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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 March 26, 2023
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/6fb9183945b87bea6743972c4b6ee890-blmnlogov3.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 April 27, 2023, 87,293,770 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 March 26, 2023
(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) 

MARCH 26, 2023DECEMBER 25, 2022
(UNAUDITED)
ASSETS  
Current assets  
Cash and cash equivalents$94,441 $84,735 
Inventories67,898 78,124 
Other current assets, net85,507 183,718 
Total current assets247,846 346,577 
Property, fixtures and equipment, net936,225 914,142 
Operating lease right-of-use assets1,091,943 1,103,083 
Goodwill272,510 273,032 
Intangible assets, net446,696 448,326 
Deferred income tax assets, net151,436 153,118 
Other assets, net85,137 82,147 
Total assets$3,231,793 $3,320,425 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$196,093 $183,715 
Accrued and other current liabilities399,465 399,301 
Unearned revenue322,608 394,215 
Current portion of long-term debt2,267 1,636 
Total current liabilities920,433 978,867 
Non-current operating lease liabilities1,136,694 1,148,607 
Long-term debt, net765,702 831,656 
Other long-term liabilities, net86,123 87,386 
Total liabilities2,908,952 3,046,516 
Commitments and contingencies (Note 12)
Stockholders’ equity
Bloomin’ Brands stockholders’ equity
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of March 26, 2023 and December 25, 2022
  
Common stock, $0.01 par value, 475,000,000 shares authorized; 87,465,214 and 87,696,200 shares issued and outstanding as of March 26, 2023 and December 25, 2022, respectively
875 877 
Additional paid-in capital1,141,017 1,161,912 
Accumulated deficit(635,451)(706,109)
Accumulated other comprehensive loss(186,445)(185,311)
Total Bloomin’ Brands stockholders’ equity319,996 271,369 
Noncontrolling interests2,845 2,540 
Total stockholders’ equity322,841 273,909 
Total liabilities and stockholders’ equity$3,231,793 $3,320,425 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3

Table of Contents
BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)


THIRTEEN WEEKS ENDED
MARCH 26, 2023MARCH 27, 2022
Revenues  
Restaurant sales$1,228,234 $1,123,575 
Franchise and other revenues16,512 16,960 
Total revenues1,244,746 1,140,535 
Costs and expenses  
Food and beverage384,214 359,370 
Labor and other related341,542 312,511 
Other restaurant operating282,927 259,110 
Depreciation and amortization46,302 41,775 
General and administrative65,804 58,674 
Provision for impaired assets and restaurant closings3,324 1,839 
Total costs and expenses1,124,113 1,033,279 
Income from operations120,633 107,256 
Interest expense, net(12,444)(13,633)
Income before provision for income taxes108,189 93,623 
Provision for income taxes14,761 15,929 
Net income93,428 77,694 
Less: net income attributable to noncontrolling interests2,117 2,183 
Net income attributable to Bloomin’ Brands
$91,311 $75,511 
Net income$93,428 $77,694 
Other comprehensive income:
Foreign currency translation adjustment(1,134)11,283 
Unrealized gain on derivatives, net of tax 573 
Reclassification of adjustments for loss on derivatives included in Net income, net of tax 681 
Impact of terminated interest rate swaps included in Net income, net of tax 3,021 
Comprehensive income92,294 93,252 
Less: comprehensive income attributable to noncontrolling interests2,117 2,183 
Comprehensive income attributable to Bloomin’ Brands$90,177 $91,069 
Earnings per share:
Basic$1.02 $0.85 
Diluted$0.93 $0.73 
Weighted average common shares outstanding:
Basic89,116 89,355 
Diluted98,011 103,454 
 
The accompanying notes are an integral part of these unaudited 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,
December 25, 2022
87,696 $877 $1,161,912 $(706,109)$(185,311)$2,540 $273,909 
Net income— — — 91,311 — 2,117 93,428 
Other comprehensive loss— — — — (1,134)— (1,134)
Cash dividends declared, $0.24 per common share
— — (21,014)— — — (21,014)
Repurchase and retirement of common stock, including excise tax(863)(9)— (20,653)— — (20,662)
Stock-based compensation— — 2,904 — — — 2,904 
Common stock issued under stock plans (1)632 7 (2,785)— — — (2,778)
Distributions to noncontrolling interests— — — — — (2,555)(2,555)
Contributions from noncontrolling interests— — — — — 743 743 
Balance,
March 26, 2023
87,465 $875 $1,141,017 $(635,451)$(186,445)$2,845 $322,841 
BLOOMIN’ BRANDS, INC.
COMMON STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance,
December 26, 2021
89,253 $893 $1,119,728 $(698,171)$(205,989)$6,389 $222,850 
Net income— — — 75,511 — 2,183 77,694 
Other comprehensive income, net of tax— — — — 15,558 — 15,558 
Cash dividends declared, $0.14 per common share
— — (12,559)— — — (12,559)
Repurchase and retirement of common stock(551)(6)— (11,696)— — (11,702)
Stock-based compensation— — 4,843 — — — 4,843 
Common stock issued under stock plans (1)483 5 880 — — — 885 
Purchase of noncontrolling interests, net of tax of $888
— — 2,566 — — (4,454)(1,888)
Distributions to noncontrolling interests— — — — — (2,641)(2,641)
Contributions from noncontrolling interests— — — — — 217 217 
Balance,
March 27, 2022
89,185 $892 $1,115,458 $(634,356)$(190,431)$1,694 $293,257 
________________
(1)Net of forfeitures and shares withheld for employee taxes.

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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BLOOMIN’ BRANDS, INC.

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


THIRTEEN WEEKS ENDED
MARCH 26, 2023MARCH 27, 2022
Cash flows provided by operating activities:  
Net income$93,428 $77,694 
Adjustments to reconcile Net income to cash provided by operating activities:  
Depreciation and amortization46,302 41,775 
Amortization of debt discounts and issuance costs763 1,065 
Amortization of deferred gift card sales commissions7,797 8,017 
Provision for impaired assets and restaurant closings3,324 1,839 
Non-cash interest expense from terminated interest rate swaps 4,067 
Non-cash operating lease costs21,182 20,477 
Stock-based and other non-cash compensation expense2,904 4,843 
Deferred income tax expense1,682 3,209 
Other, net(1,823)2,229 
Change in assets and liabilities14,109 (18,080)
Net cash provided by operating activities189,668 147,135 
Cash flows used in investing activities:  
Capital expenditures(64,415)(40,180)
Other investments, net1,470 1,030 
Net cash used in investing activities(62,945)(39,150)
Cash flows used in financing activities:
Repayments of long-term debt and finance lease obligations(385)(2,863)
Proceeds from borrowings on revolving credit facilities190,000 90,000 
Repayments of borrowings on revolving credit facilities(260,000)(160,000)
(Payments of taxes) proceeds from share-based compensation, net(2,778)885 
Distributions to noncontrolling interests(2,555)(2,641)
Contributions from noncontrolling interests743 217 
Purchase of noncontrolling interests(100)(1,000)
Payments for partner equity plan (2,748)
Repurchase of common stock(20,898)(10,402)
Cash dividends paid on common stock(21,014)(12,559)
Net cash used in financing activities(116,987)(101,111)
Effect of exchange rate changes on cash and cash equivalents(30)1,965 
Net increase in cash, cash equivalents and restricted cash9,706 8,839 
Cash, cash equivalents and restricted cash as of the beginning of the period84,735 89,057 
Cash, cash equivalents and restricted cash as of the end of the period$94,441 $97,896 
Supplemental disclosures of cash flow information:  
Cash paid for interest$6,528 $2,444 
Cash paid for income taxes, net of refunds$2,458 $2,257 
Supplemental disclosures of non-cash investing and financing activities:  
Leased assets obtained in exchange for new operating lease liabilities$11,394 $11,515 
Leased assets obtained in exchange for new finance lease liabilities$4,711 $1,313 
Increase (decrease) in liabilities from the acquisition of property, fixtures and equipment$1,159 $(6,178)

The accompanying notes are an integral part of these unaudited 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 25, 2022.

Recently Issued Financial Accounting Standards Not Yet Adopted - 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 notes to the consolidated financial statements. These reclassifications had no effect on previously reported net income.

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
(dollars in thousands)MARCH 26, 2023MARCH 27, 2022
Revenues
Restaurant sales$1,228,234 $1,123,575 
Franchise and other revenues
Franchise revenues13,523 13,406 
Other revenues2,989 3,554 
Total Franchise and other revenues16,512 16,960 
Total revenues$1,244,746 $1,140,535 

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
The following table includes the disaggregation of Restaurant sales and franchise revenues, by restaurant concept and major international market, for the periods indicated:
THIRTEEN WEEKS ENDED
MARCH 26, 2023MARCH 27, 2022
(dollars in thousands)RESTAURANT SALESFRANCHISE REVENUESRESTAURANT SALESFRANCHISE REVENUES
U.S.
Outback Steakhouse$628,183 $8,544 $595,393 $8,459 
Carrabba’s Italian Grill188,042 795 175,628 661 
Bonefish Grill157,689 171 151,416 177 
Fleming’s Prime Steakhouse & Wine Bar102,773  97,662  
Other3,882 15 3,536 5 
U.S. total1,080,569 9,525 1,023,635 9,302 
International
Outback Steakhouse - Brazil (1)122,016  85,301  
Other (1)(2)25,649 3,998 14,639 4,104 
International total147,665 3,998 99,940 4,104 
Total$1,228,234 $13,523 $1,123,575 $13,406 
________________
(1)Restaurant sales in Brazil increased $9.6 million during the thirteen weeks ended March 26, 2023 in connection with value added tax exemptions resulting from recent tax legislation. See Note 11 - Income Taxes for details regarding the Brazil tax legislation.
(2)Includes Restaurant sales for Company-owned Outback Steakhouse restaurants outside of Brazil and Abbraccio restaurants in Brazil. Franchise revenues primarily include revenues from franchised Outback Steakhouse restaurants.

The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:
(dollars in thousands)MARCH 26, 2023DECEMBER 25, 2022
Other current assets, net
Deferred gift card sales commissions$13,403 $17,755 
Unearned revenue
Deferred gift card revenue$314,096 $386,495 
Deferred loyalty revenue6,024 5,628 
Deferred franchise fees - current471 460 
Other2,017 1,632 
Total Unearned revenue$322,608 $394,215 
Other long-term liabilities, net
Deferred franchise fees - non-current$4,193 $4,126 

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 26, 2023MARCH 27, 2022
Balance, beginning of the period$17,755 $17,793 
Deferred gift card sales commissions amortization(7,797)(8,017)
Deferred gift card sales commissions capitalization4,403 4,169 
Other(958)(912)
Balance, end of the period$13,403 $13,033 
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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
The following table is a rollforward of unearned gift card revenue for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 26, 2023MARCH 27, 2022
Balance, beginning of the period$386,495 $387,945 
Gift card sales53,005 50,280 
Gift card redemptions(118,283)(116,622)
Gift card breakage(7,121)(6,629)
Balance, end of the period$314,096 $314,974 

3.    Earnings Per Share

The following table presents the computation of basic and diluted earnings per share for the periods indicated:
THIRTEEN WEEKS ENDED
(in thousands, except per share data)MARCH 26, 2023MARCH 27, 2022
Net income attributable to Bloomin’ Brands
$91,311 $75,511 
Basic weighted average common shares outstanding89,116 89,355 
Effect of dilutive securities:
Stock options401 370 
Nonvested restricted stock units269 279 
Nonvested performance-based share units286 276 
Convertible senior notes4,831 8,732 
Warrants3,108 4,442 
Diluted weighted average common shares outstanding98,011 103,454 
Basic earnings per share$1.02 $0.85 
Diluted earnings per share$0.93 $0.73 

Share-based compensation-related weighted average securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows for the periods indicated:
THIRTEEN WEEKS ENDED
(shares in thousands)MARCH 26, 2023MARCH 27, 2022
Stock options725 1,417 
Nonvested restricted stock units120 217 
Nonvested performance-based share units344 365 

4.    Stock-based Compensation Plans

The Company recognized stock-based compensation expense as follows for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 26, 2023MARCH 27, 2022
Performance-based share units$923 $2,619 
Restricted stock units1,963 1,810 
Stock options 377 
$2,886 $4,806 
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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
In February 2023, the Company granted performance-based share units (“PSUs”) subject to final payout modification by a Relative Total Shareholder Return (“Relative TSR”) modifier. This Relative TSR modifier can adjust the final payout outcome by 75%, 100% or 125% of the achieved performance metric, with the overall payout capped at 200% of the annual target grant. These PSUs have a three-year cliff vesting period and their fair value was estimated using the Monte Carlo simulation model.

The following table presents a summary of the Company’s PSU activity:
(in thousands, except per unit data)PERFORMANCE-BASED SHARE UNITSWEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNITAGGREGATE INTRINSIC VALUE (1)
Outstanding as of December 25, 2022874 $24.83 $18,323 
Granted301 $29.01 
Performance adjustment (2)154 $19.84 
Vested(470)$19.84 
Forfeited(32)$26.39 
Outstanding as of March 26, 2023827 $26.92 $20,630 
Expected to vest as of March 26, 20231,067 $26,611 
________________
(1)Based on the $20.96 and $24.94 share price of the Company’s common stock on December 23, 2022 and March 24, 2023, the last trading day of the year ended December 25, 2022 and the thirteen weeks ended March 26, 2023, respectively.
(2)Represents adjustment to 148% payout for PSUs granted during 2020.

Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:
THIRTEEN WEEKS ENDED
MARCH 26, 2023MARCH 27, 2022
Assumptions:
Risk-free interest rate (1)4.26 %1.64 %
Dividend yield (2)3.47 %2.31 %
Volatility (3)51.02 %49.11 %
Grant date fair value per unit (4)$29.01 $26.10 
________________
(1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit.
(2)Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term.
(3)Based on the historical volatility of the Company’s stock over the last seven years.
(4)Represents a premium above the per share value of the Company’s common stock for the Relative TSR modifier as of the grant date of 2.7% and 7.9% as of March 26, 2023 and March 27, 2022, respectively.

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of March 26, 2023:
UNRECOGNIZED COMPENSATION EXPENSE
(dollars in thousands)
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Performance-based share units$16,617 2.0
Restricted stock units$11,864 2.2

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
5.    Other Current Assets, Net

Other current assets, net, consisted of the following as of the periods indicated:
(dollars in thousands)MARCH 26, 2023DECEMBER 25, 2022
Prepaid expenses$27,856 $29,343 
Accounts receivable - gift cards, net8,515 85,606 
Accounts receivable - vendors, net10,209 25,385 
Accounts receivable - franchisees, net3,755 2,550 
Accounts receivable - other, net17,488 18,408 
Deferred gift card sales commissions13,403 17,755 
Other current assets, net4,281 4,671 
$85,507 $183,718 

6.    Long-term Debt, Net

Following is a summary of outstanding Long-term debt, net, as of the periods indicated:
MARCH 26, 2023DECEMBER 25, 2022
(dollars in thousands)OUTSTANDING BALANCEINTEREST RATEOUTSTANDING BALANCEINTEREST RATE
Senior secured credit facility - revolving credit facility (1)$360,000 6.28 %$430,000 5.79 %
2025 Notes105,000 5.00 %105,000 5.00 %
2029 Notes300,000 5.13 %300,000 5.13 %
Finance lease liabilities9,114 4,785 
Less: unamortized debt discount and issuance costs(6,145)(6,493)
Total debt, net767,969 833,292 
Less: current portion of long-term debt(2,267)(1,636)
Long-term debt, net$765,702 $831,656 
________________
(1)Interest rate represents the weighted average interest rate as of the respective periods.

Debt Covenants - As of March 26, 2023 and December 25, 2022, the Company was in compliance with its debt covenants.

7.    Convertible Senior Notes

2025 Notes - In connection with dividends paid during the thirteen weeks ended March 26, 2023, the conversion rate for the Company’s remaining convertible senior notes due 2025 (“2025 Notes”) decreased to approximately $11.49 per share, which represents 87.059 shares of common stock per $1,000 principal amount of the 2025 Notes, or a total of approximately 9.141 million shares.

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the periods indicated:
(dollars in thousands)MARCH 26, 2023DECEMBER 25, 2022
Long-term debt, net
Principal$105,000 $105,000 
Less: debt issuance costs (1)(1,744)(1,939)
Net carrying amount$103,256 $103,061 
________________
(1)Debt issuance costs are amortized to Interest expense, net using the effective interest method over the 2025 Notes’ expected life.

Following is a summary of interest expense for the 2025 Notes by component for the periods indicated:
THIRTEEN WEEKS ENDED
(dollars in thousands)MARCH 26, 2023MARCH 27, 2022
Coupon interest$1,313 $2,875 
Debt issuance cost amortization195 404 
Total interest expense (1)$1,508 $3,279 
________________
(1)The effective rate of the 2025 Notes over their expected life is 5.85%.

Based on the daily closing prices of the Company’s stock during the quarter ended March 26, 2023, the remaining holders of the 2025 Notes are eligible to convert their 2025 Notes during the second quarter of 2023.

8.    Stockholders’ Equity

Share Repurchases - On February 8, 2022, the Company’s Board of Directors (the “Board”) approved a share repurchase program (the “2022 Share Repurchase Program”) under which the Company was authorized to repurchase up to $125.0 million of its outstanding common stock. During the thirteen weeks ended March 26, 2023, the Company fully utilized the remaining share repurchase authorization under the 2022 Share Repurchase Program. On February 7, 2023, the Company’s Board approved a new $125.0 million authorization (the “2023 Share Repurchase Program”) expiring on August 7, 2024. As of March 26, 2023, $