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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
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, 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 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 October 27, 2020, 87,574,515 shares of common stock of the registrant were outstanding.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarterly Period Ended September 27, 2020
(Unaudited)
TABLE OF CONTENTS
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| | | Page No. |
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| Item 2. | | |
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| Item 3. | | |
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| Item 4. | | |
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| Item 1. | | |
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| Item 1A. | | |
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| Item 2. | | |
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| Item 6. | | |
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PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA, UNAUDITED)
| | | | | | | | | | | |
| SEPTEMBER 27, 2020 | | DECEMBER 29, 2019 |
| ASSETS | | | |
| Current assets | | | |
| Cash and cash equivalents | $ | 160,032 | | | $ | 67,145 | |
| Restricted cash and cash equivalents | 2,482 | | | — | |
| Inventories | 58,844 | | | 86,861 | |
| | | |
| Other current assets, net | 76,837 | | | 186,462 | |
| Total current assets | 298,195 | | | 340,468 | |
| | | |
| | | |
| Property, fixtures and equipment, net | 900,883 | | | 1,036,077 | |
| Operating lease right-of-use assets | 1,192,035 | | | 1,266,548 | |
| Goodwill | 269,738 | | | 288,439 | |
| Intangible assets, net | 461,041 | | | 470,615 | |
| Deferred income tax assets, net | 146,707 | | | 73,426 | |
| Other assets, net | 98,999 | | | 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 liabilities | 406,926 | | | 391,451 | |
| Unearned revenue | 280,124 | | | 369,282 | |
| | | |
| Current portion of long-term debt | 35,600 | | | 26,411 | |
| Total current liabilities | 838,973 | | | 962,021 | |
| | | |
| Non-current operating lease liabilities | 1,230,008 | | | 1,279,051 | |
| Deferred income tax liabilities, net | — | | | 13,777 | |
| | | |
| Long-term debt, net | 1,112,290 | | | 1,022,293 | |
| Other long-term liabilities, net | 173,772 | | | 138,060 | |
| Total liabilities | 3,355,043 | | | 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 capital | 1,126,146 | | | 1,094,338 | |
| Accumulated deficit | (903,885) | | | (755,089) | |
| Accumulated other comprehensive loss | (218,002) | | | (169,776) | |
| Total Bloomin’ Brands stockholders’ equity | 5,134 | | | 170,342 | |
| Noncontrolling interests | 7,421 | | | 7,139 | |
| Total stockholders’ equity | 12,555 | | | 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. |
BLOOMIN’ BRANDS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | |
| THIRTEEN WEEKS ENDED | | THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 27, 2020 | | SEPTEMBER 29, 2019 | | SEPTEMBER 27, 2020 | | SEPTEMBER 29, 2019 |
| Revenues | | | | | | | |
| Restaurant sales | $ | 766,487 | | | $ | 951,816 | | | $ | 2,338,985 | | | $ | 3,069,145 | |
| Franchise and other revenues | 4,773 | | | 15,328 | | | 19,071 | | | 48,060 | |
| Total revenues | 771,260 | | | 967,144 | | | 2,358,056 | | | 3,117,205 | |
| Costs and expenses | | | | | | | |
| Food and beverage costs | 230,547 | | | 300,375 | | | 730,998 | | | 965,165 | |
| Labor and other related | 246,861 | | | 288,552 | | | 761,667 | | | 908,780 | |
| Other restaurant operating | 207,301 | | | 240,372 | | | 631,702 | | | 732,121 | |
| Depreciation and amortization | 43,417 | | | 47,926 | | | 137,469 | | | 147,196 | |
| General and administrative | 57,443 | | | 66,570 | | | 197,732 | | | 209,114 | |
| Provision for impaired assets and restaurant closings | (54) | | | 1,391 | | | 66,223 | | | 6,917 | |
| Total costs and expenses | 785,515 | | | 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), net | 1 | | | 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 tax | 261 | | | (2,036) | | | (14,631) | | | (13,656) | |
| Reclassification of adjustment for loss on derivatives included in Net (loss) income, net of tax | 2,962 | | | 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: | | | | | | | |
| Basic | 87,558 | | | 86,843 | | | 87,394 | | | 89,484 | |
| Diluted | 87,558 | | | 87,305 | | | 87,394 | | | 90,306 | |
The accompanying notes are an integral part of these consolidated financial statements.
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, June 28, 2020 | 87,534 | | | $ | 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 | |
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| Balance, September 27, 2020 | 87,573 | | | $ | 875 | | | $ | 1,126,146 | | | $ | (903,885) | | | $ | (218,002) | | | $ | 7,421 | | | $ | 12,555 | |
| | | | | | | | | | | | | |
| 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 | — | | | — | | | — | | | (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, 2020 | 87,573 | | | $ | 875 | | | $ | 1,126,146 | | | $ | (903,885) | | | $ | (218,002) | | | $ | 7,421 | | | $ | 12,555 | |
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| | | | | | | | | | | (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 STOCK | | ADDITIONAL PAID-IN CAPITAL | | ACCUM-
ULATED DEFICIT | | ACCUMULATED OTHER
COMPREHENSIVE LOSS | | NON-CONTROLLING INTERESTS | | TOTAL |
| SHARES | | AMOUNT | | | | | |
| Balance, June 30, 2019 | 86,827 | | | $ | 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) | |
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| Distributions to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | (1,221) | | | (1,221) | |
| Contributions from noncontrolling interests | — | | | — | | | — | | | — | | | — | | | 401 | | | 401 | |
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| Balance, September 29, 2019 | 86,856 | | | $ | 869 | | | $ | 1,095,382 | | | $ | (783,093) | | | $ | (168,875) | | | $ | 7,291 | | | $ | 151,574 | |
| | | | | | | | | | | | | |
| 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 | — | | | — | | | — | | | 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 | |
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| Purchase of noncontrolling interests | — | | | — | | | (157) | | | — | | | 34 | | | 82 | | | (41) | |
| | | | | | | | | | | | | |
| Distributions to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | (5,228) | | | (5,228) | |
| Contributions from noncontrolling interests | — | | | — | | | — | | | — | | | — | | | 866 | | | 866 | |
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| Balance, September 29, 2019 | 86,856 | | | $ | 869 | | | $ | 1,095,382 | | | $ | (783,093) | | | $ | (168,875) | | | $ | 7,291 | | | $ | 151,574 | |
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________________
(1)Net of forfeitures and shares withheld for employee taxes.
The accompanying notes are an integral part of these consolidated financial statements.
BLOOMIN’ BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)
| | | | | | | | | | | |
| THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 27, 2020 | | SEPTEMBER 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 amortization | 137,469 | | | 147,196 | |
| Amortization of debt discounts and issuance costs | 6,504 | | | 1,891 | |
| Amortization of deferred gift card sales commissions | 15,553 | | | 18,927 | |
| Provision for impaired assets and restaurant closings | 66,223 | | | 6,917 | |
| Non-cash operating lease costs | 55,401 | | | 54,815 | |
| Provision for expected credit losses and contingent lease liabilities | 7,420 | | | — | |
| Inventory obsolescence and spoilage | 6,835 | | | — | |
| Stock-based and other non-cash compensation expense | 11,072 | | | 18,752 | |
| Deferred income tax benefit | (80,201) | | | (1,982) | |
| | | |
| Loss on sale of a business or subsidiary | — | | | 206 | |
| Loss on modification of debt | 237 | | | — | |
| | | |
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| Loss (gain) on disposal of property, fixtures and equipment | 1,055 | | | (3,217) | |
| Other, net | (2,460) | | | (6,818) | |
| Change in assets and liabilities | (25,517) | | | (160,592) | |
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| Net cash provided by operating activities | 54,971 | | | 180,926 | |
| Cash flows used in investing activities: | | | |
| Proceeds from disposal of property, fixtures and equipment | 2,088 | | | 16,418 | |
| Proceeds from sale-leaseback transactions, net | — | | | 3,052 | |
| | | |
| Capital expenditures | (66,956) | | | (117,478) | |
| Other investments, net | 8,706 | | | 4,298 | |
| Net cash used in investing activities | $ | (56,162) | | | $ | (93,710) | |
| | | |
| (CONTINUED...) |
| | | |
BLOOMIN’ BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)
| | | | | | | | | | | |
| THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 27, 2020 | | SEPTEMBER 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, net | 505,000 | | | 533,300 | |
| Repayments of borrowings on revolving credit facilities | (549,000) | | | (469,000) | |
| | | |
| Financing fees | (3,096) | | | — | |
| Proceeds from issuance of convertible senior notes | 230,000 | | | — | |
| Proceeds from issuance of warrants | 46,690 | | | — | |
| 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 interests | 366 | | | 866 | |
| Purchase of limited partnership and noncontrolling interests | (57) | | | (41) | |
| Payments for partner equity plan | (12,517) | | | (12,928) | |
| Repurchase of common stock | — | | | ( |
