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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 27, 2021
 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/5e21bb9c697019e457830bb333ce58be-blmn-20210627_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 August 2, 2021, 89,224,282 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 27, 2021
(Unaudited)

TABLE OF CONTENTS

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

Table of Contents
BLOOMIN’ BRANDS, INC.

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA, UNAUDITED) 
JUNE 27, 2021DECEMBER 27, 2020
ASSETS  
Current assets  
Cash and cash equivalents$101,285 $109,980 
Restricted cash and cash equivalents1,790 428 
Inventories59,004 61,928 
Other current assets, net84,984 151,518 
Total current assets247,063 323,854 
Property, fixtures and equipment, net855,021 887,687 
Operating lease right-of-use assets1,161,650 1,172,910 
Goodwill272,707 271,164 
Intangible assets, net457,371 459,983 
Deferred income tax assets, net156,485 153,883 
Other assets, net96,456 92,626 
Total assets$3,246,753 $3,362,107 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$160,142 $141,457 
Accrued and other current liabilities439,296 388,321 
Unearned revenue302,996 381,616 
Current portion of long-term debt11,022 38,710 
Total current liabilities913,456 950,104 
Non-current operating lease liabilities1,207,055 1,217,921 
Long-term debt, net839,041 997,770 
Other long-term liabilities, net134,294 185,355 
Total liabilities3,093,846 3,351,150 
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 June 27, 2021 and December 27, 2020
  
Common stock, $0.01 par value, 475,000,000 shares authorized; 89,210,729 and 87,855,571 shares issued and outstanding as of June 27, 2021 and December 27, 2020, respectively
892 879 
Additional paid-in capital1,109,904 1,132,808 
Accumulated deficit(762,319)(918,096)
Accumulated other comprehensive loss(202,188)(211,446)
Total Bloomin’ Brands stockholders’ equity146,289 4,145 
Noncontrolling interests6,618 6,812 
Total stockholders’ equity152,907 10,957 
Total liabilities and stockholders’ equity$3,246,753 $3,362,107 
The accompanying notes are an integral part of these consolidated financial statements.
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BLOOMIN’ BRANDS, INC.

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

THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
JUNE 27, 2021JUNE 28, 2020JUNE 27, 2021JUNE 28, 2020
Revenues    
Restaurant sales$1,055,227 $576,261 $2,034,678 $1,572,498 
Franchise and other revenues22,139 2,198 30,161 14,298 
Total revenues1,077,366 578,459 2,064,839 1,586,796 
Costs and expenses    
Food and beverage costs312,102 180,758 603,972 500,451 
Labor and other related294,999 205,537 569,637 514,806 
Other restaurant operating233,450 177,846 462,743 424,401 
Depreciation and amortization40,539 45,784 81,765 94,052 
General and administrative66,462 55,487 123,710 140,289 
Provision for impaired assets and restaurant closings5,177 24,959 7,377 66,277 
Total costs and expenses952,729 690,371 1,849,204 1,740,276 
Income (loss) from operations124,637 (111,912)215,635 (153,480)
Loss on extinguishment and modification of debt(2,073)(237)(2,073)(237)
Other income (expense), net 581 21 (212)
Interest expense, net(14,990)(16,639)(29,618)(28,347)
Income (loss) before provision (benefit) for income taxes107,574 (128,207)183,965 (182,276)
Provision (benefit) for income taxes22,688 (35,779)29,281 (55,434)
Net income (loss)84,886 (92,428)154,684 (126,842)
Less: net income (loss) attributable to noncontrolling interests2,341 (172)3,277 25 
Net income (loss) attributable to Bloomin’ Brands
82,545 (92,256)151,407 (126,867)
Redemption of preferred stock in excess of carrying value   (3,496)
Net income (loss) attributable to common stockholders$82,545 $(92,256)$151,407 $(130,363)
Net income (loss)$84,886 $(92,428)$154,684 $(126,842)
Other comprehensive income (loss):
Foreign currency translation adjustment10,015 (29,146)3,440 (37,107)
Unrealized loss on derivatives, net of tax(128)(1,556)(170)(14,892)
Reclassification of adjustments for loss on derivatives included in Net income (loss), net of tax1,514 2,585 4,517 3,981 
Amortization of terminated interest rate swaps, net of tax1,471  1,471  
Comprehensive income (loss)97,758 (120,545)163,942 (174,860)
Less: comprehensive income (loss) attributable to noncontrolling interests2,341 (172)3,277 (639)
Comprehensive income (loss) attributable to Bloomin’ Brands$95,417 $(120,373)$160,665 $(174,221)
Earnings (loss) per share attributable to common stockholders:
Basic$0.93 $(1.05)$1.71 $(1.49)
Diluted$0.75 $(1.05)$1.38 $(1.49)
Weighted average common shares outstanding:
Basic89,075 87,496 88,721 87,312 
Diluted109,805 87,496 110,223 87,312 
 
The accompanying notes are an integral part of these consolidated financial statements.
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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, March 28, 202188,855 $889 $1,097,639 $(844,864)$(215,060)$6,801 $45,405 
Net income— — — 82,545 — 2,341 84,886 
Other comprehensive income, net of tax— — — — 12,872 — 12,872 
Stock-based compensation— — 9,781 — — — 9,781 
Common stock issued under stock plans (1)356 3 2,484 — — — 2,487 
Distributions to noncontrolling interests— — — — — (2,683)(2,683)
Contributions from noncontrolling interests— — — — — 159 159 
Balance, June 27, 202189,211 $892 $1,109,904 $(762,319)$(202,188)$6,618 $152,907 
Balance, December 27, 202087,856 $879 $1,132,808 $(918,096)$(211,446)$6,812 $10,957 
Cumulative-effect from a change in accounting principle, net of tax— — (47,323)4,370 — — (42,953)
Net income— — — 151,407 — 3,277 154,684 
Other comprehensive income, net of tax— — — — 9,258 — 9,258 
Stock-based compensation— — 14,507 — — — 14,507 
Common stock issued under stock plans (1)1,355 13 9,912 — — — 9,925 
Distributions to noncontrolling interests— — — — — (4,141)(4,141)
Contributions from noncontrolling interests— — — — — 670 670 
Balance, June 27, 202189,211 $892 $1,109,904 $(762,319)$(202,188)$6,618 $152,907 
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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, 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 
________________
(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)

TWENTY-SIX WEEKS ENDED
JUNE 27, 2021JUNE 28, 2020
Cash flows provided by (used in) operating activities:  
Net income (loss)$154,684 $(126,842)
Adjustments to reconcile Net income (loss) to cash provided by (used in) operating activities:  
Depreciation and amortization81,765 94,052 
Amortization of debt discounts and issuance costs2,396 2,966 
Amortization of deferred gift card sales commissions14,436 11,592 
Provision for impaired assets and restaurant closings7,377 66,277 
Amortization of unrealized loss on terminated interest rate swaps1,981  
Non-cash operating lease costs38,073 36,230 
Provision for expected credit losses and contingent lease liabilities937 7,447 
Inventory obsolescence and spoilage 6,413 
Stock-based and other non-cash compensation expense14,507 8,360 
Deferred income tax expense (benefit)10,300 (58,578)
(Gain) loss on disposal of property, fixtures and equipment(709)1,014 
Other, net502 (991)
Change in assets and liabilities(43,067)(51,253)
Net cash provided by (used in) operating activities283,182 (3,313)
Cash flows used in investing activities:  
Proceeds from disposal of property, fixtures and equipment4,828 422 
Capital expenditures(51,398)(53,205)
Other investments, net3,945 4,782 
Net cash used in investing activities$(42,625)$(48,001)
(CONTINUED...)
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BLOOMIN’ BRANDS, INC.

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