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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 28, 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/87f132256ec2124c51f4df28554c2577-blmn-20200628_g1.jpg

BLOOMIN’ BRANDS, INC.
(Exact name of registrant as specified in its charter)
Delaware20-8023465
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
2202 North West Shore Boulevard, Suite 500, Tampa, FL 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 classTrading 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 28, 2020, 87,546,678 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 28, 2020
(Unaudited)

TABLE OF CONTENTS
 Page No.
Item 1.
 
  
 
 
   
 
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
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 28, 2020DECEMBER 29, 2019
ASSETS  
Current assets  
Cash and cash equivalents$181,432  $67,145  
Restricted cash and cash equivalents1,099    
Inventories63,563  86,861  
Other current assets, net81,489  186,462  
Total current assets327,583  340,468  
Property, fixtures and equipment, net930,032  1,036,077  
Operating lease right-of-use assets1,212,916  1,266,548  
Goodwill271,395  288,439  
Intangible assets, net463,036  470,615  
Deferred income tax assets, net129,507  73,426  
Other assets, net99,106  117,110  
Total assets$3,433,575  $3,592,683  
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$104,808  $174,877  
Accrued and other current liabilities380,049  391,451  
Unearned revenue293,627  369,282  
Current portion of long-term debt32,354  26,411  
Total current liabilities810,838  962,021  
Non-current operating lease liabilities1,248,941  1,279,051  
Deferred income tax liabilities3,262  13,777  
Long-term debt, net1,178,438  1,022,293  
Other long-term liabilities, net162,898  138,060  
Total liabilities3,404,377  3,415,202  
Commitments and contingencies (Note 20)
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 28, 2020 and December 29, 2019
    
Common stock, $0.01 par value, 475,000,000 shares authorized; 87,533,599 and 86,945,869 shares issued and outstanding as of June 28, 2020 and December 29, 2019, respectively
875  869  
Additional paid-in capital1,123,613  1,094,338  
Accumulated deficit(886,248) (755,089) 
Accumulated other comprehensive loss(217,130) (169,776) 
Total Bloomin’ Brands stockholders’ equity21,110  170,342  
Noncontrolling interests8,088  7,139  
Total stockholders’ equity29,198  177,481  
Total liabilities and stockholders’ equity$3,433,575  $3,592,683  
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 (LOSS) INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)

THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
JUNE 28, 2020JUNE 30, 2019JUNE 28, 2020JUNE 30, 2019
Revenues    
Restaurant sales$576,261  $1,005,687  $1,572,498  $2,117,329  
Franchise and other revenues2,198  16,243  14,298  32,732  
Total revenues578,459  1,021,930  1,586,796  2,150,061  
Costs and expenses    
Cost of sales180,758  312,679  500,451  664,790  
Labor and other related205,537  301,213  514,806  620,228  
Other restaurant operating177,846  240,895  424,401  491,749  
Depreciation and amortization45,784  49,788  94,052  99,270  
General and administrative55,487  71,955  140,289  142,544  
Provision for impaired assets and restaurant closings24,959  1,940  66,277  5,526  
Total costs and expenses690,371  978,470  1,740,276  2,024,107  
(Loss) income from operations(111,912) 43,460  (153,480) 125,954  
Loss on modification of debt(237)   (237)   
Other income (expense), net581  12  (212) (156) 
Interest expense, net(16,639) (12,448) (28,347) (23,629) 
(Loss) income before (benefit) provision for income taxes(128,207) 31,024  (182,276) 102,169  
(Benefit) provision for income taxes(35,779) 1,215  (55,434) 6,711  
Net (loss) income(92,428) 29,809  (126,842) 95,458  
Less: net (loss) income attributable to noncontrolling interests(172) 788  25  2,137  
Net (loss) income attributable to Bloomin’ Brands
(92,256) 29,021  (126,867) 93,321  
Redemption of preferred stock in excess of carrying value    (3,496)   
Net (loss) income attributable to common stockholders$(92,256) $29,021  $(130,363) $93,321  
Net (loss) income$(92,428) $29,809  $(126,842) $95,458  
Other comprehensive (loss) income:
Foreign currency translation adjustment(29,146) (8,476) (37,107) (2,721) 
Unrealized loss on derivatives, net of tax(1,556) (7,239) (14,892) (11,620) 
Reclassification of adjustment for loss (gain) on derivatives included in Net (loss) income, net of tax2,585  130  3,981  (234) 
Comprehensive (loss) income(120,545) 14,224  (174,860) 80,883  
Less: comprehensive (loss) income attributable to noncontrolling interests(172) 896  (639) 2,153  
Comprehensive (loss) income attributable to Bloomin’ Brands$(120,373) $13,328  $(174,221) $78,730  
(Loss) earnings per share attributable to common stockholders:
Basic$(1.05) $0.32  $(1.49) $1.03  
Diluted$(1.05) $0.32  $(1.49) $1.02  
Weighted average common shares outstanding:
Basic87,496  90,194  87,312  90,805  
Diluted87,496  90,953  87,312  91,807  
 
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 STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance, March 29, 202087,417  $874  $1,074,081  $(793,992) $(189,013) $8,193  $100,143  
Net loss—  —  —  (92,256) —  (172) (92,428) 
Other comprehensive loss, net of tax—  —  —  —  (28,117) —  (28,117) 
Stock-based compensation—  —  5,071  —  —  —  5,071  
Common stock issued under stock plans (1)117  1  (356) —  —  —  (355) 
Distributions to noncontrolling interests—  —  —  —  —  (27) (27) 
Contributions from noncontrolling interests—  —  —  —  —  94  94  
Equity component value of convertible note issuance, net of tax of $650
—  —  64,367  —  —  —  64,367  
Sale of common stock warrant—  —  46,690  —  —  —  46,690  
Purchase of convertible note hedge—  —  (66,240) —  —  —  (66,240) 
Balance, June 28, 202087,534  $875  $1,123,613  $(886,248) $(217,130) $8,088  $29,198  
Balance, December 29, 201986,946  $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—  —  —  (126,867) —  25  (126,842) 
Other comprehensive loss, net of tax—  —  —  —  (47,871) (147) (48,018) 
Cash dividends declared, $0.20 per common share
—  —  (17,480) —  —  —  (17,480) 
Stock-based compensation—  —  8,360  —  —  —  8,360  
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)588  6  (2,868) —  —  —  (2,862) 
Purchase of noncontrolling interests—  —  (58) —  —  1  (57) 
Distributions to noncontrolling interests—  —  —  —  —  (338) (338) 
Contributions from noncontrolling interests—  —  —  —  —  147  147  
Equity component value of convertible note issuance, net of tax of $650
—  —  64,367  —  —  —  64,367  
Sale of common stock warrant—  —  46,690  —  —  —  46,690  
Purchase of convertible note hedge—  —  (66,240) —  —  —  (66,240) 
Balance, June 28, 202087,534  $875  $1,123,613  $(886,248) $(217,130) $8,088  $29,198  
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 STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance, March 31, 201991,647  $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  —  —  —