blmn-20220925FALSEUSD000154641712/252022Q3http://fasb.org/us-gaap/2022#AccountingStandardsUpdate202006Memberhttp://www.bloominbrands.com/20220925#AccruedandOtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://www.bloominbrands.com/20220925#AccruedandOtherLiabilitiesCurrenthttp://www.bloominbrands.com/20220925#AccruedandOtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationshttp://www.bloominbrands.com/20220925#AccruedandOtherLiabilitiesCurrenthttp://www.bloominbrands.com/20220925#AccruedandOtherLiabilitiesCurrent00015464172021-12-272022-09-25iso4217:USDxbrli:shares00015464172022-10-27xbrli:shares00015464172022-09-25iso4217:USD00015464172021-12-260001546417us-gaap:FoodAndBeverageMember2022-06-272022-09-250001546417us-gaap:FoodAndBeverageMember2021-06-282021-09-260001546417us-gaap:FoodAndBeverageMember2021-12-272022-09-250001546417us-gaap:FoodAndBeverageMember2020-12-282021-09-260001546417blmn:FranchiseandOtherRevenueMember2022-06-272022-09-250001546417blmn:FranchiseandOtherRevenueMember2021-06-282021-09-260001546417blmn:FranchiseandOtherRevenueMember2021-12-272022-09-250001546417blmn:FranchiseandOtherRevenueMember2020-12-282021-09-2600015464172022-06-272022-09-2500015464172021-06-282021-09-2600015464172020-12-282021-09-260001546417us-gaap:CommonStockMember2022-06-260001546417us-gaap:AdditionalPaidInCapitalMember2022-06-260001546417us-gaap:RetainedEarningsMember2022-06-260001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-260001546417us-gaap:NoncontrollingInterestMember2022-06-2600015464172022-06-260001546417us-gaap:RetainedEarningsMember2022-06-272022-09-250001546417us-gaap:NoncontrollingInterestMember2022-06-272022-09-250001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-272022-09-250001546417us-gaap:AdditionalPaidInCapitalMember2022-06-272022-09-250001546417us-gaap:CommonStockMember2022-06-272022-09-250001546417us-gaap:CommonStockMember2022-09-250001546417us-gaap:AdditionalPaidInCapitalMember2022-09-250001546417us-gaap:RetainedEarningsMember2022-09-250001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-250001546417us-gaap:NoncontrollingInterestMember2022-09-250001546417us-gaap:CommonStockMember2021-12-260001546417us-gaap:AdditionalPaidInCapitalMember2021-12-260001546417us-gaap:RetainedEarningsMember2021-12-260001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-260001546417us-gaap:NoncontrollingInterestMember2021-12-260001546417us-gaap:RetainedEarningsMember2021-12-272022-09-250001546417us-gaap:NoncontrollingInterestMember2021-12-272022-09-250001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-272022-09-250001546417us-gaap:AdditionalPaidInCapitalMember2021-12-272022-09-250001546417us-gaap:CommonStockMember2021-12-272022-09-250001546417us-gaap:CommonStockMember2021-06-270001546417us-gaap:AdditionalPaidInCapitalMember2021-06-270001546417us-gaap:RetainedEarningsMember2021-06-270001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-270001546417us-gaap:NoncontrollingInterestMember2021-06-2700015464172021-06-270001546417us-gaap:RetainedEarningsMember2021-06-282021-09-260001546417us-gaap:NoncontrollingInterestMember2021-06-282021-09-260001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-282021-09-260001546417us-gaap:AdditionalPaidInCapitalMember2021-06-282021-09-260001546417us-gaap:CommonStockMember2021-06-282021-09-260001546417us-gaap:CommonStockMember2021-09-260001546417us-gaap:AdditionalPaidInCapitalMember2021-09-260001546417us-gaap:RetainedEarningsMember2021-09-260001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-260001546417us-gaap:NoncontrollingInterestMember2021-09-2600015464172021-09-260001546417us-gaap:CommonStockMember2020-12-270001546417us-gaap:AdditionalPaidInCapitalMember2020-12-270001546417us-gaap:RetainedEarningsMember2020-12-270001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-270001546417us-gaap:NoncontrollingInterestMember2020-12-2700015464172020-12-270001546417us-gaap:AdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-270001546417srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2020-12-270001546417srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-270001546417us-gaap:RetainedEarningsMember2020-12-282021-09-260001546417us-gaap:NoncontrollingInterestMember2020-12-282021-09-260001546417us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-282021-09-260001546417us-gaap:AdditionalPaidInCapitalMember2020-12-282021-09-260001546417us-gaap:CommonStockMember2020-12-282021-09-26blmn:restraurant_concept0001546417us-gaap:FranchiseMember2022-06-272022-09-250001546417us-gaap:FranchiseMember2021-06-282021-09-260001546417us-gaap:FranchiseMember2021-12-272022-09-250001546417us-gaap:FranchiseMember2020-12-282021-09-260001546417us-gaap:ProductAndServiceOtherMember2022-06-272022-09-250001546417us-gaap:ProductAndServiceOtherMember2021-06-282021-09-260001546417us-gaap:ProductAndServiceOtherMember2021-12-272022-09-250001546417us-gaap:ProductAndServiceOtherMember2020-12-282021-09-260001546417blmn:OutbackSteakhouseMemberus-gaap:FoodAndBeverageMember2022-06-272022-09-250001546417blmn:OutbackSteakhouseMemberus-gaap:FranchiseMember2022-06-272022-09-250001546417blmn:OutbackSteakhouseMemberus-gaap:FoodAndBeverageMember2021-06-282021-09-260001546417blmn:OutbackSteakhouseMemberus-gaap:FranchiseMember2021-06-282021-09-260001546417blmn:CarrabbasItalianGrillMemberus-gaap:FoodAndBeverageMember2022-06-272022-09-250001546417blmn:CarrabbasItalianGrillMemberus-gaap:FranchiseMember2022-06-272022-09-250001546417blmn:CarrabbasItalianGrillMemberus-gaap:FoodAndBeverageMember2021-06-282021-09-260001546417blmn:CarrabbasItalianGrillMemberus-gaap:FranchiseMember2021-06-282021-09-260001546417blmn:BonefishGrillMemberus-gaap:FoodAndBeverageMember2022-06-272022-09-250001546417us-gaap:FranchiseMemberblmn:BonefishGrillMember2022-06-272022-09-250001546417blmn:BonefishGrillMemberus-gaap:FoodAndBeverageMember2021-06-282021-09-260001546417us-gaap:FranchiseMemberblmn:BonefishGrillMember2021-06-282021-09-260001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FoodAndBeverageMember2022-06-272022-09-250001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FranchiseMember2022-06-272022-09-250001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FoodAndBeverageMember2021-06-282021-09-260001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FranchiseMember2021-06-282021-09-260001546417blmn:OtherU.S.Memberus-gaap:FoodAndBeverageMember2022-06-272022-09-250001546417blmn:OtherU.S.Memberus-gaap:FranchiseMember2022-06-272022-09-250001546417blmn:OtherU.S.Memberus-gaap:FoodAndBeverageMember2021-06-282021-09-260001546417blmn:OtherU.S.Memberus-gaap:FranchiseMember2021-06-282021-09-260001546417blmn:U.S.SegmentMemberus-gaap:FoodAndBeverageMember2022-06-272022-09-250001546417blmn:U.S.SegmentMemberus-gaap:FranchiseMember2022-06-272022-09-250001546417blmn:U.S.SegmentMemberus-gaap:FoodAndBeverageMember2021-06-282021-09-260001546417blmn:U.S.SegmentMemberus-gaap:FranchiseMember2021-06-282021-09-260001546417blmn:OutbackBrazilMemberus-gaap:FoodAndBeverageMember2022-06-272022-09-250001546417blmn:OutbackBrazilMemberus-gaap:FranchiseMember2022-06-272022-09-250001546417blmn:OutbackBrazilMemberus-gaap:FoodAndBeverageMember2021-06-282021-09-260001546417blmn:OutbackBrazilMemberus-gaap:FranchiseMember2021-06-282021-09-260001546417blmn:OtherInternationalMemberus-gaap:FoodAndBeverageMember2022-06-272022-09-250001546417blmn:OtherInternationalMemberus-gaap:FranchiseMember2022-06-272022-09-250001546417blmn:OtherInternationalMemberus-gaap:FoodAndBeverageMember2021-06-282021-09-260001546417blmn:OtherInternationalMemberus-gaap:FranchiseMember2021-06-282021-09-260001546417blmn:InternationalSegmentMemberus-gaap:FoodAndBeverageMember2022-06-272022-09-250001546417blmn:InternationalSegmentMemberus-gaap:FranchiseMember2022-06-272022-09-250001546417blmn:InternationalSegmentMemberus-gaap:FoodAndBeverageMember2021-06-282021-09-260001546417blmn:InternationalSegmentMemberus-gaap:FranchiseMember2021-06-282021-09-260001546417blmn:OutbackSteakhouseMemberus-gaap:FoodAndBeverageMember2021-12-272022-09-250001546417blmn:OutbackSteakhouseMemberus-gaap:FranchiseMember2021-12-272022-09-250001546417blmn:OutbackSteakhouseMemberus-gaap:FoodAndBeverageMember2020-12-282021-09-260001546417blmn:OutbackSteakhouseMemberus-gaap:FranchiseMember2020-12-282021-09-260001546417blmn:CarrabbasItalianGrillMemberus-gaap:FoodAndBeverageMember2021-12-272022-09-250001546417blmn:CarrabbasItalianGrillMemberus-gaap:FranchiseMember2021-12-272022-09-250001546417blmn:CarrabbasItalianGrillMemberus-gaap:FoodAndBeverageMember2020-12-282021-09-260001546417blmn:CarrabbasItalianGrillMemberus-gaap:FranchiseMember2020-12-282021-09-260001546417blmn:BonefishGrillMemberus-gaap:FoodAndBeverageMember2021-12-272022-09-250001546417us-gaap:FranchiseMemberblmn:BonefishGrillMember2021-12-272022-09-250001546417blmn:BonefishGrillMemberus-gaap:FoodAndBeverageMember2020-12-282021-09-260001546417us-gaap:FranchiseMemberblmn:BonefishGrillMember2020-12-282021-09-260001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FoodAndBeverageMember2021-12-272022-09-250001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FranchiseMember2021-12-272022-09-250001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FoodAndBeverageMember2020-12-282021-09-260001546417blmn:FlemingsPrimeSteakhouseWineBarMemberus-gaap:FranchiseMember2020-12-282021-09-260001546417blmn:OtherU.S.Memberus-gaap:FoodAndBeverageMember2021-12-272022-09-250001546417blmn:OtherU.S.Memberus-gaap:FranchiseMember2021-12-272022-09-250001546417blmn:OtherU.S.Memberus-gaap:FoodAndBeverageMember2020-12-282021-09-260001546417blmn:OtherU.S.Memberus-gaap:FranchiseMember2020-12-282021-09-260001546417blmn:U.S.SegmentMemberus-gaap:FoodAndBeverageMember2021-12-272022-09-250001546417blmn:U.S.SegmentMemberus-gaap:FranchiseMember2021-12-272022-09-250001546417blmn:U.S.SegmentMemberus-gaap:FoodAndBeverageMember2020-12-282021-09-260001546417blmn:U.S.SegmentMemberus-gaap:FranchiseMember2020-12-282021-09-260001546417blmn:OutbackBrazilMemberus-gaap:FoodAndBeverageMember2021-12-272022-09-250001546417blmn:OutbackBrazilMemberus-gaap:FranchiseMember2021-12-272022-09-250001546417blmn:OutbackBrazilMemberus-gaap:FoodAndBeverageMember2020-12-282021-09-260001546417blmn:OutbackBrazilMemberus-gaap:FranchiseMember2020-12-282021-09-260001546417blmn:OtherInternationalMemberus-gaap:FoodAndBeverageMember2021-12-272022-09-250001546417blmn:OtherInternationalMemberus-gaap:FranchiseMember2021-12-272022-09-250001546417blmn:OtherInternationalMemberus-gaap:FoodAndBeverageMember2020-12-282021-09-260001546417blmn:OtherInternationalMemberus-gaap:FranchiseMember2020-12-282021-09-260001546417blmn:InternationalSegmentMemberus-gaap:FoodAndBeverageMember2021-12-272022-09-250001546417blmn:InternationalSegmentMemberus-gaap:FranchiseMember2021-12-272022-09-250001546417blmn:InternationalSegmentMemberus-gaap:FoodAndBeverageMember2020-12-282021-09-260001546417blmn:InternationalSegmentMemberus-gaap:FranchiseMember2020-12-282021-09-260001546417us-gaap:OtherCurrentAssetsMember2022-09-250001546417us-gaap:OtherCurrentAssetsMember2021-12-260001546417blmn:GiftCardRevenueMemberblmn:UnearnedRevenueMember2022-09-250001546417blmn:GiftCardRevenueMemberblmn:UnearnedRevenueMember2021-12-260001546417blmn:LoyaltyRevenueMemberblmn:UnearnedRevenueMember2022-09-250001546417blmn:LoyaltyRevenueMemberblmn:UnearnedRevenueMember2021-12-260001546417blmn:FranchiseFeesMemberblmn:UnearnedRevenueMember2022-09-250001546417blmn:FranchiseFeesMemberblmn:UnearnedRevenueMember2021-12-260001546417blmn:OtherRevenueMemberblmn:UnearnedRevenueMember2022-09-250001546417blmn:OtherRevenueMemberblmn:UnearnedRevenueMember2021-12-260001546417blmn:UnearnedRevenueMember2022-09-250001546417blmn:UnearnedRevenueMember2021-12-260001546417blmn:FranchiseFeesMemberus-gaap:OtherNoncurrentLiabilitiesMember2022-09-250001546417blmn:FranchiseFeesMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-12-260001546417us-gaap:OtherCurrentAssetsMember2021-12-272022-09-250001546417blmn:UnearnedRevenueMember2021-12-272022-09-250001546417blmn:GiftCardRevenueMember2022-06-260001546417blmn:GiftCardRevenueMember2021-06-270001546417blmn:GiftCardRevenueMember2021-12-260001546417blmn:GiftCardRevenueMember2020-12-270001546417blmn:GiftCardRevenueMember2022-06-272022-09-250001546417blmn:GiftCardRevenueMember2021-06-282021-09-260001546417blmn:GiftCardRevenueMember2021-12-272022-09-250001546417blmn:GiftCardRevenueMember2020-12-282021-09-260001546417blmn:GiftCardRevenueMember2022-09-250001546417blmn:GiftCardRevenueMember2021-09-260001546417blmn:U.S.SegmentMemberblmn:ProvisionforImpairedAssetsandRestaurantClosingsMember2020-12-282021-09-260001546417blmn:InternationalSegmentMemberblmn:ProvisionforImpairedAssetsandRestaurantClosingsMember2020-12-282021-09-260001546417us-gaap:CorporateNonSegmentMemberblmn:ProvisionforImpairedAssetsandRestaurantClosingsMember2020-12-282021-09-260001546417blmn:ProvisionforImpairedAssetsandRestaurantClosingsMember2020-12-282021-09-260001546417us-gaap:FacilityClosingMember2021-12-260001546417us-gaap:FacilityClosingMember2021-12-272022-09-250001546417us-gaap:FacilityClosingMember2022-09-250001546417blmn:AccruedandOtherCurrentLiabilitiesMemberus-gaap:FacilityClosingMember2022-09-250001546417blmn:OperatingLeaseLiabilityNoncurrentMemberus-gaap:FacilityClosingMember2022-09-250001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2020-05-080001546417us-gaap:EmployeeStockOptionMember2022-06-272022-09-250001546417us-gaap:EmployeeStockOptionMember2021-06-282021-09-260001546417us-gaap:EmployeeStockOptionMember2021-12-272022-09-250001546417us-gaap:EmployeeStockOptionMember2020-12-282021-09-260001546417us-gaap:RestrictedStockUnitsRSUMember2022-06-272022-09-250001546417us-gaap:RestrictedStockUnitsRSUMember2021-06-282021-09-260001546417us-gaap:RestrictedStockUnitsRSUMember2021-12-272022-09-250001546417us-gaap:RestrictedStockUnitsRSUMember2020-12-282021-09-260001546417us-gaap:PerformanceSharesMember2022-06-272022-09-250001546417us-gaap:PerformanceSharesMember2021-06-282021-09-260001546417us-gaap:PerformanceSharesMember2021-12-272022-09-250001546417us-gaap:PerformanceSharesMember2020-12-282021-09-260001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2021-12-272022-09-250001546417us-gaap:EmployeeStockOptionMember2022-06-272022-09-250001546417us-gaap:EmployeeStockOptionMember2021-06-282021-09-260001546417us-gaap:EmployeeStockOptionMember2021-12-272022-09-250001546417us-gaap:EmployeeStockOptionMember2020-12-282021-09-260001546417us-gaap:RestrictedStockUnitsRSUMember2022-06-272022-09-250001546417us-gaap:RestrictedStockUnitsRSUMember2021-06-282021-09-260001546417us-gaap:RestrictedStockUnitsRSUMember2021-12-272022-09-250001546417us-gaap:RestrictedStockUnitsRSUMember2020-12-282021-09-260001546417us-gaap:PerformanceSharesMember2022-06-272022-09-250001546417us-gaap:PerformanceSharesMember2021-06-282021-09-260001546417us-gaap:PerformanceSharesMember2021-12-272022-09-250001546417us-gaap:PerformanceSharesMember2020-12-282021-09-260001546417us-gaap:PerformanceSharesMember2022-02-012022-02-28xbrli:pure0001546417srt:MaximumMemberus-gaap:PerformanceSharesMember2022-02-012022-02-280001546417us-gaap:PerformanceSharesMember2022-09-250001546417us-gaap:RestrictedStockUnitsRSUMember2022-09-250001546417blmn:AccountsReceivableGiftCardsMember2022-09-250001546417blmn:AccountsReceivableGiftCardsMember2021-12-260001546417blmn:AccountsReceivableVendorsMember2022-09-250001546417blmn:AccountsReceivableVendorsMember2021-12-260001546417us-gaap:AccruedIncomeReceivableMember2022-09-250001546417us-gaap:AccruedIncomeReceivableMember2021-12-260001546417blmn:AccountsReceivableOtherMember2022-09-250001546417blmn:AccountsReceivableOtherMember2021-12-260001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2022-09-250001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2021-12-260001546417srt:WeightedAverageMemberus-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2021-12-260001546417us-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberblmn:SeniorSecuredCreditFacilityMember2022-09-250001546417us-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberblmn:SeniorSecuredCreditFacilityMember2021-12-260001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2022-09-250001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2021-12-260001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2022-09-250001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2021-12-260001546417blmn:A2029NotesMemberus-gaap:UnsecuredDebtMember2022-09-250001546417blmn:A2029NotesMemberus-gaap:UnsecuredDebtMember2021-12-260001546417blmn:SeniorSecuredCreditFacilityAnd2025NotesMember2021-12-272022-09-250001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMember2021-04-160001546417us-gaap:SecuredDebtMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2021-04-160001546417us-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberblmn:SeniorSecuredCreditFacilityMember2021-04-160001546417us-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberblmn:SeniorSecuredCreditFacilityMember2022-04-260001546417us-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberblmn:SeniorSecuredCreditFacilityMember2022-04-262022-04-260001546417us-gaap:SecuredDebtMemberblmn:AmendedCreditAgreementMemberblmn:BaseRateOption2Member2022-04-262022-04-260001546417us-gaap:SecuredDebtMemberblmn:AmendedCreditAgreementMemberblmn:BaseRateOption3Member2022-04-262022-04-260001546417us-gaap:SecuredDebtMemberblmn:AmendedCreditAgreementMemberblmn:AdjustedTermSOFRMember2022-04-262022-04-260001546417us-gaap:SecuredDebtMemberblmn:AmendedCreditAgreementMemberblmn:AdjustedTermSOFRMembersrt:MinimumMember2022-04-260001546417us-gaap:BaseRateMemberus-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2022-04-262022-04-260001546417srt:MaximumMemberus-gaap:BaseRateMemberus-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMember2022-04-262022-04-260001546417us-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberblmn:AdjustedTermSOFRMembersrt:MinimumMember2022-04-262022-04-260001546417srt:MaximumMemberus-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberblmn:AdjustedTermSOFRMember2022-04-262022-04-260001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2022-05-252022-05-250001546417blmn:A2025NotesMemberus-gaap:AdditionalPaidInCapitalMemberus-gaap:ConvertibleDebtMember2021-12-272022-09-250001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2020-05-072020-05-080001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2020-05-120001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2022-08-242022-08-240001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2022-05-250001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2022-06-272022-09-250001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2021-06-282021-09-260001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2020-12-282021-09-260001546417blmn:A2025NotesMemberus-gaap:ConvertibleDebtMember2021-09-260001546417blmn:COVID19PandemicMember2021-12-272022-09-250001546417blmn:A2022ShareRepurchaseProgramMember2022-02-080001546417blmn:A2022ShareRepurchaseProgramMember2022-09-250001546417blmn:A2022ShareRepurchaseProgramMember2021-12-272022-03-270001546417blmn:A2022ShareRepurchaseProgramMember2022-03-282022-06-260001546417blmn:A2022ShareRepurchaseProgramMember2022-06-272022-09-250001546417blmn:A2022ShareRepurchaseProgramMember2021-12-272022-09-250001546417blmn:A2022ShareRepurchaseProgramMemberus-gaap:SubsequentEventMember2022-09-262022-10-2800015464172021-12-272022-03-2700015464172022-03-282022-06-260001546417us-gaap:SubsequentEventMember2022-10-012022-10-310001546417us-gaap:AccumulatedTranslationAdjustmentMember2022-09-250001546417us-gaap:AccumulatedTranslationAdjustmentMember2021-12-260001546417us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-250001546417us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-260001546417us-gaap:ParentMember2022-06-272022-09-250001546417us-gaap:ParentMember2021-06-282021-09-260001546417us-gaap:ParentMember2021-12-272022-09-250001546417us-gaap:ParentMember2020-12-282021-09-260001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2018-10-25blmn:counterparty0001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2018-10-242018-10-250001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:InterestRateSwapMember2018-10-242018-10-250001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-260001546417us-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-272022-09-250001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberblmn:AccruedandOtherCurrentLiabilitiesMember2021-12-260001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-06-272022-09-250001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-06-282021-09-260001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-272022-09-250001546417us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-12-282021-09-260001546417blmn:IncomeTaxExpenseBenefitMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-06-272022-09-250001546417blmn:IncomeTaxExpenseBenefitMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-06-282021-09-260001546417blmn:IncomeTaxExpenseBenefitMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-272022-09-250001546417blmn:IncomeTaxExpenseBenefitMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-12-282021-09-260001546417us-gaap:GeneralAndAdministrativeExpenseMember2022-06-272022-09-250001546417us-gaap:GeneralAndAdministrativeExpenseMember2021-06-282021-09-260001546417us-gaap:GeneralAndAdministrativeExpenseMember2021-12-272022-09-250001546417us-gaap:GeneralAndAdministrativeExpenseMember2020-12-282021-09-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FixedIncomeFundsMember2022-09-250001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Member2022-09-250001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FixedIncomeFundsMember2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Member2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedIncomeFundsMember2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MoneyMarketFundsMember2022-09-250001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2022-09-250001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MoneyMarketFundsMember2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-250001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-250001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:InterestRateSwapMember2022-09-250001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2022-09-250001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:InterestRateSwapMember2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2021-12-260001546417us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2021-12-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberblmn:AssetsMeasuredWithImpairmentYearToDateMemberus-gaap:FairValueInputsLevel3Memberblmn:OperatingLeaseRightofUseAssetMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-260001546417blmn:OperatingLeaseRightofUseAssetMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-282021-09-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:PropertyPlantAndEquipmentMemberblmn:AssetsMeasuredWithImpairmentYearToDateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-260001546417us-gaap:PropertyPlantAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-282021-09-260001546417us-gaap:CarryingReportedAmountFairValueDisclosureMemberblmn:AssetsMeasuredWithImpairmentYearToDateMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-09-260001546417us-gaap:FairValueMeasurementsNonrecurringMember2020-12-282021-09-260001546417us-gaap:SecuredDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2022-09-250001546417us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2022-09-250001546417us-gaap:SecuredDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2021-12-260001546417us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberblmn:SeniorSecuredCreditFacilityMemberblmn:TermLoanAFacilityMember2021-12-260001546417us-gaap:SecuredDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMemberblmn:SeniorSecuredCreditFacilityMember2022-09-250001546417us-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel2Memberblmn:SeniorSecuredCreditFacilityMember2022-09-250001546417us-gaap:SecuredDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMemberblmn:SeniorSecuredCreditFacilityMember2021-12-260001546417us-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel2Memberblmn:SeniorSecuredCreditFacilityMember2021-12-260001546417blmn:A2025NotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMember2022-09-250001546417blmn:A2025NotesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ConvertibleDebtMember2022-09-250001546417blmn:A2025NotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMember2021-12-260001546417blmn:A2025NotesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ConvertibleDebtMember2021-12-260001546417blmn:A2029NotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:UnsecuredDebtMember2022-09-250001546417blmn:A2029NotesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:UnsecuredDebtMember2022-09-250001546417blmn:A2029NotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:UnsecuredDebtMember2021-12-260001546417blmn:A2029NotesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:UnsecuredDebtMember2021-12-260001546417us-gaap:PropertyLeaseGuaranteeMember2022-09-250001546417us-gaap:PropertyLeaseGuaranteeMember2021-12-260001546417blmn:OtherRestaurantOperatingMemberblmn:CarrabbasItalianGrillMember2021-08-012021-08-310001546417blmn:U.S.SegmentMember2022-06-272022-09-250001546417blmn:U.S.SegmentMember2021-06-282021-09-260001546417blmn:U.S.SegmentMember2021-12-272022-09-250001546417blmn:U.S.SegmentMember2020-12-282021-09-260001546417blmn:InternationalSegmentMember2022-06-272022-09-250001546417blmn:InternationalSegmentMember2021-06-282021-09-260001546417blmn:InternationalSegmentMember2021-12-272022-09-250001546417blmn:InternationalSegmentMember2020-12-282021-09-260001546417blmn:U.S.SegmentMemberus-gaap:OperatingSegmentsMember2022-06-272022-09-250001546417blmn:U.S.SegmentMemberus-gaap:OperatingSegmentsMember2021-06-282021-09-260001546417blmn:U.S.SegmentMemberus-gaap:OperatingSegmentsMember2021-12-272022-09-250001546417blmn:U.S.SegmentMemberus-gaap:OperatingSegmentsMember2020-12-282021-09-260001546417blmn:InternationalSegmentMemberus-gaap:OperatingSegmentsMember2022-06-272022-09-250001546417blmn:InternationalSegmentMemberus-gaap:OperatingSegmentsMember2021-06-282021-09-260001546417blmn:InternationalSegmentMemberus-gaap:OperatingSegmentsMember2021-12-272022-09-250001546417blmn:InternationalSegmentMemberus-gaap:OperatingSegmentsMember2020-12-282021-09-260001546417us-gaap:OperatingSegmentsMember2022-06-272022-09-250001546417us-gaap:OperatingSegmentsMember2021-06-282021-09-260001546417us-gaap:OperatingSegmentsMember2021-12-272022-09-250001546417us-gaap:OperatingSegmentsMember2020-12-282021-09-260001546417us-gaap:CorporateNonSegmentMember2022-06-272022-09-250001546417us-gaap:CorporateNonSegmentMember2021-06-282021-09-260001546417us-gaap:CorporateNonSegmentMember2021-12-272022-09-250001546417us-gaap:CorporateNonSegmentMember2020-12-282021-09-26
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
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 October 27, 2022, 87,793,644 shares of common stock of the registrant were outstanding.
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. | | |
| | |
| | |
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA, UNAUDITED)
| | | | | | | | | | | |
| SEPTEMBER 25, 2022 | | DECEMBER 26, 2021 |
ASSETS | | | |
Current assets | | | |
Cash and cash equivalents | $ | 90,678 | | | $ | 87,585 | |
Restricted cash and cash equivalents | 143 | | | 1,472 | |
Inventories | 83,250 | | | 79,112 | |
| | | |
Other current assets, net | 101,639 | | | 184,623 | |
Total current assets | 275,710 | | | 352,792 | |
| | | |
| | | |
Property, fixtures and equipment, net | 875,567 | | | 842,012 | |
Operating lease right-of-use assets | 1,115,004 | | | 1,130,873 | |
Goodwill | 273,100 | | | 268,444 | |
Intangible assets, net | 449,975 | | | 453,412 | |
Deferred income tax assets, net | 158,883 | | | 168,068 | |
Other assets, net | 70,962 | | | 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 liabilities | 430,185 | | | 406,894 | |
Unearned revenue | 291,831 | | | 398,795 | |
| | | |
Current portion of long-term debt | 1,481 | | | 10,958 | |
Total current liabilities | 911,322 | | | 984,625 | |
| | | |
Non-current operating lease liabilities | 1,160,657 | | | 1,179,447 | |
| | | |
| | | |
Long-term debt, net | 820,225 | | | 782,107 | |
Other long-term liabilities, net | 86,852 | | | 125,242 | |
Total liabilities | 2,979,056 | | | 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 capital | 1,159,722 | | | 1,119,728 | |
Accumulated deficit | (735,268) | | | (698,171) | |
Accumulated other comprehensive loss | (186,840) | | | (205,989) | |
Total Bloomin’ Brands stockholders’ equity | 238,498 | | | 216,461 | |
Noncontrolling interests | 1,647 | | | 6,389 | |
Total stockholders’ equity | 240,145 | | | 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. |
BLOOMIN’ BRANDS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | |
| THIRTEEN WEEKS ENDED | | THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 25, 2022 | | SEPTEMBER 26, 2021 | | SEPTEMBER 25, 2022 | | SEPTEMBER 26, 2021 |
Revenues | | | | | | | |
Restaurant sales | $ | 1,040,375 | | | $ | 996,718 | | | $ | 3,272,868 | | | $ | 3,031,396 | |
Franchise and other revenues | 15,388 | | | 13,745 | | | 48,592 | | | 43,906 | |
Total revenues | 1,055,763 | | | 1,010,463 | | | 3,321,460 | | | 3,075,302 | |
Costs and expenses | | | | | | | |
Food and beverage costs | 332,939 | | | 304,300 | | | 1,056,768 | | | 908,272 | |
Labor and other related | 303,244 | | | 290,246 | | | 924,514 | | | 859,883 | |
Other restaurant operating | 267,944 | | | 299,788 | | | 790,583 | | | 762,531 | |
Depreciation and amortization | 42,171 | | | 40,827 | | | 125,203 | | | 122,592 | |
General and administrative | 56,089 | | | 58,880 | | | 174,009 | | | 182,590 | |
Provision for impaired assets and restaurant closings | 2,067 | | | 1,585 | | | 4,099 | | | 8,962 | |
Total costs and expenses | 1,004,454 | | | 995,626 | | | 3,075,176 | | | 2,844,830 | |
Income from operations | 51,309 | | | 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 taxes | 38,613 | | | 597 | | | 82,092 | | | 184,562 | |
Provision (benefit) for income taxes | 5,563 | | | (4,454) | | | 33,028 | | | 24,827 | |
Net income | 33,050 | | | 5,051 | | | 49,064 | | | 159,735 | |
Less: net income attributable to noncontrolling interests | 1,064 | | | 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 tax | 2,255 | | | 1,479 | | | 7,440 | | | 2,950 | |
Comprehensive income | 22,264 | | | 9,569 | | | 68,213 | | | 173,511 | |
Less: comprehensive income attributable to noncontrolling interests | 1,064 | | | 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: | | | | | | | |
Basic | 89,192 | | | 89,229 | | | 89,149 | | | 88,890 | |
Diluted | 94,736 | | | 107,783 | | | 99,609 | | | 109,410 | |
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)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| BLOOMIN’ BRANDS, INC. | | | | |
| COMMON STOCK | | ADDITIONAL PAID-IN CAPITAL | | ACCUM- ULATED DEFICIT | | ACCUMULATED OTHER COMPREHENSIVE LOSS | | NON-CONTROLLING INTERESTS | | TOTAL |
| SHARES | | AMOUNT | | | | | |
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 notes | 2,313 | | | 23 | | | 48,542 | | | — | | | — | | | — | | | 48,565 | |
Balance, September 25, 2022 | 88,450 | | | $ | 884 | | | $ | 1,159,722 | | | $ | (735,268) | | | $ | (186,840) | | | $ | 1,647 | | | $ | 240,145 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
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 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.
BLOOMIN’ BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)
` | | | | | | | | | | | |
| THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 25, 2022 | | SEPTEMBER 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 amortization | 125,203 | | | 122,592 | |
Amortization of debt discounts and issuance costs | 2,779 | | | 3,441 | |
Amortization of deferred gift card sales commissions | 18,213 | | | 19,277 | |
Provision for impaired assets and restaurant closings | 4,099 | | | 8,962 | |
| | | |
Non-cash interest expense from terminated interest rate swaps | 10,014 | | | 3,973 | |
Non-cash operating lease costs | 62,539 | | | 57,791 | |
| | | |
| | | |
Stock-based and other non-cash compensation expense | 11,815 | | | 20,100 | |
Deferred income tax expense | 6,604 | | | 3,842 | |
| | | |
| | | |
Loss on extinguishment and modification of debt | 107,630 | | | 2,073 | |
| | | |
| | | |
| | | |
Loss on fair value adjustment of derivatives, net | 17,685 | | | — | |
Other, net | 5,381 | | | (946) | |
Change in assets and liabilities | (128,447) | | | (96,594) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Net cash provided by operating activities | 292,579 | | | 304,246 | |
Cash flows used in investing activities: | | | |
Proceeds from disposal of property, fixtures and equipment | 207 | | | 7,052 | |
Proceeds received on life insurance policies | 14,598 | | | 9,270 | |
| | | |
| | | |
Capital expenditures | (137,260) | | | (85,339) | |
Other investments, net | 1,000 | | | (68) | |
Net cash used in investing activities | $ | (121,455) | | | $ | (69,085) | |
| | | |
| (CONTINUED...) |
| | | |
BLOOMIN’ BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS, UNAUDITED)
| | | | | | | | | | | |
| THIRTY-NINE WEEKS ENDED |
| SEPTEMBER 25, 2022 | | SEPTEMBER 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 facilities | 929,500 | | | 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 hedges | 131,869 | | | — | |
Payments for retirement of warrants | (114,825) | | | — | |
Proceeds from share-based compensation, net | 2,494 | | | 9,883 | |
Distributions to noncontrolling interests | (6,631) | | | (6,203) | |
Contributions from noncontrolling interests | 602 | | | 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 equivalents | 1,400 | | | 207 | |
| | | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,764 | | | (29,824) | |
Cash, cash equivalents and restricted cash as of the beginning of the period | 89,057 | | | 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.
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.
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 ENDED | | THIRTY-NINE WEEKS ENDED | | | | | | |
(dollars in thousands) | SEPTEMBER 25, 2022 | | SEPTEMBER 26, 2021 | | SEPTEMBER 25, 2022 | | SEPTEMBER 26, 2021 | | | | | | |
Revenues | | | | | | | | | | | | | |
Restaurant sales | $ | 1,040,375 | | | $ | 996,718 | | | $ | 3,272,868 | | | $ | 3,031,396 | | | | | | | |
Franchise and other revenues | | | | | | | | | | | | | |
Franchise revenues | 11,826 | | | 12,908 | | | 37,828 | | | 31,918 | | | | | | | |
Other revenues (1) | 3,562 | | | 837 | | | 10,764 | | | 11,988 | | | | | | | |
Total Franchise and other revenues | 15,388 | | | 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, 2022 | | SEPTEMBER 26, 2021 |
(dollars in thousands) | RESTAURANT SALES | | FRANCHISE REVENUES | | RESTAURANT SALES | | FRANCHISE REVENUES |
U.S. | | | | | | | |
Outback Steakhouse | $ | |