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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 June 25, 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/f4ed09d5e5049f8caf393dcd257b5aff-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 July 27, 2023, 87,097,283 shares of common stock of the registrant were outstanding.


Table of Contents
BLOOMIN’ BRANDS, INC.


INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarterly Period Ended June 25, 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) 

JUNE 25, 2023DECEMBER 25, 2022
(UNAUDITED)
ASSETS  
Current assets  
Cash and cash equivalents$88,794 $84,735 
Inventories62,327 78,124 
Other current assets, net96,770 183,718 
Total current assets247,891 346,577 
Property, fixtures and equipment, net975,986 914,142 
Operating lease right-of-use assets1,089,218 1,103,083 
Goodwill274,629 273,032 
Intangible assets, net445,630 448,326 
Deferred income tax assets, net152,387 153,118 
Other assets, net87,391 82,147 
Total assets$3,273,132 $3,320,425 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$202,207 $183,715 
Current operating lease liabilities185,362 183,510 
Accrued and other current liabilities211,481 217,427 
Unearned revenue312,556 394,215 
Total current liabilities911,606 978,867 
Non-current operating lease liabilities1,132,015 1,148,607 
Long-term debt, net763,998 828,507 
Other long-term liabilities, net93,645 90,535 
Total liabilities2,901,264 3,046,516 
Commitments and contingencies (Note 13)
Stockholders’ equity
Bloomin’ Brands stockholders’ equity
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of June 25, 2023 and December 25, 2022
  
Common stock, $0.01 par value, 475,000,000 shares authorized; 87,339,455 and 87,696,200 shares issued and outstanding as of June 25, 2023 and December 25, 2022, respectively
873 877 
Additional paid-in capital1,132,732 1,161,912 
Accumulated deficit(582,738)(706,109)
Accumulated other comprehensive loss(181,943)(185,311)
Total Bloomin’ Brands stockholders’ equity368,924 271,369 
Noncontrolling interests2,944 2,540 
Total stockholders’ equity371,868 273,909 
Total liabilities and stockholders’ equity$3,273,132 $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 (LOSS)
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)


THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
JUNE 25, 2023JUNE 26, 2022JUNE 25, 2023JUNE 26, 2022
Revenues    
Restaurant sales$1,137,330 $1,108,918 $2,365,564 $2,232,493 
Franchise and other revenues15,364 16,244 31,876 33,204 
Total revenues1,152,694 1,125,162 2,397,440 2,265,697 
Costs and expenses    
Food and beverage351,226 364,459 735,440 723,829 
Labor and other related325,934 308,759 667,476 621,270 
Other restaurant operating273,338 263,529 556,265 522,639 
Depreciation and amortization47,565 41,257 93,867 83,032 
General and administrative63,358 59,246 129,162 117,920 
Provision for impaired assets and restaurant closings1,827 193 5,151 2,032 
Total costs and expenses1,063,248 1,037,443 2,187,361 2,070,722 
Income from operations89,446 87,719 210,079 194,975 
Loss on extinguishment and modification of debt (107,630) (107,630)
Loss on fair value adjustment of derivatives, net (17,685) (17,685)
Interest expense, net(12,961)(12,548)(25,405)(26,181)
Income (loss) before provision for income taxes76,485 (50,144)184,674 43,479 
Provision for income taxes6,483 11,536 21,244 27,465 
Net income (loss)70,002 (61,680)163,430 16,014 
Less: net income attributable to noncontrolling interests1,725 1,955 3,842 4,138 
Net income (loss) attributable to Bloomin’ Brands
$68,277 $(63,635)$159,588 $11,876 
Net income (loss)$70,002 $(61,680)$163,430 $16,014 
Other comprehensive income (loss):
Foreign currency translation adjustment4,502 11,940 3,368 23,223 
Unrealized gain on derivatives, net of tax   573 
Reclassification of adjustments for loss on derivatives included in Net income (loss), net of tax 273  954 
Impact of terminated interest rate swaps included in Net income (loss), net of tax 2,164  5,185 
Comprehensive income (loss)74,504 (47,303)166,798 45,949 
Less: comprehensive income attributable to noncontrolling interests1,725 1,955 3,842 4,138 
Comprehensive income (loss) attributable to Bloomin’ Brands$72,779 $(49,258)$162,956 $41,811 
Earnings (loss) per share:
Basic$0.77 $(0.72)$1.80 $0.13 
Diluted$0.70 $(0.72)$1.63 $0.12 
Weighted average common shares outstanding:
Basic88,559 88,898 88,838 89,127 
Diluted97,401 88,898 97,706 102,045 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

Table of Contents
BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
BLOOMIN’ BRANDS, INC.
COMMON STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance,
March 26, 2023
87,465 $875 $1,141,017 $(635,451)$(186,445)$2,845 $322,841 
Net income— — — 68,277 — 1,725 70,002 
Other comprehensive income— — — — 4,502 — 4,502 
Cash dividends declared, $0.24 per common share
— — (20,990)— — — (20,990)
Repurchase and retirement of common stock, including excise tax of $31
(619)(6)— (15,564)— — (15,570)
Stock-based compensation— — 5,138 — — — 5,138 
Common stock issued under stock plans (1)493 4 7,567 — — — 7,571 
Distributions to noncontrolling interests— — — — — (2,085)(2,085)
Contributions from noncontrolling interests— — — — — 459 459 
Balance,
June 25, 2023
87,339 $873 $1,132,732 $(582,738)$(181,943)$2,944 $371,868 
Balance,
December 25, 2022
87,696 $877 $1,161,912 $(706,109)$(185,311)$2,540 $273,909 
Net income— — — 159,588 — 3,842 163,430 
Other comprehensive income— — — — 3,368 — 3,368 
Cash dividends declared, $0.48 per common share
— — (42,004)— — — (42,004)
Repurchase and retirement of common stock, including excise tax of $48
(1,482)(15)— (36,217)— — (36,232)
Stock-based compensation— — 8,042 — — — 8,042 
Common stock issued under stock plans (1)1,125 11 4,782 — — — 4,793 
Distributions to noncontrolling interests— — — — — (4,640)(4,640)
Contributions from noncontrolling interests— — — — — 1,202 1,202 
Balance,
June 25, 2023
87,339 $873 $1,132,732 $(582,738)$(181,943)$2,944 $371,868 
(CONTINUED...)
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BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
BLOOMIN’ BRANDS, INC.
COMMON STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance,
March 27, 2022
89,185 $892 $1,115,458 $(634,356)$(190,431)$1,694 $293,257 
Net (loss) income— — — (63,635)— 1,955 (61,680)
Other comprehensive income, net of tax— — — — 14,377 — 14,377 
Cash dividends declared, $0.14 per common share
— — (12,418)— — — (12,418)
Repurchase and retirement of common stock(1,761)(17)— (35,732)— — (35,749)
Stock-based compensation— — 4,959 — — — 4,959 
Common stock issued under stock plans (1)414 4 1,118 — — — 1,122 
Purchase of noncontrolling interests, net of tax of $1,142
— — (3,301)— — 539 (2,762)
Distributions to noncontrolling interests— — — — — (2,513)(2,513)
Contributions from noncontrolling interests— — — — — 244 244 
Retirement of convertible senior note hedges— — 112,956 — — — 112,956 
Retirement of warrants— — (97,617)— — — (97,617)
Issuance of common stock from repurchase of convertible senior notes2,313 23 48,542 — — — 48,565 
Balance,
June 26, 2022
90,151 $902 $1,169,697 $(733,723)$(176,054)$1,919 $262,741 
Balance,
December 26, 2021
89,253 $893 $1,119,728 $(698,171)$(205,989)$6,389 $222,850 
Net income— — — 11,876 — 4,138 16,014 
Other comprehensive income, net of tax— — — — 29,935 — 29,935 
Cash dividends declared, $0.28 per common share
— — (24,977)— — — (24,977)
Repurchase and retirement of common stock(2,312)(23)— (47,428)— — (47,451)
Stock-based compensation— — 9,802 — — — 9,802 
Common stock issued under stock plans (1)897 9 1,998 — — — 2,007 
Purchase of noncontrolling interests, net of tax of $254
— — (735)— — (3,915)(4,650)
Distributions to noncontrolling interests— — — — — (5,154)(5,154)
Contributions from noncontrolling interests— — — — — 461 461 
Retirement of convertible senior note hedges— — 112,956 — — — 112,956 
Retirement of warrants— — (97,617)— — — (97,617)
Issuance of common stock from repurchase of convertible senior notes2,313 23 48,542 — — — 48,565 
Balance,
June 26, 2022
90,151 $902 $1,169,697 $(733,723)$(176,054)$1,919 $262,741 
________________
(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)

TWENTY-SIX WEEKS ENDED
JUNE 25, 2023JUNE 26, 2022
Cash flows provided by operating activities:  
Net income$163,430 $16,014 
Adjustments to reconcile Net income to cash provided by operating activities:  
Depreciation and amortization93,867 83,032 
Amortization of debt discounts and issuance costs1,532 2,025 
Amortization of deferred gift card sales commissions13,180 13,458 
Provision for impaired assets and restaurant closings5,151 2,032 
Non-cash interest expense from terminated interest rate swaps 6,980 
Non-cash operating lease costs42,884 41,336 
Stock-based compensation expense8,042 9,802 
Deferred income tax (benefit) expense(1,164)8,329 
Loss on extinguishment and modification of debt 107,630 
Loss on fair value adjustment of derivatives, net 17,685 
Other, net(3,515)4,935 
Change in assets and liabilities(36,114)(94,440)
Net cash provided by operating activities287,293 218,818 
Cash flows used in investing activities:  
Capital expenditures(142,153)(76,901)
Other investments, net1,502 1,163 
Net cash used in investing activities(140,651)(75,738)
Cash flows used in financing activities:
Repayments of long-term debt and finance lease obligations(816)(195,733)
Proceeds from borrowings on revolving credit facilities448,000 624,500 
Repayments of borrowings on revolving credit facilities(513,000)(304,500)
Financing fees (853)
Principal settlements and repurchase of convertible senior notes(214)(196,919)
Proceeds from retirement of convertible senior note hedges 131,869 
Payments for retirement of warrants (114,825)
Proceeds from share-based compensation, net4,793 2,007 
Distributions to noncontrolling interests(4,640)(5,154)
Contributions from noncontrolling interests1,202 461 
Purchase of noncontrolling interests(100)(4,904)
Payments for partner equity plan (5,743)
Repurchase of common stock(36,435)(46,151)
Cash dividends paid on common stock(42,004)(24,977)
Net cash used in financing activities(143,214)(140,922)
Effect of exchange rate changes on cash and cash equivalents631 4,232 
Net increase in cash, cash equivalents and restricted cash4,059 6,390 
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$88,794 $95,447 
Supplemental disclosures of cash flow information:  
Cash paid for interest$16,951 $18,862 
Cash paid for income taxes, net of refunds$15,356 $17,191 
Supplemental disclosures of non-cash investing and financing activities:  
Leased assets obtained in exchange for new operating lease liabilities$30,249 $26,415 
Leased assets obtained in exchange for new finance lease liabilities$5,367 $2,417 
Increase in liabilities from the acquisition of property, fixtures and equipment$7,522 $2,545 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
7

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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, finance lease liabilities presented within other liabilities that were formerly presented within long-term debt, the separate presentation of current operating lease liabilities on the face of the Consolidated Balance Sheets and the presentation of certain items within the Condensed Consolidated Statements of Cash Flows. 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 (Loss) for the periods indicated:
THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(dollars in thousands)JUNE 25, 2023JUNE 26, 2022JUNE 25, 2023JUNE 26, 2022
Revenues
Restaurant sales$1,137,330 $1,108,918 $2,365,564 $2,232,493 
Franchise and other revenues
Franchise revenues12,568 12,596 26,091 26,002 
Other revenues2,796 3,648 5,785 7,202 
Total Franchise and other revenues15,364 16,244 31,876 33,204 
Total revenues$1,152,694 $1,125,162 $2,397,440 $2,265,697 

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
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
JUNE 25, 2023JUNE 26, 2022
(dollars in thousands)RESTAURANT SALESFRANCHISE REVENUESRESTAURANT SALESFRANCHISE REVENUES
U.S.
Outback Steakhouse$576,989 $8,219 $573,563 $8,156 
Carrabba’s Italian Grill176,666 758 170,190 797 
Bonefish Grill143,458 95 145,472 173 
Fleming’s Prime Steakhouse & Wine Bar92,851  93,933  
Other3,474 10 2,769 8 
U.S. total993,438 9,082 985,927 9,134 
International
Outback Steakhouse - Brazil (1)119,295  100,647  
Other (1)(2)24,597 3,486 22,344 3,462 
International total143,892 3,486 122,991 3,462 
Total$1,137,330 $12,568 $1,108,918 $12,596 
TWENTY-SIX WEEKS ENDED
JUNE 25, 2023JUNE 26, 2022
(dollars in thousands)RESTAURANT SALESFRANCHISE REVENUESRESTAURANT SALESFRANCHISE REVENUES
U.S.
Outback Steakhouse$1,205,172 $16,763 $1,168,956 $16,615 
Carrabba’s Italian Grill364,708 1,553 345,818 1,458 
Bonefish Grill301,147 266 296,888 350 
Fleming’s Prime Steakhouse & Wine Bar195,624  191,595  
Other7,356 25 6,305 13 
U.S. total2,074,007 18,607 2,009,562 18,436 
International
Outback Steakhouse - Brazil (1)241,311  185,948  
Other (1)(2)50,246 7,484 36,983 7,566 
International total291,557 7,484 222,931 7,566 
Total$2,365,564 $26,091 $2,232,493 $26,002 
________________
(1)Restaurant sales in Brazil increased $9.6 million and $19.2 million during the thirteen and twenty-six weeks ended June 25, 2023, respectively, in connection with value added tax exemptions resulting from tax legislation. See Note 12 - 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.

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
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)JUNE 25, 2023DECEMBER 25, 2022
Other current assets, net
Deferred gift card sales commissions$12,694 $17,755 
Unearned revenue
Deferred gift card revenue$304,942 $386,495 
Deferred loyalty revenue5,391 5,628 
Deferred franchise fees - current472 460 
Other1,751 1,632 
Total Unearned revenue$312,556 $394,215 
Other long-term liabilities, net
Deferred franchise fees - non-current$4,132 $4,126 

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(dollars in thousands)JUNE 25, 2023JUNE 26, 2022JUNE 25, 2023JUNE 26, 2022
Balance, beginning of the period$13,403 $13,033 $17,755 $17,793 
Deferred gift card sales commissions amortization(5,383)(5,441)(13,180)(13,458)
Deferred gift card sales commissions capitalization5,340 5,436 9,743 9,605 
Other(666)(690)(1,624)(1,602)
Balance, end of the period$12,694 $12,338 $12,694 $12,338 

The following table is a rollforward of unearned gift card revenue for the periods indicated:
THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(dollars in thousands)JUNE 25, 2023JUNE 26, 2022JUNE 25, 2023JUNE 26, 2022
Balance, beginning of the period$314,096 $314,974 $386,495 $387,945 
Gift card sales65,338 65,174 118,343 115,454 
Gift card redemptions(70,175)(72,428)(188,458)(189,050)
Gift card breakage(4,317)(4,176)(11,438)(10,805)
Balance, end of the period$304,942 $303,544 $304,942 $303,544 

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
3.    Earnings (Loss) Per Share

The following table presents the computation of basic and diluted earnings (loss) per share for the periods indicated:
THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(in thousands, except per share data)JUNE 25, 2023JUNE 26, 2022 (1)JUNE 25, 2023JUNE 26, 2022
Net income (loss) attributable to Bloomin’ Brands
$68,277 $(63,635)$159,588 $11,876 
Basic weighted average common shares outstanding88,559 88,898 88,838 89,127 
Effect of dilutive securities:
Stock options395  398 305 
Nonvested restricted stock units132  201 192 
Nonvested performance-based share units  143 143 
Convertible senior notes (2)5,002  4,917 8,253 
Warrants (2)3,313  3,209 4,025 
Diluted weighted average common shares outstanding97,401 88,898 97,706 102,045 
Basic earnings (loss) per share$0.77 $(0.72)$1.80 $0.13 
Diluted earnings (loss) per share$0.70 $(0.72)$1.63 $0.12 
______________
(1)Due to the Company’s net loss during the thirteen weeks ended June 26, 2022, the effect of dilutive securities was excluded from the computation of diluted earnings per share as their effect would be antidilutive.
(2)During the thirteen weeks ended June 26, 2022, the Company repurchased $125.0 million of the convertible notes due in 2025 and settled the corresponding portion of the related note hedges and warrants (the “2025 Notes Partial Repurchase”).

Share-based compensation-related weighted average securities outstanding not included in the computation of earnings (loss) per share because their effect was antidilutive were as follows for the periods indicated:
THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(shares in thousands)JUNE 25, 2023JUNE 26, 2022JUNE 25, 2023JUNE 26, 2022
Stock options689 2,563 707 1,870 
Nonvested restricted stock units21 485 70 299 
Nonvested performance-based share units581 596 463 475 

4.    Stock-based Compensation Plans

The Company recognized stock-based compensation expense, net of capitalized expense, as follows for the periods indicated:
THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(dollars in thousands)JUNE 25, 2023JUNE 26, 2022JUNE 25, 2023JUNE 26, 2022
Performance-based share units$2,297 $2,840 $3,220 $5,459 
Restricted stock units1,985 2,027 3,948 3,837 
Stock options835 55 835 432 
Total stock-based compensation expense, net$5,117 $4,922 $8,003 $9,728 

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.
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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
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 June 25, 2023827 $26.92 $21,308 
Expected to vest as of June 25, 2023 (3)1,067 $27,486 
________________
(1)Based on the $20.96 and $25.76 share price of the Company’s common stock on December 23, 2022 and June 23, 2023, the last trading day of the year ended December 25, 2022 and the twenty-six weeks ended June 25, 2023, respectively.
(2)Represents adjustment to 148% payout for PSUs granted during 2020.
(3)Estimated number of units to be issued upon the vesting of outstanding PSU awards based on Company performance projections of performance criteria set forth in the 2021, 2022 and 2023 PSU award agreements.

Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:
TWENTY-SIX WEEKS ENDED
JUNE 25, 2023JUNE 26, 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 grant date per share value of the Company’s common stock for the Relative TSR modifier of 2.7% and 7.9% during the twenty-six weeks ended June 25, 2023 and June 26, 2022, respectively.

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of June 25, 2023:
UNRECOGNIZED COMPENSATION EXPENSE
(dollars in thousands)
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Performance-based share units$14,306 1.7
Restricted stock units$11,917 2.0

12

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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)JUNE 25, 2023DECEMBER 25, 2022
Prepaid expenses$24,387 $29,343 
Accounts receivable - gift cards, net15,754 85,606 
Accounts receivable - vendors, net15,638 25,385 
Accounts receivable - franchisees, net3,993 2,550 
Accounts receivable - other, net18,094 18,408 
Deferred gift card sales commissions12,694 17,755 
Other current assets, net6,210 4,671 
$96,770 $183,718 

6.    Goodwill and Intangible Assets, Net

Annual Goodwill and Intangible Assets Impairment Assessment - The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during its second fiscal quarter. The Company’s 2023 assessment was quantitative and the 2022 assessment was qualitative. In connection with these assessments, the Company did not record any impairment charges.

7.    Long-term Debt, Net

Following is a summary of outstanding Long-term debt, net, as of the periods indicated:
JUNE 25, 2023DECEMBER 25, 2022
(dollars in thousands)OUTSTANDING BALANCEINTEREST RATEOUTSTANDING BALANCEINTEREST RATE
Senior secured credit facility - revolving credit facility (1)$365,000 6.77 %$430,000 5.79 %
2025 Notes104,786 5.00 %105,000 5.00 %
2029 Notes300,000 5.13 %300,000 5.13 %
Less: unamortized debt discount and issuance costs(5,788)(6,493)
Long-term debt, net$763,998 $828,507 
________________
(1)Interest rate represents the weighted average interest rate as of the respective periods.

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

8.    Convertible Senior Notes

2025 Notes - In connection with dividends paid during the twenty-six weeks ended June 25, 2023, the conversion rate for the