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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
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 November 1, 2021, 89,249,167 shares of common stock of the registrant were outstanding.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarterly Period Ended September 26, 2021
(Unaudited)
TABLE OF CONTENTS
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Item 1. | | |
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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 26, 2021 | | DECEMBER 27, 2020 |
ASSETS | | | |
Current assets | | | |
Cash and cash equivalents | $ | 76,337 | | | $ | 109,980 | |
Restricted cash and cash equivalents | 4,247 | | | 428 | |
Inventories | 72,433 | | | 61,928 | |
| | | |
Other current assets, net | 87,642 | | | 151,518 | |
Total current assets | 240,659 | | | 323,854 | |
| | | |
| | | |
Property, fixtures and equipment, net | 852,105 | | | 887,687 | |
Operating lease right-of-use assets | 1,152,268 | | | 1,172,910 | |
Goodwill | 273,490 | | | 271,164 | |
Intangible assets, net | 456,058 | | | 459,983 | |
Deferred income tax assets, net | 161,903 | | | 153,883 | |
Other assets, net | 82,119 | | | 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 liabilities | 444,591 | | | 388,321 | |
Unearned revenue | 284,128 | | | 381,616 | |
| | | |
Current portion of long-term debt | 11,086 | | | 38,710 | |
Total current liabilities | 897,215 | | | 950,104 | |
| | | |
Non-current operating lease liabilities | 1,196,604 | | | 1,217,921 | |
| | | |
| | | |
Long-term debt, net | 828,065 | | | 997,770 | |
Other long-term liabilities, net | 130,382 | | | 185,355 | |
Total liabilities | 3,052,266 | | | 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 capital | 1,115,464 | | | 1,132,808 | |
Accumulated deficit | (758,870) | | | (918,096) | |
Accumulated other comprehensive loss | (197,670) | | | (211,446) | |
Total Bloomin’ Brands stockholders’ equity | 159,816 | | | 4,145 | |
Noncontrolling interests | 6,520 | | | 6,812 | |
Total stockholders’ equity | 166,336 | | | 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. |
BLOOMIN’ BRANDS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | |
| THIRTEEN WEEKS ENDED | | THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 26, 2021 | | SEPTEMBER 27, 2020 | | SEPTEMBER 26, 2021 | | SEPTEMBER 27, 2020 |
Revenues | | | | | | | |
Restaurant sales | $ | 996,718 | | | $ | 766,487 | | | $ | 3,031,396 | | | $ | 2,338,985 | |
Franchise and other revenues | 13,745 | | | 4,773 | | | 43,906 | | | 19,071 | |
Total revenues | 1,010,463 | | | 771,260 | | | 3,075,302 | | | 2,358,056 | |
Costs and expenses | | | | | | | |
Food and beverage costs | 304,300 | | | 230,547 | | | 908,272 | | | 730,998 | |
Labor and other related | 290,246 | | | 246,861 | | | 859,883 | | | 761,667 | |
Other restaurant operating | 299,788 | | | 207,301 | | | 762,531 | | | 631,702 | |
Depreciation and amortization | 40,827 | | | 43,417 | | | 122,592 | | | 137,469 | |
General and administrative | 58,880 | | | 57,443 | | | 182,590 | | | 197,732 | |
Provision for impaired assets and restaurant closings | 1,585 | | | (54) | | | 8,962 | | | 66,223 | |
Total costs and expenses | 995,626 | | | 785,515 | | | 2,844,830 | | | 2,525,791 | |
Income (loss) from operations | 14,837 | | | (14,255) | | | 230,472 | | | (167,735) | |
Loss on extinguishment and modification of debt | — | | | — | | | (2,073) | | | (237) | |
Other income (expense), net | 5 | | | 1 | | | 26 | | | (211) | |
Interest expense, net | (14,245) | | | (18,300) | | | (43,863) | | | (46,647) | |
Income (loss) before (benefit) provision for income taxes | 597 | | | (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 interests | 1,602 | | | (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) | |
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Net income (loss) | $ | 5,051 | | | $ | (17,778) | | | $ | 159,735 | | | $ | (144,620) | |
Other comprehensive income (loss): | | | | | | | |
Foreign currency translation adjustment | 1,673 | | | (4,095) | | | 5,113 | | | (41,202) | |
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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 tax | 1,519 | | | 2,962 | | | 6,036 | | | 6,943 | |
Amortization of terminated interest rate swaps, net of tax | 1,479 | | | — | | | 2,950 | | | — | |
Comprehensive income (loss) | 9,569 | | | (18,650) | | | 173,511 | | | (193,510) | |
Less: comprehensive income (loss) attributable to noncontrolling interests | 1,602 | | | (141) | | | 4,879 | | | (780) | |
Comprehensive income (loss) attributable to Bloomin’ Brands | $ | 7,967 | | | $ | (18,509) | | | $ | 168,632 | | | $ | (192,730) | |
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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: | | | | | | | |
Basic | 89,229 | | | 87,558 | | | 88,890 | | | 87,394 | |
Diluted | 107,783 | | | 87,558 | | | 109,410 | | | 87,394 | |
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)
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| BLOOMIN’ BRANDS, INC. | | | | |
| COMMON STOCK | | ADDITIONAL PAID-IN CAPITAL | | ACCUM- ULATED DEFICIT | | ACCUMULATED OTHER COMPREHENSIVE LOSS | | NON-CONTROLLING INTERESTS | | TOTAL |
| SHARES | | AMOUNT | | | | | |
Balance, June 27, 2021 | 89,211 | | | $ | 892 | | | $ | 1,109,904 | | | $ | (762,319) | | | $ | (202,188) | | | $ | 6,618 | | | $ | 152,907 | |
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Net income | — | | | — | | | — | | | 3,449 | | | — | | | 1,602 | | | 5,051 | |
Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 4,518 | | | — | | | 4,518 | |
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Stock-based compensation | — | | | — | | | 5,593 | | | — | | | — | | | — | | | 5,593 | |
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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 | |
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Balance, September 26, 2021 | 89,248 | | | $ | 892 | | | $ | 1,115,464 | | | $ | (758,870) | | | $ | (197,670) | | | $ | 6,520 | | | $ | 166,336 | |
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Balance, December 27, 2020 | 87,856 | | | $ | 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 | |
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Stock-based compensation | — | | | — | | | 20,100 | | | — | | | — | | | — | | | 20,100 | |
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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 | |
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Balance, September 26, 2021 | 89,248 | | | $ | 892 | | | $ | 1,115,464 | | | $ | (758,870) | | | $ | (197,670) | | | $ | 6,520 | | | $ | 166,336 | |
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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 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) | |
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Stock-based compensation | — | | | — | | | 2,712 | | | — | | | — | | | — | | | 2,712 | |
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Common stock issued under stock plans (1) | 39 | | | — | | | (179) | | | — | | | — | | | — | | | (179) | |
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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 | |
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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) | |
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Stock-based compensation | — | | | | | 11,072 | | | — | | | — | | | — | | | 11,072 | |
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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) | |
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Purchase of noncontrolling interests | — | | | — | | | (58) | | | — | | | — | | | 1 | | | (57) | |
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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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________________
(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 26, 2021 | | SEPTEMBER 27, 2020 |
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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 amortization | 122,592 | | | 137,469 | |
Amortization of debt discounts and issuance costs | 3,441 | | | 6,504 | |
Amortization of deferred gift card sales commissions | 19,277 | | | 15,553 | |
Provision for impaired assets and restaurant closings | 8,962 | | | 66,223 | |
Amortization of unrealized loss on terminated interest rate swaps | 3,973 | | | — | |
Non-cash operating lease costs | 57,791 | | | 55,401 | |
Provision for expected credit losses and contingent lease liabilities | 937 | | | 7,420 | |
Inventory obsolescence and spoilage | — | | | 6,835 | |
Stock-based and other non-cash compensation expense | 20,100 | | | 11,072 | |
Deferred income tax expense (benefit) | 3,842 | | | (80,201) | |
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(Gain) loss on disposal of property, fixtures and equipment | (1,218) | | | 1,055 | |
Other, net | 1,408 | | | (2,223) | |
Change in assets and liabilities | (96,594) | | | (25,517) | |
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Net cash provided by operating activities | 304,246 | | | 54,971 | |
Cash flows used in investing activities: | | | |
Proceeds from disposal of property, fixtures and equipment | 7,052 | | | 2,088 | |
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Capital expenditures | (85,339) | | | (66,956) | |
Other investments, net | 9,202 | | | 8,706 | |
Net cash used in investing activities | $ | (69,085) | | | $ | (56,162) | |
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| (CONTINUED...) |
BLOOMIN’ BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)
| | | | | | | | | | | |
| THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 26, 2021 | | SEPTEMBER 27, 2020 |
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Cash flows (used in) provided by financing activities: | | | |
Proceeds from issuance of long-term debt | $ | 200,000 | | | $ | — | |
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Repayments of long-term debt and finance lease obligations | (428,364) | | | (19,798) | |
Proceeds from borrowings on revolving credit facilities | 378,000 | | | 505,000 | |
Repayments of borrowings on revolving credit facilities | (701,000) | | | (549,000) | |
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Financing fees | (5,868) | | | (3,096) | |
Proceeds from issuance of senior notes | 300,000 | | | — | |
Proceeds from issuance of convertible senior notes | — | | | 230,000 | |
Proceeds from issuance of warrants | — | | | 46,690 | |
Purchase of convertible note hedge | — | | | (66,240) | |
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Issuance costs related to senior notes | |