blmn-20220626
FALSEUSD000154641712/252022Q2http://fasb.org/us-gaap/2022#AccountingStandardsUpdate202006Memberhttp://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://www.bloominbrands.com/20220626#AccruedandOtherLiabilitiesCurrenthttp://www.bloominbrands.com/20220626#AccruedandOtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligations00015464172021-12-272022-06-26iso4217:USDxbrli:shares00015464172022-07-28xbrli:shares00015464172022-06-26iso4217:USD00015464172021-12-260001546417us-gaap:FoodAndBeverageMember2022-03-282022-06-260001546417us-gaap:FoodAndBeverageMember2021-03-292021-06-270001546417us-gaap:FoodAndBeverageMember2021-12-272022-06-260001546417us-gaap:FoodAndBeverageMember2020-12-282021-06-270001546417blmn:FranchiseandOtherRevenueMember2022-03-282022-06-260001546417blmn:FranchiseandOtherRevenueMember2021-03-292021-06-270001546417blmn:FranchiseandOtherRevenueMember2021-12-272022-06-260001546417blmn:FranchiseandOtherRevenueMember2020-12-282021-06-2700015464172022-03-282022-06-2600015464172021-03-292021-06-2700015464172020-12-282021-06-270001546417us-gaap:CommonStockMember2022-03-270001546417us-gaap:AdditionalPaidInCapitalMember2022-03-270001546417us-gaap:RetainedEarningsMember2022-03-270001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-270001546417us-gaap:NoncontrollingInterestMember2022-03-2700015464172022-03-270001546417us-gaap:RetainedEarningsMember2022-03-282022-06-260001546417us-gaap:NoncontrollingInterestMember2022-03-282022-06-260001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-282022-06-260001546417us-gaap:AdditionalPaidInCapitalMember2022-03-282022-06-260001546417us-gaap:CommonStockMember2022-03-282022-06-260001546417us-gaap:CommonStockMember2022-06-260001546417us-gaap:AdditionalPaidInCapitalMember2022-06-260001546417us-gaap:RetainedEarningsMember2022-06-260001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-260001546417us-gaap:NoncontrollingInterestMember2022-06-260001546417us-gaap:CommonStockMember2021-12-260001546417us-gaap:AdditionalPaidInCapitalMember2021-12-260001546417us-gaap:RetainedEarningsMember2021-12-260001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-260001546417us-gaap:NoncontrollingInterestMember2021-12-260001546417us-gaap:RetainedEarningsMember2021-12-272022-06-260001546417us-gaap:NoncontrollingInterestMember2021-12-272022-06-260001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-272022-06-260001546417us-gaap:AdditionalPaidInCapitalMember2021-12-272022-06-260001546417us-gaap:CommonStockMember2021-12-272022-06-260001546417us-gaap:CommonStockMember2021-03-280001546417us-gaap:AdditionalPaidInCapitalMember2021-03-280001546417us-gaap:RetainedEarningsMember2021-03-280001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-280001546417us-gaap:NoncontrollingInterestMember2021-03-2800015464172021-03-280001546417us-gaap:RetainedEarningsMember2021-03-292021-06-270001546417us-gaap:NoncontrollingInterestMember2021-03-292021-06-270001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-292021-06-270001546417us-gaap:AdditionalPaidInCapitalMember2021-03-292021-06-270001546417us-gaap:CommonStockMember2021-03-292021-06-270001546417us-gaap:CommonStockMember2021-06-270001546417us-gaap:AdditionalPaidInCapitalMember2021-06-270001546417us-gaap:RetainedEarningsMember2021-06-270001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-270001546417us-gaap:NoncontrollingInterestMember2021-06-2700015464172021-06-270001546417us-gaap:CommonStockMember2020-12-270001546417us-gaap:AdditionalPaidInCapitalMember2020-12-270001546417us-gaap:RetainedEarningsMember2020-12-270001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-270001546417us-gaap:NoncontrollingInterestMember2020-12-2700015464172020-12-270001546417srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AdditionalPaidInCapitalMember2020-12-270001546417us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-270001546417srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-270001546417us-gaap:RetainedEarningsMember2020-12-282021-06-270001546417us-gaap:NoncontrollingInterestMember2020-12-282021-06-270001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-282021-06-270001546417us-gaap:AdditionalPaidInCapitalMember2020-12-282021-06-270001546417us-gaap:CommonStockMember2020-12-282021-06-27blmn:restraurant_concept0001546417us-gaap:FranchiseMember2022-03-282022-06-260001546417us-gaap:FranchiseMember2021-03-292021-06-270001546417us-gaap:FranchiseMember2021-12-272022-06-260001546417us-gaap:FranchiseMember2020-12-282021-06-270001546417us-gaap:ProductAndServiceOtherMember2022-03-282022-06-260001546417us-gaap:ProductAndServiceOtherMember2021-03-292021-06-270001546417us-gaap:ProductAndServiceOtherMember2021-12-272022-06-260001546417us-gaap:ProductAndServiceOtherMember2020-12-282021-06-270001546417blmn:OutbackSteakhouseMemberus-gaap:FoodAndBeverageMember2022-03-282022-06-260001546417blmn:OutbackSteakhouseMemberus-gaap:FranchiseMember2022-03-282022-06-260001546417blmn:OutbackSteakhouseMemberus-gaap:FoodAndBeverageMember2021-03-292021-06-270001546417blmn:OutbackSteakhouseMemberus-gaap:FranchiseMember2021-03-292021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:CarrabbasItalianGrillMember2022-03-282022-06-260001546417us-gaap:FranchiseMemberblmn:CarrabbasItalianGrillMember2022-03-282022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:CarrabbasItalianGrillMember2021-03-292021-06-270001546417us-gaap:FranchiseMemberblmn:CarrabbasItalianGrillMember2021-03-292021-06-270001546417blmn:BonefishGrillMemberus-gaap:FoodAndBeverageMember2022-03-282022-06-260001546417blmn:BonefishGrillMemberus-gaap:FranchiseMember2022-03-282022-06-260001546417blmn:BonefishGrillMemberus-gaap:FoodAndBeverageMember2021-03-292021-06-270001546417blmn:BonefishGrillMemberus-gaap:FranchiseMember2021-03-292021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:FlemingsPrimeSteakhouseWineBarMember2022-03-282022-06-260001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FranchiseMember2022-03-282022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:FlemingsPrimeSteakhouseWineBarMember2021-03-292021-06-270001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FranchiseMember2021-03-292021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:OtherU.S.Member2022-03-282022-06-260001546417blmn:OtherU.S.Memberus-gaap:FranchiseMember2022-03-282022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:OtherU.S.Member2021-03-292021-06-270001546417blmn:OtherU.S.Memberus-gaap:FranchiseMember2021-03-292021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:U.S.SegmentMember2022-03-282022-06-260001546417blmn:U.S.SegmentMemberus-gaap:FranchiseMember2022-03-282022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:U.S.SegmentMember2021-03-292021-06-270001546417blmn:U.S.SegmentMemberus-gaap:FranchiseMember2021-03-292021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:OutbackBrazilMember2022-03-282022-06-260001546417blmn:OutbackBrazilMemberus-gaap:FranchiseMember2022-03-282022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:OutbackBrazilMember2021-03-292021-06-270001546417blmn:OutbackBrazilMemberus-gaap:FranchiseMember2021-03-292021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:OtherInternationalMember2022-03-282022-06-260001546417us-gaap:FranchiseMemberblmn:OtherInternationalMember2022-03-282022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:OtherInternationalMember2021-03-292021-06-270001546417us-gaap:FranchiseMemberblmn:OtherInternationalMember2021-03-292021-06-270001546417blmn:InternationalSegmentMemberus-gaap:FoodAndBeverageMember2022-03-282022-06-260001546417blmn:InternationalSegmentMemberus-gaap:FranchiseMember2022-03-282022-06-260001546417blmn:InternationalSegmentMemberus-gaap:FoodAndBeverageMember2021-03-292021-06-270001546417blmn:InternationalSegmentMemberus-gaap:FranchiseMember2021-03-292021-06-270001546417blmn:OutbackSteakhouseMemberus-gaap:FoodAndBeverageMember2021-12-272022-06-260001546417blmn:OutbackSteakhouseMemberus-gaap:FranchiseMember2021-12-272022-06-260001546417blmn:OutbackSteakhouseMemberus-gaap:FoodAndBeverageMember2020-12-282021-06-270001546417blmn:OutbackSteakhouseMemberus-gaap:FranchiseMember2020-12-282021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:CarrabbasItalianGrillMember2021-12-272022-06-260001546417us-gaap:FranchiseMemberblmn:CarrabbasItalianGrillMember2021-12-272022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:CarrabbasItalianGrillMember2020-12-282021-06-270001546417us-gaap:FranchiseMemberblmn:CarrabbasItalianGrillMember2020-12-282021-06-270001546417blmn:BonefishGrillMemberus-gaap:FoodAndBeverageMember2021-12-272022-06-260001546417blmn:BonefishGrillMemberus-gaap:FranchiseMember2021-12-272022-06-260001546417blmn:BonefishGrillMemberus-gaap:FoodAndBeverageMember2020-12-282021-06-270001546417blmn:BonefishGrillMemberus-gaap:FranchiseMember2020-12-282021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:FlemingsPrimeSteakhouseWineBarMember2021-12-272022-06-260001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FranchiseMember2021-12-272022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:FlemingsPrimeSteakhouseWineBarMember2020-12-282021-06-270001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FranchiseMember2020-12-282021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:OtherU.S.Member2021-12-272022-06-260001546417blmn:OtherU.S.Memberus-gaap:FranchiseMember2021-12-272022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:OtherU.S.Member2020-12-282021-06-270001546417blmn:OtherU.S.Memberus-gaap:FranchiseMember2020-12-282021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:U.S.SegmentMember2021-12-272022-06-260001546417blmn:U.S.SegmentMemberus-gaap:FranchiseMember2021-12-272022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:U.S.SegmentMember2020-12-282021-06-270001546417blmn:U.S.SegmentMemberus-gaap:FranchiseMember2020-12-282021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:OutbackBrazilMember2021-12-272022-06-260001546417blmn:OutbackBrazilMemberus-gaap:FranchiseMember2021-12-272022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:OutbackBrazilMember2020-12-282021-06-270001546417blmn:OutbackBrazilMemberus-gaap:FranchiseMember2020-12-282021-06-270001546417us-gaap:FoodAndBeverageMemberblmn:OtherInternationalMember2021-12-272022-06-260001546417us-gaap:FranchiseMemberblmn:OtherInternationalMember2021-12-272022-06-260001546417us-gaap:FoodAndBeverageMemberblmn:OtherInternationalMember2020-12-282021-06-270001546417us-gaap:FranchiseMemberblmn:OtherInternationalMember2020-12-282021-06-270001546417blmn:InternationalSegmentMemberus-gaap:FoodAndBeverageMember2021-12-272022-06-260001546417blmn:InternationalSegmentMemberus-gaap:FranchiseMember2021-12-272022-06-260001546417blmn:InternationalSegmentMemberus-gaap:FoodAndBeverageMember2020-12-282021-06-270001546417blmn:InternationalSegmentMemberus-gaap:FranchiseMember2020-12-282021-06-270001546417us-gaap:OtherCurrentAssetsMember2022-06-260001546417us-gaap:OtherCurrentAssetsMember2021-12-260001546417blmn:UnearnedRevenueMemberblmn:GiftCardRevenueMember2022-06-260001546417blmn:UnearnedRevenueMemberblmn:GiftCardRevenueMember2021-12-260001546417blmn:LoyaltyRevenueMemberblmn:UnearnedRevenueMember2022-06-260001546417blmn:LoyaltyRevenueMemberblmn:UnearnedRevenueMember2021-12-260001546417blmn:UnearnedRevenueMemberblmn:FranchiseFeesMember2022-06-260001546417blmn:UnearnedRevenueMemberblmn:FranchiseFeesMember2021-12-260001546417blmn:UnearnedRevenueMemberblmn:OtherRevenueMember2022-06-260001546417blmn:UnearnedRevenueMemberblmn:OtherRevenueMember2021-12-260001546417blmn:UnearnedRevenueMember2022-06-260001546417blmn:UnearnedRevenueMember2021-12-260001546417blmn:FranchiseFeesMemberus-gaap:OtherNoncurrentLiabilitiesMember2022-06-260001546417blmn:FranchiseFeesMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-12-260001546417us-gaap:OtherCurrentAssetsMember2021-12-272022-06-260001546417blmn:UnearnedRevenueMember2021-12-272022-06-260001546417blmn:GiftCardRevenueMember2022-03-270001546417blmn:GiftCardRevenueMember2021-03-280001546417blmn:GiftCardRevenueMember2021-12-260001546417blmn:GiftCardRevenueMember2020-12-270001546417blmn:GiftCardRevenueMember2022-03-282022-06-260001546417blmn:GiftCardRevenueMember2021-03-292021-06-270001546417blmn:GiftCardRevenueMember2021-12-272022-06-260001546417blmn:GiftCardRevenueMember2020-12-282021-06-270001546417blmn:GiftCardRevenueMember2022-06-260001546417blmn:GiftCardRevenueMember2021-06-270001546417blmn:U.S.SegmentMemberblmn:ProvisionforImpairedAssetsandRestaurantClosingsMember2021-03-292021-06-270001546417blmn:U.S.SegmentMemberblmn:ProvisionforImpairedAssetsandRestaurantClosingsMember2020-12-282021-06-270001546417blmn:InternationalSegmentMemberblmn:ProvisionforImpairedAssetsandRestaurantClosingsMember2021-03-292021-06-270001546417blmn:InternationalSegmentMemberblmn:ProvisionforImpairedAssetsandRestaurantClosingsMember2020-12-282021-06-270001546417blmn:ProvisionforImpairedAssetsandRestaurantClosingsMemberus-gaap:CorporateNonSegmentMember2021-03-292021-06-270001546417blmn:ProvisionforImpairedAssetsandRestaurantClosingsMemberus-gaap:CorporateNonSegmentMember2020-12-282021-06-270001546417blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember2021-03-292021-06-270001546417blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember2020-12-282021-06-270001546417us-gaap:FacilityClosingMember2021-12-260001546417us-gaap:FacilityClosingMember2021-12-272022-06-260001546417us-gaap:FacilityClosingMember2022-06-260001546417blmn:AccruedandOtherCurrentLiabilitiesMemberus-gaap:FacilityClosingMember2022-06-260001546417blmn:OperatingLeaseLiabilityNoncurrentMemberus-gaap:FacilityClosingMember2022-06-260001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2020-05-080001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2022-05-250001546417us-gaap:EmployeeStockOptionMember2022-03-282022-06-260001546417us-gaap:EmployeeStockOptionMember2021-03-292021-06-270001546417us-gaap:EmployeeStockOptionMember2021-12-272022-06-260001546417us-gaap:EmployeeStockOptionMember2020-12-282021-06-270001546417us-gaap:RestrictedStockUnitsRSUMember2022-03-282022-06-260001546417us-gaap:RestrictedStockUnitsRSUMember2021-03-292021-06-270001546417us-gaap:RestrictedStockUnitsRSUMember2021-12-272022-06-260001546417us-gaap:RestrictedStockUnitsRSUMember2020-12-282021-06-270001546417us-gaap:PerformanceSharesMember2022-03-282022-06-260001546417us-gaap:PerformanceSharesMember2021-03-292021-06-270001546417us-gaap:PerformanceSharesMember2021-12-272022-06-260001546417us-gaap:PerformanceSharesMember2020-12-282021-06-270001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2022-03-282022-06-260001546417us-gaap:EmployeeStockOptionMember2022-03-282022-06-260001546417us-gaap:EmployeeStockOptionMember2021-03-292021-06-270001546417us-gaap:EmployeeStockOptionMember2021-12-272022-06-260001546417us-gaap:EmployeeStockOptionMember2020-12-282021-06-270001546417us-gaap:RestrictedStockUnitsRSUMember2022-03-282022-06-260001546417us-gaap:RestrictedStockUnitsRSUMember2021-03-292021-06-270001546417us-gaap:RestrictedStockUnitsRSUMember2021-12-272022-06-260001546417us-gaap:RestrictedStockUnitsRSUMember2020-12-282021-06-270001546417us-gaap:PerformanceSharesMember2022-03-282022-06-260001546417us-gaap:PerformanceSharesMember2021-03-292021-06-270001546417us-gaap:PerformanceSharesMember2021-12-272022-06-260001546417us-gaap:PerformanceSharesMember2020-12-282021-06-270001546417us-gaap:PerformanceSharesMember2022-02-012022-02-28xbrli:pure0001546417us-gaap:PerformanceSharesMembersrt:MaximumMember2022-02-012022-02-280001546417us-gaap:PerformanceSharesMember2022-06-260001546417us-gaap:RestrictedStockUnitsRSUMember2022-06-260001546417blmn:AccountsReceivableGiftCardsMember2022-06-260001546417blmn:AccountsReceivableGiftCardsMember2021-12-260001546417blmn:AccountsReceivableVendorsMember2022-06-260001546417blmn:AccountsReceivableVendorsMember2021-12-260001546417us-gaap:AccruedIncomeReceivableMember2022-06-260001546417us-gaap:AccruedIncomeReceivableMember2021-12-260001546417blmn:AccountsReceivableOtherMember2022-06-260001546417blmn:AccountsReceivableOtherMember2021-12-260001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2022-06-260001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2021-12-260001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMembersrt:WeightedAverageMember2021-12-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2022-06-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2021-12-260001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2022-06-260001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2021-12-260001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2022-06-260001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2021-12-260001546417us-gaap:UnsecuredDebtMemberblmn:A2029NotesMember2022-06-260001546417us-gaap:UnsecuredDebtMemberblmn:A2029NotesMember2021-12-260001546417blmn:SeniorSecuredCreditFacilityAnd2025NotesMember2022-03-282022-06-260001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2021-04-160001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2021-04-160001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2021-04-160001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2022-04-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2022-04-262022-04-260001546417us-gaap:SecuredDebtMemberblmn:BaseRateOption2Memberblmn:AmendedCreditAgreementMember2022-04-262022-04-260001546417blmn:BaseRateOption3Memberus-gaap:SecuredDebtMemberblmn:AmendedCreditAgreementMember2022-04-262022-04-260001546417us-gaap:SecuredDebtMemberblmn:AmendedCreditAgreementMemberblmn:AdjustedTermSOFRMember2022-04-262022-04-260001546417us-gaap:SecuredDebtMembersrt:MinimumMemberblmn:AmendedCreditAgreementMemberblmn:AdjustedTermSOFRMember2022-04-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberus-gaap:SecuredDebtMembersrt:MinimumMember2022-04-262022-04-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberus-gaap:SecuredDebtMembersrt:MaximumMember2022-04-262022-04-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMembersrt:MinimumMemberblmn:AdjustedTermSOFRMember2022-04-262022-04-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMembersrt:MaximumMemberblmn:AdjustedTermSOFRMember2022-04-262022-04-260001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2022-05-252022-05-250001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMemberus-gaap:AdditionalPaidInCapitalMember2022-03-282022-06-260001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2020-05-072020-05-080001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2020-05-120001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2021-03-292021-06-270001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2021-12-272022-06-260001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2020-12-282021-06-270001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMember2021-06-270001546417blmn:COVID19PandemicMember2021-12-272022-06-260001546417blmn:A2022ShareRepurchaseProgramMember2022-02-080001546417blmn:A2022ShareRepurchaseProgramMember2022-06-260001546417blmn:A2022ShareRepurchaseProgramMember2021-12-272022-03-270001546417blmn:A2022ShareRepurchaseProgramMember2022-03-282022-06-260001546417blmn:A2022ShareRepurchaseProgramMember2021-12-272022-06-260001546417us-gaap:SubsequentEventMemberblmn:A2022ShareRepurchaseProgramMember2022-06-272022-07-2800015464172021-12-272022-03-270001546417us-gaap:SubsequentEventMember2022-07-012022-07-310001546417us-gaap:AccumulatedTranslationAdjustmentMember2022-06-260001546417us-gaap:AccumulatedTranslationAdjustmentMember2021-12-260001546417us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-260001546417us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-260001546417us-gaap:ParentMember2022-03-282022-06-260001546417us-gaap:ParentMember2021-03-292021-06-270001546417us-gaap:ParentMember2021-12-272022-06-260001546417us-gaap:ParentMember2020-12-282021-06-270001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2018-10-25blmn:counterparty0001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2018-10-242018-10-250001546417us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2018-10-242018-10-250001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-260001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-12-272022-06-260001546417blmn:AccruedandOtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-260001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-03-282022-06-260001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-03-292021-06-270001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2020-12-282021-06-270001546417blmn:IncomeTaxExpenseBenefitMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-03-282022-06-260001546417blmn:IncomeTaxExpenseBenefitMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-03-292021-06-270001546417blmn:IncomeTaxExpenseBenefitMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-272022-06-260001546417blmn:IncomeTaxExpenseBenefitMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-12-282021-06-270001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-03-282022-06-260001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-03-292021-06-270001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-272022-06-260001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-12-282021-06-270001546417us-gaap:GeneralAndAdministrativeExpenseMember2022-03-282022-06-260001546417us-gaap:GeneralAndAdministrativeExpenseMember2021-03-292021-06-270001546417us-gaap:GeneralAndAdministrativeExpenseMember2021-12-272022-06-260001546417us-gaap:GeneralAndAdministrativeExpenseMember2020-12-282021-06-270001546417us-gaap:FixedIncomeFundsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:FixedIncomeFundsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberblmn:AccruedandOtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:FairValueInputsLevel1Memberblmn:AccruedandOtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417blmn:AccruedandOtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberblmn:AccruedandOtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417us-gaap:FairValueInputsLevel1Memberblmn:AccruedandOtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417blmn:AccruedandOtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-260001546417blmn:AssetsMeasuredWithImpairmentQuarterToDateMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberblmn:OperatingLeaseRightofUseAssetMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-06-270001546417us-gaap:FairValueMeasurementsNonrecurringMemberblmn:OperatingLeaseRightofUseAssetMember2021-03-292021-06-270001546417blmn:AssetsMeasuredWithImpairmentQuarterToDateMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:PropertyPlantAndEquipmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-06-270001546417us-gaap:PropertyPlantAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-03-292021-06-270001546417blmn:AssetsMeasuredWithImpairmentQuarterToDateMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-06-270001546417us-gaap:FairValueMeasurementsNonrecurringMember2021-03-292021-06-270001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberblmn:AssetsMeasuredWithImpairmentYearToDateMemberblmn:OperatingLeaseRightofUseAssetMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-06-270001546417us-gaap:FairValueMeasurementsNonrecurringMemberblmn:OperatingLeaseRightofUseAssetMember2020-12-282021-06-270001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:PropertyPlantAndEquipmentMemberus-gaap:FairValueInputsLevel3Memberblmn:AssetsMeasuredWithImpairmentYearToDateMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-06-270001546417us-gaap:PropertyPlantAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-282021-06-270001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberblmn:AssetsMeasuredWithImpairmentYearToDateMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-06-270001546417us-gaap:FairValueMeasurementsNonrecurringMember2020-12-282021-06-270001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2022-06-260001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMemberus-gaap:FairValueInputsLevel2Member2022-06-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2021-12-260001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMemberus-gaap:FairValueInputsLevel2Member2021-12-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2022-06-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberus-gaap:FairValueInputsLevel2Member2022-06-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2021-12-260001546417us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberus-gaap:FairValueInputsLevel2Member2021-12-260001546417us-gaap:ConvertibleDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberblmn:A2025NotesMember2022-06-260001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMemberus-gaap:FairValueInputsLevel2Member2022-06-260001546417us-gaap:ConvertibleDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberblmn:A2025NotesMember2021-12-260001546417us-gaap:ConvertibleDebtMemberblmn:A2025NotesMemberus-gaap:FairValueInputsLevel2Member2021-12-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:UnsecuredDebtMemberblmn:A2029NotesMember2022-06-260001546417us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel2Memberblmn:A2029NotesMember2022-06-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:UnsecuredDebtMemberblmn:A2029NotesMember2021-12-260001546417us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel2Memberblmn:A2029NotesMember2021-12-260001546417us-gaap:PropertyLeaseGuaranteeMember2022-06-260001546417us-gaap:PropertyLeaseGuaranteeMember2021-12-260001546417blmn:U.S.SegmentMember2022-03-282022-06-260001546417blmn:U.S.SegmentMember2021-03-292021-06-270001546417blmn:U.S.SegmentMember2021-12-272022-06-260001546417blmn:U.S.SegmentMember2020-12-282021-06-270001546417blmn:InternationalSegmentMember2022-03-282022-06-260001546417blmn:InternationalSegmentMember2021-03-292021-06-270001546417blmn:InternationalSegmentMember2021-12-272022-06-260001546417blmn:InternationalSegmentMember2020-12-282021-06-270001546417blmn:U.S.SegmentMemberus-gaap:OperatingSegmentsMember2022-03-282022-06-260001546417blmn:U.S.SegmentMemberus-gaap:OperatingSegmentsMember2021-03-292021-06-270001546417blmn:U.S.SegmentMemberus-gaap:OperatingSegmentsMember2021-12-272022-06-260001546417blmn:U.S.SegmentMemberus-gaap:OperatingSegmentsMember2020-12-282021-06-270001546417blmn:InternationalSegmentMemberus-gaap:OperatingSegmentsMember2022-03-282022-06-260001546417blmn:InternationalSegmentMemberus-gaap:OperatingSegmentsMember2021-03-292021-06-270001546417blmn:InternationalSegmentMemberus-gaap:OperatingSegmentsMember2021-12-272022-06-260001546417blmn:InternationalSegmentMemberus-gaap:OperatingSegmentsMember2020-12-282021-06-270001546417us-gaap:OperatingSegmentsMember2022-03-282022-06-260001546417us-gaap:OperatingSegmentsMember2021-03-292021-06-270001546417us-gaap:OperatingSegmentsMember2021-12-272022-06-260001546417us-gaap:OperatingSegmentsMember2020-12-282021-06-270001546417us-gaap:CorporateNonSegmentMember2022-03-282022-06-260001546417us-gaap:CorporateNonSegmentMember2021-03-292021-06-270001546417us-gaap:CorporateNonSegmentMember2021-12-272022-06-260001546417us-gaap:CorporateNonSegmentMember2020-12-282021-06-27


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 26, 2022
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/0e3a28cb3c8cfd162a478efabdd75dc2-blmn-20220626_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 July 28, 2022, 89,297,078 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 26, 2022
(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) 

JUNE 26, 2022DECEMBER 26, 2021
ASSETS  
Current assets  
Cash and cash equivalents$95,346 $87,585 
Restricted cash and cash equivalents101 1,472 
Inventories80,482 79,112 
Other current assets, net116,997 184,623 
Total current assets292,926 352,792 
Property, fixtures and equipment, net852,155 842,012 
Operating lease right-of-use assets1,122,317 1,130,873 
Goodwill278,780 268,444 
Intangible assets, net452,654 453,412 
Deferred income tax assets, net158,110 168,068 
Other assets, net73,053 78,670 
Total assets$3,229,995 $3,294,271 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$185,645 $167,978 
Accrued and other current liabilities412,831 406,894 
Unearned revenue309,863 398,795 
Current portion of long-term debt1,511 10,958 
Total current liabilities909,850 984,625 
Non-current operating lease liabilities1,168,692 1,179,447 
Long-term debt, net800,222 782,107 
Other long-term liabilities, net88,490 125,242 
Total liabilities2,967,254 3,071,421 
Commitments and contingencies (Note 15)
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 26, 2022 and December 26, 2021
  
Common stock, $0.01 par value, 475,000,000 shares authorized; 90,151,164 and 89,252,823 shares issued and outstanding as of June 26, 2022 and December 26, 2021, respectively
902 893 
Additional paid-in capital1,169,697 1,119,728 
Accumulated deficit(733,723)(698,171)
Accumulated other comprehensive loss(176,054)(205,989)
Total Bloomin’ Brands stockholders’ equity260,822 216,461 
Noncontrolling interests1,919 6,389 
Total stockholders’ equity262,741 222,850 
Total liabilities and stockholders’ equity$3,229,995 $3,294,271 
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 ENDEDTWENTY-SIX WEEKS ENDED
JUNE 26, 2022JUNE 27, 2021JUNE 26, 2022JUNE 27, 2021
Revenues    
Restaurant sales$1,108,918 $1,055,227 $2,232,493 $2,034,678 
Franchise and other revenues16,244 22,139 33,204 30,161 
Total revenues1,125,162 1,077,366 2,265,697 2,064,839 
Costs and expenses    
Food and beverage costs364,459 312,102 723,829 603,972 
Labor and other related308,759 294,999 621,270 569,637 
Other restaurant operating263,529 233,450 522,639 462,743 
Depreciation and amortization41,257 40,539 83,032 81,765 
General and administrative59,246 66,462 117,920 123,710 
Provision for impaired assets and restaurant closings193 5,177 2,032 7,377 
Total costs and expenses1,037,443 952,729 2,070,722 1,849,204 
Income from operations87,719 124,637 194,975 215,635 
Loss on extinguishment and modification of debt(107,630)(2,073)(107,630)(2,073)
Loss on fair value adjustment of derivatives, net(17,685) (17,685) 
Other income, net   21 
Interest expense, net(12,548)(14,990)(26,181)(29,618)
(Loss) income before provision for income taxes(50,144)107,574 43,479 183,965 
Provision for income taxes11,536 22,688 27,465 29,281 
Net (loss) income(61,680)84,886 16,014 154,684 
Less: net income attributable to noncontrolling interests1,955 2,341 4,138 3,277 
Net (loss) income attributable to Bloomin’ Brands
$(63,635)$82,545 $11,876 $151,407 
Net (loss) income$(61,680)$84,886 $16,014 $154,684 
Other comprehensive (loss) income:
Foreign currency translation adjustment11,940 10,015 23,223 3,440 
Unrealized (loss) gain on derivatives, net of tax (128)573 (170)
Reclassification of adjustments for loss on derivatives included in Net (loss) income, net of tax273 1,514 954 4,517 
Impact of terminated interest rate swaps included in Net (loss) income, net of tax2,164 1,471 5,185 1,471 
Comprehensive (loss) income(47,303)97,758 45,949 163,942 
Less: comprehensive income attributable to noncontrolling interests1,955 2,341 4,138 3,277 
Comprehensive (loss) income attributable to Bloomin’ Brands$(49,258)$95,417 $41,811 $160,665 
(Loss) earnings per share:
Basic$(0.72)$0.93 $0.13 $1.71 
Diluted$(0.72)$0.75 $0.12 $1.38 
Weighted average common shares outstanding:
Basic88,898 89,075 89,127 88,721 
Diluted88,898 109,805 102,045 110,223 
 
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,
March 27, 2022
89,185 $892 $1,115,458 $(634,356)$(190,431)$1,694 $293,257 
Net (loss) income— — — (63,635)— 1,955 (61,680)
Other comprehensive income, net of tax— — — — 14,377 — 14,377 
Cash dividends declared, $0.14 per common share
— — (12,418)— — — (12,418)
Repurchase and retirement of common stock(1,761)(17)— (35,732)— — (35,749)
Stock-based compensation— — 4,959 — — — 4,959 
Common stock issued under stock plans (1)414 4 1,118 — — — 1,122 
Purchase of noncontrolling interests, net of tax of $1,142
— — (3,301)— — 539 (2,762)
Distributions to noncontrolling interests— — — — — (2,513)(2,513)
Contributions from noncontrolling interests— — — — — 244 244 
Retirement of convertible senior note hedges— — 112,956 — — — 112,956 
Retirement of warrants— — (97,617)— — — (97,617)
Issuance of common stock from repurchase of convertible senior notes2,313 23 48,542 — — — 48,565 
Balance,
June 26, 2022
90,151 $902 $1,169,697 $(733,723)$(176,054)$1,919 $262,741 
Balance,
December 26, 2021
89,253 $893 $1,119,728 $(698,171)$(205,989)$6,389 $222,850 
Net income— — — 11,876 — 4,138 16,014 
Other comprehensive income, net of tax— — — — 29,935 — 29,935 
Cash dividends declared, $0.28 per common share
— — (24,977)— — — (24,977)
Repurchase and retirement of common stock(2,312)(23)— (47,428)— — (47,451)
Stock-based compensation— — 9,802 — — — 9,802 
Common stock issued under stock plans (1)897 9 1,998 — — — 2,007 
Purchase of noncontrolling interests, net of tax of $254
— — (735)— — (3,915)(4,650)
Distributions to noncontrolling interests— — — — — (5,154)(5,154)
Contributions from noncontrolling interests— — — — — 461 461 
Retirement of convertible senior note hedges— — 112,956 — — — 112,956 
Retirement of warrants— — (97,617)— — — (97,617)
Issuance of common stock from repurchase of convertible senior notes2,313 23 48,542 — — — 48,565 
Balance,
June 26, 2022
90,151 $902 $1,169,697 $(733,723)$(176,054)$1,919 $262,741 
5

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,
March 28, 2021
88,855 $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, 2021
89,211 $892 $1,109,904 $(762,319)$(202,188)$6,618 $152,907 
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— — — 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, 2021
89,211 $892 $1,109,904 $(762,319)$(202,188)$6,618 $152,907 
________________
(1)Net of forfeitures and shares withheld for employee taxes.

The accompanying notes are an integral part of these consolidated financial statements.
6

Table of Contents
BLOOMIN’ BRANDS, INC.

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

TWENTY-SIX WEEKS ENDED
JUNE 26, 2022JUNE 27, 2021
Cash flows provided by operating activities:  
Net income$16,014 $154,684 
Adjustments to reconcile Net income to cash provided by operating activities:  
Depreciation and amortization83,032 81,765 
Amortization of debt discounts and issuance costs2,025 2,396 
Amortization of deferred gift card sales commissions13,458 14,436 
Provision for impaired assets and restaurant closings2,032 7,377 
Non-cash interest expense from terminated interest rate swaps6,980 1,981 
Non-cash operating lease costs41,336 38,073 
Stock-based and other non-cash compensation expense9,802 14,507 
Deferred income tax expense8,329 10,300 
Loss on extinguishment and modification of debt107,630 2,073 
Loss on fair value adjustment of derivatives, net17,685  
Other, net4,935 (1,343)
Change in assets and liabilities(94,440)(43,067)
Net cash provided by operating activities218,818 283,182 
Cash flows used in investing activities:  
Proceeds from disposal of property, fixtures and equipment163 4,828 
Capital expenditures(76,901)(51,398)
Other investments, net1,000 3,945 
Net cash used in investing activities$(75,738)$(42,625)
(CONTINUED...)
7

Table of Contents
BLOOMIN’ BRANDS, INC.

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

TWENTY-SIX WEEKS ENDED
JUNE 26, 2022JUNE 27, 2021
Cash flows used in financing activities:
Proceeds from issuance of long-term debt$ $200,000 
Repayments of long-term debt and finance lease obligations(195,733)(425,564)
Proceeds from borrowings on revolving credit facilities624,500 286,000 
Repayments of borrowings on revolving credit facilities(304,500)(599,000)
Financing fees(853)(5,868)
Proceeds from issuance of senior notes 300,000 
Issuance costs related to senior notes (5,546)
Repurchase of convertible senior notes(196,919) 
Proceeds from retirement of convertible senior note hedges131,869  
Payments for retirement of warrants(114,825) 
Proceeds from share-based compensation, net2,007 9,925 
Distributions to noncontrolling interests(5,154)(4,141)
Contributions from noncontrolling interests461 670 
Purchase of noncontrolling interests(4,904) 
Payments for partner equity plan(5,743)(4,494)
Repurchase of common stock(46,151) 
Cash dividends paid on common stock(24,977) 
Net cash used in financing activities(140,922)(248,018)
Effect of exchange rate changes on cash and cash equivalents4,232 128 
Net increase (decrease) in cash, cash equivalents and restricted cash6,390 (7,333)
Cash, cash equivalents and restricted cash as of the beginning of the period89,057 110,408 
Cash, cash equivalents and restricted cash as of the end of the period$95,447 $103,075 
Supplemental disclosures of cash flow information:  
Cash paid for interest$18,862 $23,748 
Cash paid for income taxes, net of refunds$17,191 $11,883 
Supplemental disclosures of non-cash investing and financing activities:  
Leased assets obtained in exchange for new operating lease liabilities$26,415 $28,261 
Leased assets obtained in exchange for new finance lease liabilities$2,417 $48 
Increase (decrease) in liabilities from the acquisition of property, fixtures and equipment$2,545 $(203)

The accompanying notes are an integral part of these consolidated financial statements.
















8

Table of Contents
BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1.    Description of the Business and Basis of Presentation

Description of the Business - Bloomin’ Brands (“Bloomin’ Brands” or the “Company”) owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements.

Basis of Presentation - The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 26, 2021.

Recently Issued Financial Accounting Standards Not Yet Adopted - In November 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” (“ASU No. 2021-10”), which requires financial statement footnote disclosure regarding government assistance accounted for by applying a grant or contribution accounting model by analogy. ASU No. 2021-10 is effective for the Company for the fiscal year ending December 25, 2022. Upon adoption of ASU No. 2021-10 during the fourth quarter of 2022, the Company anticipates government assistance financial statement footnote disclosures within the 2022 Form 10-K, primarily in connection with employee retention credits provided under the Coronavirus, Aid, Relief and Economic Security (“CARES”) Act.

Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Reclassifications - The Company reclassified certain items in the accompanying consolidated financial statements for prior periods to be comparable with the classification for the current period, including, but not limited to, presentation of certain items within the condensed consolidated statements of cash flows and certain notes to the consolidated financial statements. These reclassifications had no effect on previously reported net income.

9

Table of Contents
BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
2.    Revenue Recognition

The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:
THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(dollars in thousands)JUNE 26, 2022JUNE 27, 2021JUNE 26, 2022JUNE 27, 2021
Revenues
Restaurant sales$1,108,918 $1,055,227 $2,232,493 $2,034,678 
Franchise and other revenues
Franchise revenues12,596 12,221 26,002 19,010 
Other revenues (1)3,648 9,918 7,202 11,151 
Total Franchise and other revenues16,244 22,139 33,204 30,161 
Total revenues$1,125,162 $1,077,366 $2,265,697 $2,064,839 
________________
(1)During the thirteen and twenty-six weeks ended June 27, 2021, the Company recognized $6.3 million of other revenues in connection with favorable court rulings in Brazil regarding the calculation methodology and taxable base of Program of Social Integration (“PIS”) and Contribution for the Financing of Social Security (“COFINS”) taxes. The amount recognized as a result of the favorable court rulings primarily represents refundable PIS and COFINS taxes for prior years, including accrued interest.

The following tables include the disaggregation of Restaurant sales and franchise rev