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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 26, 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/249cae5e122b24576bbfaa889b182917-blmn-20210926_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 November 1, 2021, 89,249,167 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 26, 2021
(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 26, 2021DECEMBER 27, 2020
ASSETS  
Current assets  
Cash and cash equivalents$76,337 $109,980 
Restricted cash and cash equivalents4,247 428 
Inventories72,433 61,928 
Other current assets, net87,642 151,518 
Total current assets240,659 323,854 
Property, fixtures and equipment, net852,105 887,687 
Operating lease right-of-use assets1,152,268 1,172,910 
Goodwill273,490 271,164 
Intangible assets, net456,058 459,983 
Deferred income tax assets, net161,903 153,883 
Other assets, net82,119 92,626 
Total assets$3,218,602 $3,362,107 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$157,410 $141,457 
Accrued and other current liabilities444,591 388,321 
Unearned revenue284,128 381,616 
Current portion of long-term debt11,086 38,710 
Total current liabilities897,215 950,104 
Non-current operating lease liabilities1,196,604 1,217,921 
Long-term debt, net828,065 997,770 
Other long-term liabilities, net130,382 185,355 
Total liabilities3,052,266 3,351,150 
Commitments and contingencies (Note 19)
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 26, 2021 and December 27, 2020
  
Common stock, $0.01 par value, 475,000,000 shares authorized; 89,248,056 and 87,855,571 shares issued and outstanding as of September 26, 2021 and December 27, 2020, respectively
892 879 
Additional paid-in capital1,115,464 1,132,808 
Accumulated deficit(758,870)(918,096)
Accumulated other comprehensive loss(197,670)(211,446)
Total Bloomin’ Brands stockholders’ equity159,816 4,145 
Noncontrolling interests6,520 6,812 
Total stockholders’ equity166,336 10,957 
Total liabilities and stockholders’ equity$3,218,602 $3,362,107 
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 INCOME (LOSS)
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)

THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
SEPTEMBER 26, 2021SEPTEMBER 27, 2020SEPTEMBER 26, 2021SEPTEMBER 27, 2020
Revenues    
Restaurant sales$996,718 $766,487 $3,031,396 $2,338,985 
Franchise and other revenues13,745 4,773 43,906 19,071 
Total revenues1,010,463 771,260 3,075,302 2,358,056 
Costs and expenses    
Food and beverage costs304,300 230,547 908,272 730,998 
Labor and other related290,246 246,861 859,883 761,667 
Other restaurant operating299,788 207,301 762,531 631,702 
Depreciation and amortization40,827 43,417 122,592 137,469 
General and administrative58,880 57,443 182,590 197,732 
Provision for impaired assets and restaurant closings1,585 (54)8,962 66,223 
Total costs and expenses995,626 785,515 2,844,830 2,525,791 
Income (loss) from operations14,837 (14,255)230,472 (167,735)
Loss on extinguishment and modification of debt  (2,073)(237)
Other income (expense), net5 1 26 (211)
Interest expense, net(14,245)(18,300)(43,863)(46,647)
Income (loss) before (benefit) provision for income taxes597 (32,554)184,562 (214,830)
(Benefit) provision for income taxes(4,454)(14,776)24,827 (70,210)
Net income (loss)5,051 (17,778)159,735 (144,620)
Less: net income (loss) attributable to noncontrolling interests1,602 (141)4,879 (116)
Net income (loss) attributable to Bloomin’ Brands
3,449 (17,637)154,856 (144,504)
Redemption of preferred stock in excess of carrying value   (3,496)
Net income (loss) attributable to common stockholders$3,449 $(17,637)$154,856 $(148,000)
Net income (loss)$5,051 $(17,778)$159,735 $(144,620)
Other comprehensive income (loss):
Foreign currency translation adjustment1,673 (4,095)5,113 (41,202)
Unrealized (loss) gain on derivatives, net of tax(153)261 (323)(14,631)
Reclassification of adjustments for loss on derivatives included in Net income (loss), net of tax1,519 2,962 6,036 6,943 
Amortization of terminated interest rate swaps, net of tax1,479  2,950  
Comprehensive income (loss)9,569 (18,650)173,511 (193,510)
Less: comprehensive income (loss) attributable to noncontrolling interests1,602 (141)4,879 (780)
Comprehensive income (loss) attributable to Bloomin’ Brands$7,967 $(18,509)$168,632 $(192,730)
Earnings (loss) per share attributable to common stockholders:
Basic$0.04 $(0.20)$1.74 $(1.69)
Diluted$0.03 $(0.20)$1.42 $(1.69)
Weighted average common shares outstanding:
Basic89,229 87,558 88,890 87,394 
Diluted107,783 87,558 109,410 87,394 
 
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 27, 202189,211 $892 $1,109,904 $(762,319)$(202,188)$6,618 $152,907 
Net income— — — 3,449 — 1,602 5,051 
Other comprehensive income, net of tax— — — — 4,518 — 4,518 
Stock-based compensation— — 5,593 — — — 5,593 
Common stock issued under stock plans (1)37 — (42)— — — (42)
Purchase of noncontrolling interests— — 9 — — (12)(3)
Distributions to noncontrolling interests— — — — — (2,062)(2,062)
Contributions from noncontrolling interests— — — — — 374 374 
Balance, September 26, 202189,248 $892 $1,115,464 $(758,870)$(197,670)$6,520 $166,336 
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— — — 154,856 — 4,879 159,735 
Other comprehensive income, net of tax— — — — 13,776 — 13,776 
Stock-based compensation— — 20,100 — — — 20,100 
Common stock issued under stock plans (1)1,392 13 9,870 — — — 9,883 
Purchase of noncontrolling interests— — 9 — — (12)(3)
Distributions to noncontrolling interests— — — — — (6,203)(6,203)
Contributions from noncontrolling interests— — — — — 1,044 1,044 
Balance, September 26, 202189,248 $892 $1,115,464 $(758,870)$(197,670)$6,520 $166,336 
(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 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 
________________
(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 26, 2021SEPTEMBER 27, 2020
Cash flows provided by operating activities:  
Net income (loss)$159,735 $(144,620)
Adjustments to reconcile Net income (loss) to cash provided by operating activities:  
Depreciation and amortization122,592 137,469 
Amortization of debt discounts and issuance costs3,441 6,504 
Amortization of deferred gift card sales commissions19,277 15,553 
Provision for impaired assets and restaurant closings8,962 66,223 
Amortization of unrealized loss on terminated interest rate swaps3,973  
Non-cash operating lease costs57,791 55,401 
Provision for expected credit losses and contingent lease liabilities937 7,420 
Inventory obsolescence and spoilage 6,835 
Stock-based and other non-cash compensation expense20,100 11,072 
Deferred income tax expense (benefit)3,842 (80,201)
(Gain) loss on disposal of property, fixtures and equipment(1,218)1,055 
Other, net1,408 (2,223)
Change in assets and liabilities(96,594)(25,517)
Net cash provided by operating activities304,246 54,971 
Cash flows used in investing activities:  
Proceeds from disposal of property, fixtures and equipment7,052 2,088 
Capital expenditures(85,339)(66,956)
Other investments, net9,202 8,706 
Net cash used in investing activities$(69,085)$(56,162)
(CONTINUED...)
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BLOOMIN’ BRANDS, INC.

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

THIRTY-NINE WEEKS ENDED
SEPTEMBER 26, 2021SEPTEMBER 27, 2020
Cash flows (used in) provided by financing activities:
Proceeds from issuance of long-term debt$200,000 $ 
Repayments of long-term debt and finance lease obligations(428,364)(19,798)
Proceeds from borrowings on revolving credit facilities378,000 505,000 
Repayments of borrowings on revolving credit facilities(701,000)(549,000)
Financing fees(5,868)(3,096)
Proceeds from issuance of senior notes300,000  
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 senior notes(5,546)(8,416)
Proceeds (payments of taxes) from share-based compensation, net9,883 (3,041)
Distributions to noncontrolling interests(6,203)(1,083)
Contributions from noncontrolling interests1,044 366 
Purchase of limited partnership and noncontrolling interests(3)(57)
Payments for partner equity plan(7,135)(12,517)
Cash dividends paid on common stock (17,480)
Redemption of subsidiary preferred stock (1,475)
Net cash (used in) provided by financing activities(265,192)99,853 
Effect of exchange rate changes on cash and cash equivalents207