsMember 2020-03-29 0001546417 us-gaap:CostOfSalesMember 2019-12-30 2020-03-29 0001546417 us-gaap:CostOfSalesMember 2018-12-31 2019-03-31 0001546417 us-gaap:GeneralAndAdministrativeExpenseMember 2018-12-31 2019-03-31 0001546417 srt:MaximumMember blmn:OperatingLeaseRightofUseAssetandPropertyFixturesandEquipmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-30 2020-03-29 0001546417 srt:MinimumMember blmn:OperatingLeaseRightofUseAssetandPropertyFixturesandEquipmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-30 2020-03-29 0001546417 blmn:OperatingLeaseRightofUseAssetandPropertyFixturesandEquipmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-30 2020-03-29 0001546417 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:FixedIncomeFundsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 us-gaap:MoneyMarketFundsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:FixedIncomeFundsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:MoneyMarketFundsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 blmn:AccruedandOtherCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-29 0001546417 us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-29 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember us-gaap:PropertyPlantAndEquipmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2020-03-29 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember blmn:OperatingLeaseRightofUseAssetMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2020-03-29 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember us-gaap:PropertyPlantAndEquipmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember blmn:OperatingLeaseRightofUseAssetMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0001546417 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-30 2020-03-29 0001546417 blmn:OperatingLeaseRightofUseAssetMember us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 2019-03-31 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember blmn:GoodwillandOtherAssetsMember us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0001546417 us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-30 2020-03-29 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-03-29 0001546417 blmn:GoodwillandOtherAssetsMember us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 2019-03-31 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember blmn:GoodwillandOtherAssetsMember us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-03-29 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-03-29 0001546417 us-gaap:PropertyPlantAndEquipmentMember us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 2019-03-31 0001546417 us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 2019-03-31 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember us-gaap:PropertyPlantAndEquipmentMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-03-29 0001546417 blmn:GoodwillandOtherAssetsMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-30 2020-03-29 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember us-gaap:PropertyPlantAndEquipmentMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember blmn:OperatingLeaseRightofUseAssetMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0001546417 us-gaap:PropertyPlantAndEquipmentMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-30 2020-03-29 0001546417 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 2019-03-31 0001546417 blmn:OperatingLeaseRightofUseAssetMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-30 2020-03-29 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember blmn:OperatingLeaseRightofUseAssetMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-03-29 0001546417 us-gaap:RevolvingCreditFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember 2020-03-29 0001546417 us-gaap:RevolvingCreditFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2019-12-29 0001546417 blmn:TermLoanAFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember 2020-03-29 0001546417 blmn:TermLoanAFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2020-03-29 0001546417 us-gaap:RevolvingCreditFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2020-03-29 0001546417 blmn:TermLoanAFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember 2019-12-29 0001546417 us-gaap:RevolvingCreditFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:FairValueInputsLevel2Member us-gaap:SecuredDebtMember 2019-12-29 0001546417 blmn:TermLoanAFacilityMember blmn:SeniorSecuredCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2019-12-29 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember us-gaap:PropertyPlantAndEquipmentMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2020-03-29 0001546417 blmn:AssetsMeasuredWithImpairmentYearToDateMember blmn:OperatingLeaseRightofUseAssetMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-03-31 0001546417 us-gaap:AccountingStandardsUpdate201613Member 2019-12-30 2020-03-29 0001546417 srt:MaximumMember srt:ScenarioForecastMember us-gaap:InternalRevenueServiceIRSMember 2019-12-30 2020-12-27 0001546417 srt:MinimumMember srt:ScenarioForecastMember us-gaap:InternalRevenueServiceIRSMember 2019-12-30 2020-12-27 0001546417 us-gaap:InternalRevenueServiceIRSMember 2019-12-29 0001546417 srt:MaximumMember us-gaap:InternalRevenueServiceIRSMember 2019-12-30 2020-03-29 0001546417 srt:MinimumMember us-gaap:InternalRevenueServiceIRSMember 2019-12-30 2020-03-29 0001546417 us-gaap:PropertyLeaseGuaranteeMember 2020-03-29 0001546417 us-gaap:CorporateNonSegmentMember us-gaap:GeneralAndAdministrativeExpenseMember us-gaap:EmployeeSeveranceMember 2019-12-30 2020-03-29 0001546417 blmn:InternationalSegmentMember 2018-12-31 2019-03-31 0001546417 blmn:U.S.SegmentMember 2018-12-31 2019-03-31 0001546417 us-gaap:CorporateNonSegmentMember 2019-12-30 2020-03-29 0001546417 us-gaap:OperatingSegmentsMember blmn:InternationalSegmentMember 2019-12-30 2020-03-29 0001546417 us-gaap:OperatingSegmentsMember blmn:U.S.SegmentMember 2018-12-31 2019-03-31 0001546417 us-gaap:CorporateNonSegmentMember 2018-12-31 2019-03-31 0001546417 us-gaap:OperatingSegmentsMember blmn:U.S.SegmentMember 2019-12-30 2020-03-29 0001546417 us-gaap:OperatingSegmentsMember blmn:InternationalSegmentMember 2018-12-31 2019-03-31 0001546417 us-gaap:OperatingSegmentsMember 2018-12-31 2019-03-31 0001546417 us-gaap:OperatingSegmentsMember 2019-12-30 2020-03-29 0001546417 blmn:A2025NotesMember us-gaap:ConvertibleDebtMember us-gaap:SubsequentEventMember 2020-05-08 0001546417 blmn:A2025NotesMember us-gaap:ConvertibleDebtMember us-gaap:SubsequentEventMember 2020-05-12 0001546417 blmn:A2025NotesMember us-gaap:ConvertibleDebtMember us-gaap:SubsequentEventMember 2020-05-07 2020-05-08 0001546417 blmn:A2025NotesMember us-gaap:SubsequentEventMember 2020-05-08 0001546417 blmn:A2025NotesMember us-gaap:SubsequentEventMember 2020-05-07 2020-05-08 blmn:Restaurants blmn:counterparties xbrli:pure xbrli:shares blmn:restraurant_concept iso4217:USD iso4217:USD xbrli:shares blmn:reportable_segment
 
 
 
 
 

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
March 29, 2020
 
 
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

https://cdn.kscope.io/8abf53a4377f7caf17f44a89c5e436d6-blmnlogov3.jpg
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 May 18, 2020, 87,486,017 shares of common stock of the registrant were outstanding.
 
 
 
 
 


BLOOMIN’ BRANDS, INC.



INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarterly Period Ended March 29, 2020
(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

BLOOMIN’ BRANDS, INC.


PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA, UNAUDITED)
 
MARCH 29, 2020
 
DECEMBER 29, 2019
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
403,395

 
$
67,145

Inventories
68,087

 
86,861

Other current assets, net
100,964

 
186,462

Total current assets
572,446

 
340,468

Property, fixtures and equipment, net
996,091

 
1,036,077

Operating lease right-of-use assets
1,249,750

 
1,266,548

Goodwill
282,628

 
288,439

Intangible assets, net
468,082

 
470,615

Deferred income tax assets, net
95,870

 
73,426

Other assets, net
101,734

 
117,110

Total assets
$
3,766,601

 
$
3,592,683

LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

Current liabilities
 

 
 

Accounts payable
$
141,221

 
$
174,877

Accrued and other current liabilities
378,357

 
391,451

Unearned revenue
289,085


369,282

Current portion of long-term debt
29,367

 
26,411

Total current liabilities
838,030

 
962,021

Non-current operating lease liabilities
1,281,372

 
1,279,051

Deferred income tax liabilities
9,151

 
13,777

Long-term debt, net
1,389,273

 
1,022,293

Other long-term liabilities, net
148,632

 
138,060

Total liabilities
3,666,458

 
3,415,202

Commitments and contingencies (Note 18)


 


Stockholders’ equity
 
 
 
Bloomin’ Brands stockholders’ equity
 
 
 
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of March 29, 2020 and December 29, 2019

 

Common stock, $0.01 par value, 475,000,000 shares authorized; 87,416,867 and 86,945,869 shares issued and outstanding as of March 29, 2020 and December 29, 2019, respectively
874

 
869

Additional paid-in capital
1,074,081

 
1,094,338

Accumulated deficit
(793,992
)
 
(755,089
)
Accumulated other comprehensive loss
(189,013
)
 
(169,776
)
Total Bloomin’ Brands stockholders’ equity
91,950

 
170,342

Noncontrolling interests
8,193

 
7,139

Total stockholders’ equity
100,143

 
177,481

Total liabilities and stockholders’ equity
$
3,766,601

 
$
3,592,683

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

3

BLOOMIN’ BRANDS, INC.

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


 
THIRTEEN WEEKS ENDED
 
MARCH 29, 2020

MARCH 31, 2019
Revenues
 
 
 
Restaurant sales
$
996,237

 
$
1,111,642

Franchise and other revenues
12,100

 
16,489

Total revenues
1,008,337

 
1,128,131

Costs and expenses
 

 
 

Cost of sales
319,693

 
352,111

Labor and other related
309,269

 
319,015

Other restaurant operating
246,555

 
250,854

Depreciation and amortization
48,268

 
49,482

General and administrative
84,802

 
70,589

Provision for impaired assets and restaurant closings
41,318

 
3,586

Total costs and expenses
1,049,905

 
1,045,637

(Loss) income from operations
(41,568
)
 
82,494

Other expense, net
(793
)
 
(168
)
Interest expense, net
(11,708
)
 
(11,181
)
(Loss) income before (benefit) provision for income taxes
(54,069
)
 
71,145

(Benefit) provision for income taxes
(19,655
)
 
5,496

Net (loss) income
(34,414
)
 
65,649

Less: net income attributable to noncontrolling interests
197

 
1,349

Net (loss) income attributable to Bloomin’ Brands
(34,611
)
 
64,300

Redemption of preferred stock in excess of carrying value
(3,496
)
 

Net (loss) income attributable to common stockholders
$
(38,107
)
 
$
64,300

 
 
 
 
Net (loss) income
$
(34,414
)
 
$
65,649

Other comprehensive (loss) income:
 
 
 
Foreign currency translation adjustment
(7,961
)
 
5,755

Unrealized loss on derivatives, net of tax
(13,336
)
 
(4,381
)
Reclassification of adjustment for loss (gain) on derivatives included in Net (loss) income, net of tax
1,396

 
(364
)
Comprehensive (loss) income
(54,315
)
 
66,659

Less: comprehensive (loss) income attributable to noncontrolling interests
(467
)
 
1,257

Comprehensive (loss) income attributable to Bloomin’ Brands
$
(53,848
)
 
$
65,402

 
 
 
 
(Loss) earnings per share attributable to common stockholders:
 
 
 
Basic
$
(0.44
)
 
$
0.70

Diluted
$
(0.44
)
 
$
0.69

Weighted average common shares outstanding:
 
 
 
Basic
87,129

 
91,415

Diluted
87,129

 
92,661

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

4

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, December 29, 2019
86,946

 
$
869

 
$
1,094,338

 
$
(755,089
)
 
$
(169,776
)
 
$
7,139

 
$
177,481

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

 

 

 
(4,292
)
 

 

 
(4,292
)
Net (loss) income

 

 

 
(34,611
)
 

 
197

 
(34,414
)
Other comprehensive loss, net of tax

 

 

 

 
(19,754
)
 
(147
)
 
(19,901
)
Cash dividends declared, $0.20 per common share

 

 
(17,480
)
 

 

 

 
(17,480
)
Stock-based compensation

 

 
3,289

 

 

 

 
3,289

Consideration for preferred stock in excess of carrying value, net of tax

 

 
(3,496
)
 

 
517

 
1,261

 
(1,718
)
Common stock issued under stock plans (1)
471

 
5

 
(2,513
)
 

 

 

 
(2,508
)
Purchase of noncontrolling interests

 

 
(57
)
 

 

 

 
(57
)
Distributions to noncontrolling interests

 

 

 

 

 
(310
)
 
(310
)
Contributions from noncontrolling interests

 

 

 

 

 
53

 
53

Balance, March 29, 2020
87,417

 
$
874

 
$
1,074,081

 
$
(793,992
)
 
$
(189,013
)
 
$
8,193

 
$
100,143

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

 

 

 
64,300

 

 
1,349

 
65,649

Other comprehensive income (loss), net of tax

 

 

 

 
1,102

 
(92
)
 
1,010

Cash dividends declared, $0.10 per common share

 

 
(9,140
)
 

 

 

 
(9,140
)
Stock-based compensation

 
 
 
3,993

 

 

 

 
3,993

Common stock issued under stock plans (1)
375

 
3

 
(3,089
)
 

 

 

 
(3,086
)
Distributions to noncontrolling interests

 

 

 

 

 
(2,429
)
 
(2,429
)
Contributions from noncontrolling interests

 

 

 

 

 
264

 
264

Balance, March 31, 2019
91,647

 
$
916

 
$
1,099,346

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

 
$
252,363

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

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

5

BLOOMIN’ BRANDS, INC.

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


 
THIRTEEN WEEKS ENDED
 
MARCH 29, 2020
 
MARCH 31, 2019
Cash flows provided by operating activities:
 
 
 
Net (loss) income
$
(34,414
)
 
$
65,649

Adjustments to reconcile Net (loss) income to cash provided by operating activities:
 

 
 

Depreciation and amortization
48,268

 
49,482

Amortization of deferred discounts and issuance costs
634

 
634

Amortization of deferred gift card sales commissions
9,090

 
8,407

Provision for impaired assets and restaurant closings
41,318

 
3,586

Non-cash operating lease costs
19,253

 
17,814

Provision for expected credit losses and contingent lease liabilities
7,522

 

Inventory obsolescence and spoilage
5,291

 

Stock-based and other non-cash compensation expense
3,289

 
6,035

Deferred income tax benefit
(10,940
)
 
(501
)
Loss on sale of a business or subsidiary

 
167

Loss on disposal of property, fixtures and equipment
796

 
7

Other, net
1,655

 
(667
)
Change in assets and liabilities
(63,471
)
 
(66,730
)
Net cash provided by operating activities
28,291

 
83,883

Cash flows used in investing activities:
 

 
 

Capital expenditures
(34,229
)
 
(44,710
)
Other investments, net
(569
)
 
2,690

Net cash used in investing activities
$
(34,798
)
 
$
(42,020
)
 
 
 
 
 
(CONTINUED...)
 
 
 
 
 

6

BLOOMIN’ BRANDS, INC.

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


 
THIRTEEN WEEKS ENDED
 
MARCH 29, 2020
 
MARCH 31, 2019
Cash flows provided by (used in) financing activities:
 
 
 
Repayments of long-term debt
$
(6,657
)
 
$
(7,428
)
Proceeds from borrowings on revolving credit facilities, net
505,000

 
148,200

Repayments of borrowings on revolving credit facilities
(129,000
)
 
(152,300
)
Payments of taxes from share-based compensation, net
(2,508
)
 
(3,086
)
Distributions to noncontrolling interests
(310
)
 
(2,429
)
Contributions from noncontrolling interests
53

 
264

Purchase of limited partnership and noncontrolling interests
(57
)
 

Payments for partner equity plan
(5,701
)
 
(5,460
)
Cash dividends paid on common stock
(17,480
)
 
(9,140
)
Redemption of subsidiary preferred stock
(1,007
)
 

Net cash provided by (used in) financing activities
342,333

 
(31,379
)
Effect of exchange rate changes on cash and cash equivalents
424

 
459

Net increase in cash, cash equivalents and restricted cash
336,250

 
10,943

Cash, cash equivalents and restricted cash as of the beginning of the period
67,145

 
71,823

Cash, cash equivalents and restricted cash as of the end of the period
$
403,395

 
$
82,766

Supplemental disclosures of cash flow information:
 

 
 

Cash paid for interest
$
10,682

 
$
13,637

Cash paid for income taxes, net of refunds
5,408

 
4,255

Supplemental disclosures of non-cash investing and financing activities:
 

 
 

Leased assets obtained in exchange for new operating lease liabilities
$
21,514

 
$
17,618

Leased assets obtained in exchange for new finance lease liabilities
473

 
76

Decrease in liabilities from the acquisition of property, fixtures and equipment
(1,950
)
 
(6,066
)

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


7

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 (“SEC”). 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 29, 2019.

Risks and Uncertainties - In March 2020, the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. During the thirteen weeks ended March 29, 2020, the negative effect of COVID-19 on the Company’s business was significant. The Company experienced an initial decline in restaurant revenue that began in early March 2020 as business travel decreased and public anxiety about the spread of COVID-19 increased. Government agencies began strongly discouraging or prohibiting people from visiting restaurants and instructed citizens to shelter in place to reduce the spread of COVID-19. In response to these conditions, the Company temporarily closed restaurant dining rooms in the U.S. on March 20, 2020 and shifted operations to provide only take-out and delivery service. See Note 2 - COVID-19 Impact for details regarding the financial impact of the COVID-19 pandemic on the Company’s financial results during the thirteen weeks ended March 29, 2020.

The duration and severity of the COVID-19 pandemic and its long-term impact on the Company’s business are uncertain at this time. Given the daily evolution of the pandemic and the global responses to curb its spread, the Company may not be able to accurately estimate the effects of the pandemic on its results of operations, financial condition, or liquidity for the foreseeable future.

Recently Adopted Financial Accounting Standards - On December 30, 2019, the Company adopted Accounting Standards Update (“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 losses for financial instruments under the current expected credit loss model versus incurred losses under current guidance. The Company’s adoption of ASU No. 2016-13 and its related amendments (“the new credit loss standard”) resulted in cumulative-effect debit adjustment to the beginning balance of Accumulated deficit of $4.3 million, including $4.8 million of contingent lease liabilities related to lease guarantees and $1.0 million of incremental reserve for credit losses, net of the $1.5 million net increase in related deferred tax assets. Measurement processes and related controls have been implemented by the Company to ensure compliance with the new credit loss standard. See Note 16 - Allowance for Expected Credit Losses for additional details regarding the Company’s allowance for expected credit losses.

On December 30, 2019, the Company also adopted 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. The Company contracts with 3rd party information technology providers for

8

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued

various service arrangements including software, platform and information technology infrastructure. The Company’s prospective adoption of ASU No. 2018-15 did not have a material effect on its consolidated financial statements.

Recently Issued Financial Accounting Standards Not Yet Adopted - In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-04”). The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU No. 2020-04 is currently effective and upon adoption may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating its contracts and the optional expedients provided by the new standard.

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.    COVID-19 Impact

Following is a summary of the charges recorded in connection with the COVID-19 pandemic for the period indicated below (dollars in thousands):
CHARGES
 
CONSOLIDATED INCOME STATEMENT CLASSIFICATION
 
THIRTEEN WEEKS ENDED
 
 
MARCH 29, 2020
Inventory obsolescence and spoilage (1)
 
Cost of sales
 
$
6,182

Compensation for idle employees (2)
 
Labor and other related
 
16,186

Lease guarantee contingent liabilities (3)
 
General and administrative
 
4,188

Allowance for expected credit losses (4)
 
General and administrative
 
3,334

Other charges
 
General and administrative
 
573

Right-of-use asset impairment (5)
 
Provision for impaired assets and restaurant closings
 
20,484

Fixed asset impairment (5)
 
Provision for impaired assets and restaurant closings
 
11,728

Goodwill and other impairment (6)
 
Provision for impaired assets and restaurant closings
 
2,388

 
 
 
 
$
65,063

________________
(1)
Includes the write-off of value added tax credits related to the purchase of inventory by the Company’s Brazil subsidiary.
(2)
Represents relief pay for hourly employees impacted by the closure of dining rooms.
(3)
Represents additional contingent liabilities recorded for lease guarantees related to certain former restaurant locations now operated by franchisees or other third parties.
(4)
Includes additional reserves based on the Company’s increase in expected credit losses, primarily related to franchise receivables.
(5)
Includes impairments resulting from the remeasurement of assets utilizing projected future cash flows revised for current economic conditions and the closure of certain restaurants.
(6)
Includes impairment of goodwill for the Company’s Hong Kong subsidiary. See Note 8 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.


9

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued

3.    Revenue Recognition

The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:
 
THIRTEEN WEEKS ENDED
(dollars in thousands)
MARCH 29, 2020
 
MARCH 31, 2019
Revenues
 
 
 
Restaurant sales
$
996,237

 
$
1,111,642

Franchise and other revenues
 
 
 
Franchise revenue
$
9,549

 
$
13,762

Other revenue
2,551

 
2,727

Total Franchise and other revenues
$
12,100

 
$
16,489

Total revenues
$
1,008,337

 
$
1,128,131



The following tables include the disaggregation of Restaurant sales and Franchise revenue, by restaurant concept and major international market, for the periods indicated:

THIRTEEN WEEKS ENDED

MARCH 29, 2020

MARCH 31, 2019
(dollars in thousands)
RESTAURANT SALES

FRANCHISE REVENUE

RESTAURANT SALES

FRANCHISE REVENUE
U.S.







Outback Steakhouse
$
530,685


$
6,541


$
586,771


$
10,601

Carrabba’s Italian Grill
146,875


461


173,475


171

Bonefish Grill
135,072


136


156,434


210

Fleming’s Prime Steakhouse & Wine Bar
70,960




83,026



Other
1,297




1,107



U.S. total
$
884,889


$
7,138


$
1,000,813


$
10,982

International











Outback Steakhouse Brazil (1)
$
91,590


$


$
89,565


$

Other (1)(2)
19,758


2,411


21,264


2,780

International total
$
111,348


$
2,411


$
110,829


$
2,780

Total
$
996,237


$
9,549


$
1,111,642


$
13,762

________________
(1)
Brazil Restaurant sales are reported on a one-month lag and are presented on a calendar basis. Restaurant sales for Brazil during the first fiscal quarter of 2020 (through February 29, 2020) do not include any material impact from the COVID-19 pandemic.
(2)
Includes Restaurant sales for the Company’s Abbraccio concept in Brazil.


10

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued

The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:
(dollars in thousands)
MARCH 29, 2020
 
DECEMBER 29, 2019
Other current assets, net
 
 
 
Deferred gift card sales commissions
$
13,049

 
$
18,554

 
 
 
 
Unearned revenue
 
 
 
Deferred gift card revenue
$
277,518

 
$
358,757

Deferred loyalty revenue
11,076

 
10,034

Deferred franchise fees - current
491

 
491

Total Unearned revenue
$
289,085

 
$
369,282

 
 
 
 
Other long-term liabilities, net
 
 
 
Deferred franchise fees - non-current
$
4,453

 
$
4,599


The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
 
THIRTEEN WEEKS ENDED
(dollars in thousands)
MARCH 29, 2020
 
MARCH 31, 2019
Balance, beginning of period
$
18,554

 
$
16,431

Deferred gift card sales commissions amortization
(9,090
)
 
(8,407
)
Deferred gift card sales commissions capitalization
4,324

 
3,833

Other
(739
)
 
(662
)
Balance, end of period
$
13,049

 
$
11,195



The following table is a rollforward of unearned gift card revenue for the periods indicated:
 
THIRTEEN WEEKS ENDED
(dollars in thousands)
MARCH 29, 2020
 
MARCH 31, 2019
Balance, beginning of period
$
358,757

 
$
333,794

Gift card sales
58,439

 
55,472

Gift card redemptions
(133,181
)
 
(141,459
)
Gift card breakage
(6,497
)
 
(6,884
)
Balance, end of period
$
277,518

 
$
240,923




11

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued

4.    Impairments, Exit Costs and Disposals

The components of Provision for impaired assets and restaurant closings are as follows for the periods indicated:
 
THIRTEEN WEEKS ENDED
(dollars in thousands)
MARCH 29, 2020
 
MARCH 31, 2019
Impairment losses
 
 
 
U.S.
$
30,972

 
$
3,464

International (1)
3,172

 
18

Corporate
6,280

 

Total impairment losses
$
40,424

 
$
3,482

Restaurant closure expenses
 
 
 
U.S.
$
721

 
$
87

International
173

 
17

Total restaurant closure expenses
$
894

 
$
104

Provision for impaired assets and restaurant closings
$
41,318

 
$
3,586


________________
(1)
Includes goodwill impairment charges of $2.0 million during the thirteen weeks ended March 29, 2020. See Note 8 - Goodwill and Intangible Assets, Net for details regarding impairment of goodwill.

During the thirteen weeks ended March 29, 2020, the Company recognized asset impairment and closure charges related to the COVID-19 pandemic of $31.3 million in the U.S. segment and $3.3 million in the international segment. The Company also recognized asset impairment charges related to transformational initiatives of $6.3 million, which were not allocated to its operating segments.

The remaining impairment and closing charges for the periods presented resulted primarily from locations identified for remodel, relocation or closure and certain other assets.

Accrued Facility Closure and Other Costs Rollforward - The following table summarizes the Company’s accrual activity related to facility closure and other costs, associated with certain closure initiatives, for the period indicated:
 
THIRTEEN WEEKS ENDED
(dollars in thousands)
MARCH 29, 2020
Balance, beginning of the period
$
14,542

Cash payments
(925
)
Accretion
281

Adjustments
428

Balance, end of the period (1)
$
14,326

________________
(1)
As of March 29, 2020, the Company had exit-related accruals related to certain closure initiatives of $3.2 million recorded in Accrued and other current liabilities and $11.1 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.

Refranchising - During the thirteen weeks ended March 31, 2019, the Company completed the sale of 18 of its existing U.S. Company-owned Carrabba’s Italian Grill locations to an existing franchisee for cash proceeds of $3.6 million, net of certain purchase price adjustments.


12

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued

5.    (Loss) Earnings Per Share

The following table presents the computation of basic and diluted (loss) earnings per share attributable to common stockholders for the periods indicated:
 
THIRTEEN WEEKS ENDED
(in thousands, except per share data)
MARCH 29, 2020
 
MARCH 31, 2019
Net (loss) income attributable to Bloomin’ Brands
$
(34,611
)
 
$
64,300

Redemption of preferred stock in excess of carrying value (1)
(3,496
)
 

Net (loss) income attributable to common stockholders
$
(38,107
)
 
$
64,300

 
 
 
 
Basic weighted average common shares outstanding
87,129

 
91,415

 
 
 
 
Effect of diluted securities:
 
 
 
Stock options

 
792

Nonvested restricted stock units

 
358

Nonvested performance-based share units

 
96

Diluted weighted average common shares outstanding
87,129

 
92,661

 
 
 
 
Basic (loss) earnings per share attributable to common stockholders
$
(0.44
)
 
$
0.70

Diluted (loss) earnings per share attributable to common stockholders
$
(0.44
)
 
$
0.69


________________
(1)
Consideration paid in excess of carrying value for the redemption of preferred stock is considered a deemed dividend and, for purposes of calculating earnings per share, reduces net income attributable to common stockholders for the thirteen weeks ended March 29, 2020. See Note 12 - Stockholders’ Equity for additional details regarding the redemption of preferred stock of the Company’s Abbraccio subsidiary.

Securities outstanding not included in the computation of (loss) earnings per share attributable to common stockholders because their effect was antidilutive were as follows, for the periods indicated:
 
THIRTEEN WEEKS ENDED
(shares in thousands)
MARCH 29, 2020
 
MARCH 31, 2019
Stock options
4,665

 
3,384

Nonvested restricted stock units
651

 
222

Nonvested performance-based share units
533

 
260



6.    Stock-based Compensation Plans

The Company recognized stock-based compensation expense as follows for the periods indicated:
 
THIRTEEN WEEKS ENDED
(dollars in thousands)
MARCH 29, 2020
 
MARCH 31, 2019
Stock options
$
832

 
$
1,159

Restricted stock units
1,683

 
1,749

Performance-based share units
699

 
1,003

 
$
3,214

 
$
3,911



During the thirteen weeks ended March 29, 2020, the Company made grants of 0.1 million stock options, 0.3 million time-based restricted stock units and 0.5 million performance-based share units.


13

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued

Assumptions used in the Black-Scholes option pricing model and the weighted-average fair value of option awards granted were as follows for the periods indicated:
 
THIRTEEN WEEKS ENDED
 
MARCH 29, 2020

MARCH 31, 2019
Assumptions:
 
 
 
Weighted-average risk-free interest rate (1)
0.90
%
 
2.51
%
Dividend yield (2)
4.34
%
 
1.89
%
Expected term (3)
5.5 years

 
5.5 years

Weighted-average volatility (4)
30.43
%
 
31.87
%
 
 
 
 
Weighted-average grant date fair value per option
$
3.12

 
$
5.76

________________
(1)
Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for periods within the expected term of the option.
(2)
Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term of the option.
(3)
Expected term represents the period of time that the options are expected to be outstanding. The Company estimates the expected term based on historical exercise experience for its stock options.
(4)
Based on the historical volatility of the Company’s stock.

The following represents unrecognized stock compensation expense and the remaining weighted-average vesting period as of March 29, 2020:
 
UNRECOGNIZED COMPENSATION EXPENSE
(dollars in thousands)
 
REMAINING WEIGHTED-AVERAGE VESTING PERIOD (in years)
Stock options
$
6,127

 
1.8
Restricted stock units
$
16,967

 
2.2
Performance-based share units
$
14,016

 
2.3


7.    Other Current Assets, Net

Other current assets, net, consisted of the following as of the periods indicated:
(dollars in thousands)
MARCH 29, 2020
 
DECEMBER 29, 2019
Prepaid expenses
$
27,716

 
$
20,218

Accounts receivable - gift cards, net
9,851

 
104,591

Accounts receivable - vendors, net
10,407

 
13,465

Accounts receivable - franchisees, net
435

 
1,322

Accounts receivable - other, net
19,414

 
21,734

Deferred gift card sales commissions
13,049

 
18,554

Assets held for sale
5,640

 
3,317

Other current assets, net (1)