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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 September 27, 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/efde1bdab07136bc905f56826c6e674c-blmn-20200927_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 October 27, 2020, 87,574,515 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 September 27, 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) 
SEPTEMBER 27, 2020DECEMBER 29, 2019
ASSETS  
Current assets  
Cash and cash equivalents$160,032 $67,145 
Restricted cash and cash equivalents2,482  
Inventories58,844 86,861 
Other current assets, net76,837 186,462 
Total current assets298,195 340,468 
Property, fixtures and equipment, net900,883 1,036,077 
Operating lease right-of-use assets1,192,035 1,266,548 
Goodwill269,738 288,439 
Intangible assets, net461,041 470,615 
Deferred income tax assets, net146,707 73,426 
Other assets, net98,999 117,110 
Total assets$3,367,598 $3,592,683 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$116,323 $174,877 
Accrued and other current liabilities406,926 391,451 
Unearned revenue280,124 369,282 
Current portion of long-term debt35,600 26,411 
Total current liabilities838,973 962,021 
Non-current operating lease liabilities1,230,008 1,279,051 
Deferred income tax liabilities, net 13,777 
Long-term debt, net1,112,290 1,022,293 
Other long-term liabilities, net173,772 138,060 
Total liabilities3,355,043 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 September 27, 2020 and December 29, 2019
  
Common stock, $0.01 par value, 475,000,000 shares authorized; 87,572,904 and 86,945,869 shares issued and outstanding as of September 27, 2020 and December 29, 2019, respectively
875 869 
Additional paid-in capital1,126,146 1,094,338 
Accumulated deficit(903,885)(755,089)
Accumulated other comprehensive loss(218,002)(169,776)
Total Bloomin’ Brands stockholders’ equity5,134 170,342 
Noncontrolling interests7,421 7,139 
Total stockholders’ equity12,555 177,481 
Total liabilities and stockholders’ equity$3,367,598 $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 ENDEDTHIRTY-NINE WEEKS ENDED
SEPTEMBER 27, 2020SEPTEMBER 29, 2019SEPTEMBER 27, 2020SEPTEMBER 29, 2019
Revenues    
Restaurant sales$766,487 $951,816 $2,338,985 $3,069,145 
Franchise and other revenues4,773 15,328 19,071 48,060 
Total revenues771,260 967,144 2,358,056 3,117,205 
Costs and expenses    
Food and beverage costs230,547 300,375 730,998 965,165 
Labor and other related246,861 288,552 761,667 908,780 
Other restaurant operating207,301 240,372 631,702 732,121 
Depreciation and amortization43,417 47,926 137,469 147,196 
General and administrative57,443 66,570 197,732 209,114 
Provision for impaired assets and restaurant closings(54)1,391 66,223 6,917 
Total costs and expenses785,515 945,186 2,525,791 2,969,293 
(Loss) income from operations(14,255)21,958 (167,735)147,912 
Loss on modification of debt  (237) 
Other income (expense), net1 11 (211)(145)
Interest expense, net(18,300)(13,256)(46,647)(36,885)
(Loss) income before (benefit) provision for income taxes(32,554)8,713 (214,830)110,882 
(Benefit) provision for income taxes(14,776)(660)(70,210)6,051 
Net (loss) income(17,778)9,373 (144,620)104,831 
Less: net (loss) income attributable to noncontrolling interests(141)125 (116)2,262 
Net (loss) income attributable to Bloomin’ Brands
(17,637)9,248 (144,504)102,569 
Redemption of preferred stock in excess of carrying value  (3,496) 
Net (loss) income attributable to common stockholders$(17,637)$9,248 $(148,000)$102,569 
Net (loss) income$(17,778)$9,373 $(144,620)$104,831 
Other comprehensive (loss) income:
Foreign currency translation adjustment(4,095)(10,133)(41,202)(12,854)
Unrealized gain (loss) on derivatives, net of tax261 (2,036)(14,631)(13,656)
Reclassification of adjustment for loss on derivatives included in Net (loss) income, net of tax2,962 812 6,943 578 
Comprehensive (loss) income(18,650)(1,984)(193,510)78,899 
Less: comprehensive (loss) income attributable to noncontrolling interests(141)297 (780)2,450 
Comprehensive (loss) income attributable to Bloomin’ Brands$(18,509)$(2,281)$(192,730)$76,449 
(Loss) earnings per share attributable to common stockholders:
Basic$(0.20)$0.11 $(1.69)$1.15 
Diluted$(0.20)$0.11 $(1.69)$1.14 
Weighted average common shares outstanding:
Basic87,558 86,843 87,394 89,484 
Diluted87,558 87,305 87,394 90,306 
 
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, June 28, 202087,534 $875 $1,123,613 $(886,248)$(217,130)$8,088 $29,198 
Net loss— — — (17,637)— (141)(17,778)
Other comprehensive loss, net of tax— — — — (872)— (872)
Stock-based compensation— — 2,712 — — — 2,712 
Common stock issued under stock plans (1)39 — (179)— — — (179)
Distributions to noncontrolling interests— — — — — (745)(745)
Contributions from noncontrolling interests— — — — — 219 219 
Balance, September 27, 202087,573 $875 $1,126,146 $(903,885)$(218,002)$7,421 $12,555 
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— — — (144,504)— (116)(144,620)
Other comprehensive loss, net of tax— — — — (48,743)(147)(48,890)
Cash dividends declared, $0.20 per common share
— — (17,480)— — — (17,480)
Stock-based compensation— — 11,072 — — — 11,072 
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)627 6 (3,047)— — — (3,041)
Purchase of noncontrolling interests— — (58)— — 1 (57)
Distributions to noncontrolling interests— — — — — (1,083)(1,083)
Contributions from noncontrolling interests— — — — — 366 366 
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, September 27, 202087,573 $875 $1,126,146 $(903,885)$(218,002)$7,421 $12,555 
(CONTINUED...)
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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, June 30, 201986,827 $868 $1,099,598 $(792,341)$(157,346)$7,814 $158,593 
Net income— — — 9,248 — 125 9,373 
Other comprehensive (loss) income, net of tax— — — — (11,529)172 (11,357)
Cash dividends declared, $0.10 per common share
— — (8,674)— — — (8,674)
Stock-based compensation— — 4,613 — — — 4,613 
Common stock issued under stock plans (1)29 1 (155)— — — (154)
Distributions to noncontrolling interests— — — — — (1,221)(1,221)
Contributions from noncontrolling interests— — — — — 401 401 
Balance, September 29, 201986,856 $869 $1,095,382 $(783,093)$(168,875)$7,291 $151,574 
Balance, December 30, 201891,272 $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— — — 102,569 — 2,262 104,831 
Other comprehensive (loss) income, net of tax— — — — (26,154)222 (25,932)
Cash dividends declared, $0.30 per common share
— — (27,041)— — — (27,041)
Repurchase and retirement of common stock(5,469)(55)— (106,937)— — (106,992)
Stock-based compensation— 13,743 — — — 13,743 
Common stock issued under stock plans (1)1,053 11 1,255 — — — 1,266 
Purchase of noncontrolling interests— — (157)— 34 82 (41)
Distributions to noncontrolling interests— — — — — (5,228)(5,228)
Contributions from noncontrolling interests— — — — — 866 866 
Balance, September 29, 201986,856 $869 $1,095,382 $(783,093)$(168,875)$7,291 $151,574 
________________
(1)Net of forfeitures and shares withheld for employee taxes.

The accompanying notes are an integral part of these consolidated financial statements.
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BLOOMIN’ BRANDS, INC.

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

THIRTY-NINE WEEKS ENDED
SEPTEMBER 27, 2020SEPTEMBER 29, 2019
Cash flows provided by operating activities:  
Net (loss) income$(144,620)$104,831 
Adjustments to reconcile Net (loss) income to cash provided by operating activities:  
Depreciation and amortization137,469 147,196 
Amortization of debt discounts and issuance costs6,504 1,891 
Amortization of deferred gift card sales commissions15,553 18,927 
Provision for impaired assets and restaurant closings66,223 6,917 
Non-cash operating lease costs55,401 54,815 
Provision for expected credit losses and contingent lease liabilities7,420  
Inventory obsolescence and spoilage6,835  
Stock-based and other non-cash compensation expense11,072 18,752 
Deferred income tax benefit(80,201)(1,982)
Loss on sale of a business or subsidiary 206 
Loss on modification of debt237  
Loss (gain) on disposal of property, fixtures and equipment1,055 (3,217)
Other, net(2,460)(6,818)
Change in assets and liabilities(25,517)(160,592)
Net cash provided by operating activities54,971 180,926 
Cash flows used in investing activities:  
Proceeds from disposal of property, fixtures and equipment2,088 16,418 
Proceeds from sale-leaseback transactions, net 3,052 
Capital expenditures(66,956)(117,478)
Other investments, net8,706 4,298 
Net cash used in investing activities$(56,162)$(93,710)
(CONTINUED...)
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BLOOMIN’ BRANDS, INC.

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

THIRTY-NINE WEEKS ENDED
SEPTEMBER 27, 2020SEPTEMBER 29, 2019
Cash flows provided by (used in) financing activities:
Repayments of long-term debt and finance lease obligations$(19,798)$(20,646)
Proceeds from borrowings on revolving credit facilities, net505,000 533,300 
Repayments of borrowings on revolving credit facilities(549,000)(469,000)
Financing fees(3,096) 
Proceeds from issuance of convertible senior notes230,000  
Proceeds from issuance of warrants46,690  
Purchase of convertible note hedge(66,240) 
Issuance costs related to convertible senior notes(8,416) 
(Payments of taxes) proceeds from share-based compensation, net(3,041)1,266 
Distributions to noncontrolling interests(1,083)(5,228)
Contributions from noncontrolling interests366 866 
Purchase of limited partnership and noncontrolling interests(57)(41)
Payments for partner equity plan(12,517)(12,928)
Repurchase of common stock (106,992)
Cash dividends paid on common stock(17,480)(27,041)
Redemption of subsidiary preferred stock(1,475) 
Net cash provided by (used in) financing activities99,853 (106,444)
Effect of exchange rate changes on cash and cash equivalents(3,293)(1,187)
Net increase (decrease) in cash, cash equivalents and restricted cash95,369 (20,415)
Cash, cash equivalents and restricted cash as of the beginning of the period67,145 71,823 
Cash, cash equivalents and restricted cash as of the end of the period$162,514 $51,408 
Supplemental disclosures of cash flow information: