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blmn-20220925
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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 25, 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/e6caaa48fbc75f71d105e0afc5920949-blmn-20220925_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 October 27, 2022, 87,793,644 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 25, 2022
(Unaudited)

TABLE OF CONTENTS

 Page No.
Item 1.
 
  
 
 
   
 
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 6.
  
 
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BLOOMIN’ BRANDS, INC.

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA, UNAUDITED) 

SEPTEMBER 25, 2022DECEMBER 26, 2021
ASSETS  
Current assets  
Cash and cash equivalents$90,678 $87,585 
Restricted cash and cash equivalents143 1,472 
Inventories83,250 79,112 
Other current assets, net101,639 184,623 
Total current assets275,710 352,792 
Property, fixtures and equipment, net875,567 842,012 
Operating lease right-of-use assets1,115,004 1,130,873 
Goodwill273,100 268,444 
Intangible assets, net449,975 453,412 
Deferred income tax assets, net158,883 168,068 
Other assets, net70,962 78,670 
Total assets$3,219,201 $3,294,271 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$187,825 $167,978 
Accrued and other current liabilities430,185 406,894 
Unearned revenue291,831 398,795 
Current portion of long-term debt1,481 10,958 
Total current liabilities911,322 984,625 
Non-current operating lease liabilities1,160,657 1,179,447 
Long-term debt, net820,225 782,107 
Other long-term liabilities, net86,852 125,242 
Total liabilities2,979,056 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 September 25, 2022 and December 26, 2021
— — 
Common stock, $0.01 par value, 475,000,000 shares authorized; 88,449,929 and 89,252,823 shares issued and outstanding as of September 25, 2022 and December 26, 2021, respectively
884 893 
Additional paid-in capital1,159,722 1,119,728 
Accumulated deficit(735,268)(698,171)
Accumulated other comprehensive loss(186,840)(205,989)
Total Bloomin’ Brands stockholders’ equity238,498 216,461 
Noncontrolling interests1,647 6,389 
Total stockholders’ equity240,145 222,850 
Total liabilities and stockholders’ equity$3,219,201 $3,294,271 
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
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)


THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
SEPTEMBER 25, 2022SEPTEMBER 26, 2021SEPTEMBER 25, 2022SEPTEMBER 26, 2021
Revenues    
Restaurant sales$1,040,375 $996,718 $3,272,868 $3,031,396 
Franchise and other revenues15,388 13,745 48,592 43,906 
Total revenues1,055,763 1,010,463 3,321,460 3,075,302 
Costs and expenses    
Food and beverage costs332,939 304,300 1,056,768 908,272 
Labor and other related303,244 290,246 924,514 859,883 
Other restaurant operating267,944 299,788 790,583 762,531 
Depreciation and amortization42,171 40,827 125,203 122,592 
General and administrative56,089 58,880 174,009 182,590 
Provision for impaired assets and restaurant closings2,067 1,585 4,099 8,962 
Total costs and expenses1,004,454 995,626 3,075,176 2,844,830 
Income from operations51,309 14,837 246,284 230,472 
Loss on extinguishment and modification of debt— — (107,630)(2,073)
Loss on fair value adjustment of derivatives, net— — (17,685)— 
Other income, net— 5 — 26 
Interest expense, net(12,696)(14,245)(38,877)(43,863)
Income before provision (benefit) for income taxes38,613 597 82,092 184,562 
Provision (benefit) for income taxes5,563 (4,454)33,028 24,827 
Net income33,050 5,051 49,064 159,735 
Less: net income attributable to noncontrolling interests1,064 1,602 5,202 4,879 
Net income attributable to Bloomin’ Brands
$31,986 $3,449 $43,862 $154,856 
Net income$33,050 $5,051 $49,064 $159,735 
Other comprehensive income:
Foreign currency translation adjustment(13,041)1,673 10,182 5,113 
Unrealized (loss) gain on derivatives, net of tax— (153)573 (323)
Reclassification of adjustments for loss on derivatives included in Net income, net of tax— 1,519 954 6,036 
Impact of terminated interest rate swaps included in Net income, net of tax2,255 1,479 7,440 2,950 
Comprehensive income22,264 9,569 68,213 173,511 
Less: comprehensive income attributable to noncontrolling interests1,064 1,602 5,202 4,879 
Comprehensive income attributable to Bloomin’ Brands$21,200 $7,967 $63,011 $168,632 
Earnings per share:
Basic$0.36 $0.04 $0.49 $1.74 
Diluted$0.34 $0.03 $0.44 $1.42 
Weighted average common shares outstanding:
Basic89,192 89,229 89,149 88,890 
Diluted94,736 107,783 99,609 109,410 
 
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,
June 26, 2022		90,151 $902 $1,169,697 $(733,723)$(176,054)$1,919 $262,741 
Net income— — — 31,986 — 1,064 33,050 
Other comprehensive loss, net of tax— — — — (10,786)— (10,786)
Cash dividends declared, $0.14 per common share
— — (12,475)— — — (12,475)
Repurchase and retirement of common stock(1,746)(18)— (33,531)— — (33,549)
Stock-based compensation— — 2,013 — — — 2,013 
Common stock issued under stock plans (1)45 — 487 — — — 487 
Distributions to noncontrolling interests— — — — — (1,477)(1,477)
Contributions from noncontrolling interests— — — — — 141 141 
Balance,
September 25, 2022		88,450 $884 $1,159,722 $(735,268)$(186,840)$1,647 $240,145 
Balance,
December 26, 2021		89,253 $893 $1,119,728 $(698,171)$(205,989)$6,389 $222,850 
Net income— — — 43,862 — 5,202 49,064 
Other comprehensive income, net of tax— — — — 19,149 — 19,149 
Cash dividends declared, $0.42 per common share
— — (37,452)— — — (37,452)
Repurchase and retirement of common stock(4,058)(41)— (80,959)— — (81,000)
Stock-based compensation— — 11,815 — — — 11,815 
Common stock issued under stock plans (1)942 9 2,485 — — — 2,494 
Purchase of noncontrolling interests, net of tax of $254
— — (735)— — (3,915)(4,650)
Distributions to noncontrolling interests— — — — — (6,631)(6,631)
Contributions from noncontrolling interests— — — — — 602 602 
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,
September 25, 2022		88,450 $884 $1,159,722 $(735,268)$(186,840)$1,647 $240,145 
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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 27, 2021		89,211 $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, 2021		89,248 $892 $1,115,464 $(758,870)$(197,670)$6,520 $166,336 
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 
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, 2021		89,248 $892 $1,115,464 $(758,870)$(197,670)$6,520 $166,336 
________________
(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 25, 2022SEPTEMBER 26, 2021
Cash flows provided by operating activities:  
Net income$49,064 $159,735 
Adjustments to reconcile Net income to cash provided by operating activities:  
Depreciation and amortization125,203 122,592 
Amortization of debt discounts and issuance costs2,779 3,441 
Amortization of deferred gift card sales commissions18,213 19,277 
Provision for impaired assets and restaurant closings4,099 8,962 
Non-cash interest expense from terminated interest rate swaps10,014 3,973 
Non-cash operating lease costs62,539 57,791 
Stock-based and other non-cash compensation expense11,815 20,100 
Deferred income tax expense6,604 3,842 
Loss on extinguishment and modification of debt107,630 2,073 
Loss on fair value adjustment of derivatives, net17,685 — 
Other, net5,381 (946)
Change in assets and liabilities(128,447)(96,594)
Net cash provided by operating activities292,579 304,246 
Cash flows used in investing activities:  
Proceeds from disposal of property, fixtures and equipment207 7,052 
Proceeds received on life insurance policies14,598 9,270 
Capital expenditures(137,260)(85,339)
Other investments, net1,000 (68)
Net cash used in investing activities$(121,455)$(69,085)
(CONTINUED...)
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BLOOMIN’ BRANDS, INC.

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

THIRTY-NINE WEEKS ENDED
SEPTEMBER 25, 2022SEPTEMBER 26, 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(196,076)(428,364)
Proceeds from borrowings on revolving credit facilities929,500 378,000 
Repayments of borrowings on revolving credit facilities(589,500)(701,000)
Financing fees(1,205)(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, net2,494 9,883 
Distributions to noncontrolling interests(6,631)(6,203)
Contributions from noncontrolling interests602 1,044 
Purchase of noncontrolling interests(4,904)(3)
Payments for partner equity plan(7,813)(7,135)
Repurchase of common stock(79,900)— 
Cash dividends paid on common stock(37,452)— 
Net cash used in financing activities(170,760)(265,192)
Effect of exchange rate changes on cash and cash equivalents1,400 207 
Net increase (decrease) in cash, cash equivalents and restricted cash1,764 (29,824)
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$90,821 $80,584 
Supplemental disclosures of cash flow information:  
Cash paid for interest$23,050 $28,787 
Cash paid for income taxes, net of refunds$25,354 $23,449 
Supplemental disclosures of non-cash investing and financing activities:  
Leased assets obtained in exchange for new operating lease liabilities$44,556 $38,154 
Leased assets obtained in exchange for new finance lease liabilities$2,417 $1,229 
Increase in liabilities from the acquisition of property, fixtures and equipment$14,961 $3,006 

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

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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.

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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 Income for the periods indicated:
THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
(dollars in thousands)SEPTEMBER 25, 2022SEPTEMBER 26, 2021SEPTEMBER 25, 2022SEPTEMBER 26, 2021
Revenues
Restaurant sales$1,040,375 $996,718 $3,272,868 $3,031,396 
Franchise and other revenues
Franchise revenues11,826 12,908 37,828 31,918 
Other revenues (1)3,562 837 10,764 11,988 
Total Franchise and other revenues15,388 13,745 48,592 43,906 
Total revenues$1,055,763 $1,010,463 $3,321,460 $3,075,302 
________________
(1)The thirteen and thirty-nine weeks ended September 26, 2021 include an adjustment of $(3.2) million to reduce the Company’s initial recorded estimate and net $3.1 million benefit, respectively, within 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 net 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 revenues, by restaurant concept and major international market for the periods indicated:
THIRTEEN WEEKS ENDED
SEPTEMBER 25, 2022SEPTEMBER