0001546417-23-000098 | 10-Q | XBRL Viewer

Fair Value Measurements (Tables)

6 Months Ended

Jun. 25, 2023

Fair value measurement inputs and valuation techniques

Fair value is categorized into one of the following three levels based on the lowest level of significant input:


Level 1						Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2						Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3						Unobservable inputs that cannot be corroborated by observable market data

Schedule of assets measured at fair value on a recurring basis

The following table summarizes the Company’s financial assets measured at fair value by hierarchy level on a recurring basis as of the periods indicated:


	JUNE 25, 2023				DECEMBER 25, 2022
(dollars in thousands)	TOTAL		LEVEL 1			TOTAL		LEVEL 1
Assets (1):
Cash equivalents:
Fixed income funds	$	11,715	$	11,715		$	3,301	$	3,301
Money market funds	8,880		8,880			4,786		4,786







Total asset recurring fair value measurements	$	20,595	$	20,595		$	8,087	$	8,087

________________

(1)Carrying value approximates fair value because maturities are less than three months.

Schedule of carrying value and fair value of senior secured credit facility and other unsecured debt

The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:


	JUNE 25, 2023				DECEMBER 25, 2022
(dollars in thousands)	CARRYING VALUE		FAIR VALUE LEVEL 2			CARRYING VALUE		FAIR VALUE LEVEL 2


Senior secured credit facility - revolving credit facility	$	365,000	$	365,000		$	430,000	$	430,000



2025 Notes	$	104,786	$	241,722		$	105,000	$	198,843
2029 Notes	$	300,000	$	269,343		$	300,000	$	260,265

Long-term Debt, Net

6 Months Ended

Jun. 25, 2023

Debt Disclosure [Abstract]

Long-term Debt, Net

Following is a summary of outstanding Long-term debt, net, as of the periods indicated:


	JUNE 25, 2023				DECEMBER 25, 2022
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior secured credit facility - revolving credit facility (1)	$	365,000	6.77	%	$	430,000	5.79	%
2025 Notes	104,786		5.00	%	105,000		5.00	%
2029 Notes	300,000		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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Segment Reporting (Long-lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Long-lived assets	$ 1,063,377	$ 996,289
U.S. \| U.S. segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Long-lived assets	945,616	891,379
Brazil \| International segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Long-lived assets	108,791	93,972
Other - international \| International segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Long-lived assets	$ 8,970	$ 10,938

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2023	Jun. 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 amortization	93,867	83,032
Amortization of debt discounts and issuance costs	1,532	2,025
Amortization of deferred gift card sales commissions	13,180	13,458
Provision for impaired assets and restaurant closings	5,151	2,032
Non-cash interest expense from terminated interest rate swaps	0	6,980
Non-cash operating lease costs	42,884	41,336
Stock-based compensation expense	8,042	9,802
Deferred income tax (benefit) expense	(1,164)	8,329
Loss on extinguishment and modification of debt	0	107,630
Loss on fair value adjustment of derivatives, net	0	17,685
Other, net	(3,515)	4,935
Change in assets and liabilities	(36,114)	(94,440)
Net cash provided by operating activities	287,293	218,818
Cash flows used in investing activities:
Capital expenditures	(142,153)	(76,901)
Other investments, net	1,502	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 facilities	448,000	624,500
Repayments of borrowings on revolving credit facilities	(513,000)	(304,500)
Financing fees	0	(853)
Principal settlements and repurchase of convertible senior notes	(214)	(196,919)
Proceeds from retirement of convertible senior note hedges	0	131,869
Payments for retirement of warrants	0	(114,825)
Proceeds from share-based compensation, net	4,793	2,007
Distributions to noncontrolling interests	(4,640)	(5,154)
Contributions from noncontrolling interests	1,202	461
Purchase of noncontrolling interests	(100)	(4,904)
Payments for partner equity plan	0	(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 equivalents	631	4,232
Net increase in cash, cash equivalents and restricted cash	4,059	6,390
Cash, cash equivalents and restricted cash as of the beginning of the period	84,735	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

Stockholders' Equity (Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Other comprehensive income [Line Items]
Unrealized gain on derivatives, net of tax	$ 0	$ 0	$ 0	$ 573
Reclassification of adjustments for loss on derivatives included in Net income (loss), net of tax	0	273	0	954
Impact of terminated interest rate swaps included in Net income (loss), net of tax	0	2,164	0	5,185
Other comprehensive income attributable to Bloomin’ Brands	4,502	14,377	3,368	29,935
Bloomin' Brands
Other comprehensive income [Line Items]
Foreign currency translation adjustment	4,502	11,940	3,368	23,223
Unrealized gain on derivatives, net of tax	0	0	0	573
Reclassification of adjustments for loss on derivatives included in Net income (loss), net of tax	0	273	0	954
Impact of terminated interest rate swaps included in Net income (loss), net of tax	0	2,164	0	5,185
Total gain on derivatives, net of tax	0	2,437	0	6,712
Other comprehensive income attributable to Bloomin’ Brands	$ 4,502	$ 14,377	$ 3,368	$ 29,935

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock-based Compensation Plans (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 5,117	$ 4,922	$ 8,003	$ 9,728
Performance-based share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	2,297	2,840	3,220	5,459
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,985	2,027	3,948	3,837
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 835	$ 55	$ 835	$ 432

Segment Reporting (Depreciation and Amortization by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	$ 47,565	$ 41,257	$ 93,867	$ 83,032
Operating segments \| U.S. segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	39,375	33,544	77,538	68,303
Operating segments \| International segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	6,126	6,019	12,045	11,556
Corporate, non-segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	$ 2,064	$ 1,694	$ 4,284	$ 3,173

Fair Value Measurements (Fair Value Measurements on a Recurring Basis) (Details) - Fair value, measurements, recurring - USD ($)
$ in Thousands

Jun. 25, 2023

Dec. 25, 2022

Carrying value measurement

Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]

Total asset recurring fair value measurements

^[1]

$ 20,595

$ 8,087

Fair value, inputs, level 1

Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]

Total asset recurring fair value measurements

^[1]

20,595

8,087

Fixed income funds | Carrying value measurement

Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]

Cash and cash equivalents, fair value disclosure

^[1]

11,715

3,301

Fixed income funds | Fair value, inputs, level 1

Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]

Cash and cash equivalents, fair value disclosure

^[1]

11,715

3,301

Money market funds | Carrying value measurement

Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]

Cash and cash equivalents, fair value disclosure

^[1]

8,880

4,786

Money market funds | Fair value, inputs, level 1

Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]

Cash and cash equivalents, fair value disclosure

^[1]

$ 8,880

$ 4,786

[1]	Carrying value approximates fair value because maturities are less than three months.

Income Taxes (Tables)

6 Months Ended

Jun. 25, 2023

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation


	THIRTEEN WEEKS ENDED						TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023			JUNE 26, 2022			JUNE 25, 2023			JUNE 26, 2022
Income (loss) before provision for income taxes	$	76,485		$	(50,144)		$	184,674		$	43,479
Provision for income taxes	$	6,483		$	11,536		$	21,244		$	27,465
Effective income tax rate	8.5		%	(23.0)		%	11.5		%	63.2		%

Revenue Recognition (Contract Assets and Liabilities Summary) (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Mar. 26, 2023	Dec. 25, 2022	Jun. 26, 2022	Mar. 27, 2022	Dec. 26, 2021
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	$ 12,694	$ 13,403	$ 17,755	$ 12,338	$ 13,033	$ 17,793
Unearned revenue	312,556		394,215
Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	304,942	$ 314,096	386,495	$ 303,544	$ 314,974	$ 387,945
Deferred gift card sales commissions
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	12,694		17,755
Unearned revenue
Revenue Recognition [Line Items]
Unearned revenue	312,556		394,215
Unearned revenue \| Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	304,942		386,495
Unearned revenue \| Deferred loyalty revenue
Revenue Recognition [Line Items]
Unearned revenue	5,391		5,628
Unearned revenue \| Deferred franchise fees
Revenue Recognition [Line Items]
Unearned revenue	472		460
Unearned revenue \| Other
Revenue Recognition [Line Items]
Unearned revenue	1,751		1,632
Other long-term liabilities, net \| Deferred franchise fees
Revenue Recognition [Line Items]
Deferred franchise fees - non-current	$ 4,132		$ 4,126

Stockholders' Equity

6 Months Ended

Jun. 25, 2023

Stockholders' Equity Attributable to Parent [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases - On February 7, 2023, the Company’s Board of Directors (the “Board”) approved a share repurchase program (the “2023 Share Repurchase Program”) under which the Company is authorized to repurchase up to $125.0 million of its outstanding common stock. The 2023 Share Repurchase Program will expire on August 7, 2024. As of June 25, 2023, $103.8 million remained available for repurchase under the 2023 Share Repurchase Program.

Following is a summary of the shares repurchased during fiscal year 2023:


(in thousands, except per share data)	NUMBER OF SHARES	AVERAGE REPURCHASE PRICE PER SHARE		AMOUNT
First fiscal quarter	863	$	23.92	$	20,645
Second fiscal quarter	619	$	25.11	15,539

Total common stock repurchases (1)	1,482	$	24.42	$	36,184

________________

(1)Excludes excise tax on share repurchases. Subsequent to June 25, 2023, the Company repurchased 269 thousand shares of its common stock for $7.3 million under a Rule 10b5-1 plan.

Dividends - The Company declared and paid dividends per share during fiscal year 2023 as follows:




(dollars in thousands, except per share data)	DIVIDENDS PER SHARE		AMOUNT
First fiscal quarter	$	0.24	$	21,014
Second fiscal quarter	0.24		20,990


Total cash dividends declared and paid	$	0.48	$	42,004

In July 2023, the Board declared a quarterly cash dividend of $0.24 per share, payable on August 25, 2023 to shareholders of record at the close of business on August 14, 2023.

Accumulated Other Comprehensive Loss (“AOCL”) - AOCL consisted of foreign currency translation adjustments as of June 25, 2023 and December 25, 2022.

Following are the components of Other comprehensive income attributable to Bloomin’ Brands for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Foreign currency translation adjustment	$	4,502	$	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
Total gain on derivatives, net of tax	—		2,437		—		6,712

Other comprehensive income attributable to Bloomin’ Brands	$	4,502	$	14,377	$	3,368	$	29,935

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Leases (Lessee, Lease Costs) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 25, 2023

Jun. 26, 2022

Jun. 25, 2023

Jun. 26, 2022

Schedule of Lease Costs [Line Items]

Operating lease cost

^[1]

$ 46,237

$ 45,579

$ 91,984

$ 90,940

Variable lease cost

1,629

1,619

3,353

3,502

Amortization of leased assets

549

356

1,037

693

Interest on lease liabilities

174

310

Sublease revenue

(1,635)

(2,436)

(3,343)

(4,994)

Lease costs, net

46,954

45,162

93,341

90,217

General and administrative expense

Schedule of Lease Costs [Line Items]

Operating lease cost

$ 3,000

$ 3,100

$ 6,000

$ 6,100

[1]

Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.0 million and $3.1 million for the thirteen weeks ended June 25, 2023 and June 26, 2022, respectively, and $6.0 million and $6.1 million for the twenty-six weeks ended June 25, 2023 and June 26, 2022, respectively, which is included in General and administrative expense.

Description of the Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	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	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	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.

Stock-based Compensation Plans

6 Months Ended

Jun. 25, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Plans

The Company recognized stock-based compensation expense, net of capitalized expense, as follows for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Performance-based share units	$	2,297	$	2,840	$	3,220	$	5,459
Restricted stock units	1,985		2,027		3,948		3,837
Stock options	835		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.

The following table presents a summary of the Company’s PSU activity:


(in thousands, except per unit data)	PERFORMANCE-BASED SHARE UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT		AGGREGATE INTRINSIC VALUE (1)
Outstanding as of December 25, 2022	874	$	24.83	$	18,323
Granted	301	$	29.01
Performance adjustment (2)	154	$	19.84
Vested	(470)	$	19.84
Forfeited	(32)	$	26.39
Outstanding as of June 25, 2023	827	$	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, 2023			JUNE 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

Long-term Debt, Net (Schedule of Long-term Debt, Net) (Details) - USD ($)
$ in Thousands

Jun. 25, 2023

Dec. 25, 2022

Jun. 26, 2022

Debt Instrument [Line Items]

Less: unamortized debt discount and issuance costs

$ (5,788)

$ (6,493)

Long-term debt, net

763,998

828,507

Secured debt | Revolving credit facility | Senior secured credit facility - revolving credit facility

Debt Instrument [Line Items]

Senior secured credit facility - revolving credit facility

$ 365,000

$ 430,000

Debt instrument, effective interest rate

^[1]

6.77%

5.79%

Convertible debt | 2025 Notes

Debt Instrument [Line Items]

Long-term debt, gross

$ 104,786

$ 105,000

Debt instrument, effective interest rate

5.85%

Debt instrument, interest rate, stated percentage

5.00%

Unsecured debt | 2029 Notes

Debt Instrument [Line Items]

Long-term debt, gross

$ 300,000

Debt instrument, interest rate, stated percentage

5.13%

[1]	Interest rate represents the weighted average interest rate as of the respective periods.

Commitments and Contingencies (Lease Guarantees) (Details) - Property lease guarantee - USD ($) $ in Millions	Jun. 25, 2023	Dec. 25, 2022
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 21.9
Guarantee obligations, maximum exposure at present value	16.5
Lease guarantee contingent liabilities	$ 5.6	$ 6.2

Stock-based Compensation Plans (Unrecognized Stock Compensation Expense and the Remaining Weighted-Average Vesting Period) (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2023 USD ($)
Performance-based share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock-based awards other than options	$ 14,306
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	1 year 8 months 12 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock-based awards other than options	$ 11,917
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	2 years

Earnings (Loss) Per Share

6 Months Ended

Jun. 25, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

The following table presents the computation of basic and diluted earnings (loss) per share for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands, except per share data)	JUNE 25, 2023		JUNE 26, 2022 (1)		JUNE 25, 2023		JUNE 26, 2022
Net income (loss) attributable to Bloomin’ Brands	$	68,277	$	(63,635)	$	159,588	$	11,876





Basic weighted average common shares outstanding	88,559		88,898		88,838		89,127

Effect of dilutive securities:
Stock options	395		—		398		305
Nonvested restricted stock units	132		—		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 outstanding	97,401		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 ENDED		TWENTY-SIX WEEKS ENDED
(shares in thousands)	JUNE 25, 2023	JUNE 26, 2022	JUNE 25, 2023	JUNE 26, 2022
Stock options	689	2,563	707	1,870
Nonvested restricted stock units	21	485	70	299
Nonvested performance-based share units	581	596	463	475

Convertible Senior Notes (Convertible Senior Notes Interest Expense) (Details) - 2025 Notes - Convertible debt - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 25, 2023

Jun. 26, 2022

Jun. 25, 2023

Jun. 26, 2022

Debt Instrument [Line Items]

Coupon interest

$ 1,310

$ 2,597

$ 2,622

$ 5,472

Debt issuance cost amortization

198

370

394

774

Total interest expense

^[1]

$ 1,508

$ 2,967

$ 3,016

$ 6,246

Debt instrument, effective interest rate

5.85%

[1]	The effective rate of the 2025 Notes over their expected life is 5.85%. The decrease in interest expense during the thirteen and twenty-six weeks ended June 25, 2023 relates to the 2025 Notes Partial Repurchase in May 2022.

Stockholders' Equity (Tables)

6 Months Ended

Jun. 25, 2023

Stockholders' Equity Attributable to Parent [Abstract]

Schedule of repurchases of common stock

Following is a summary of the shares repurchased during fiscal year 2023:


(in thousands, except per share data)	NUMBER OF SHARES	AVERAGE REPURCHASE PRICE PER SHARE		AMOUNT
First fiscal quarter	863	$	23.92	$	20,645
Second fiscal quarter	619	$	25.11	15,539

Total common stock repurchases (1)	1,482	$	24.42	$	36,184

________________

(1)Excludes excise tax on share repurchases. Subsequent to June 25, 2023, the Company repurchased 269 thousand shares of its common stock for $7.3 million under a Rule 10b5-1 plan.

Dividends declared and paid

The Company declared and paid dividends per share during fiscal year 2023 as follows:




(dollars in thousands, except per share data)	DIVIDENDS PER SHARE		AMOUNT
First fiscal quarter	$	0.24	$	21,014
Second fiscal quarter	0.24		20,990


Total cash dividends declared and paid	$	0.48	$	42,004

Other comprehensive income

Following are the components of Other comprehensive income attributable to Bloomin’ Brands for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Foreign currency translation adjustment	$	4,502	$	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
Total gain on derivatives, net of tax	—		2,437		—		6,712

Other comprehensive income attributable to Bloomin’ Brands	$	4,502	$	14,377	$	3,368	$	29,935

Fair Value Measurements (Carrying Value and Fair Value of Debt by Hierarchy Level) (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Secured debt \| Senior secured credit facility - revolving credit facility \| Fair value, inputs, level 2 \| Revolving credit facility
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]
Loans payable, fair value	$ 365,000	$ 430,000
Secured debt \| Senior secured credit facility - revolving credit facility \| Carrying value measurement \| Revolving credit facility
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	365,000	430,000
Convertible debt \| 2025 Notes \| Fair value, inputs, level 2
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, fair value	241,722	198,843
Convertible debt \| 2025 Notes \| Carrying value measurement
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	104,786	105,000
Unsecured debt \| 2029 Notes \| Fair value, inputs, level 2
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	269,343	260,265
Unsecured debt \| 2029 Notes \| Carrying value measurement
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 300,000	$ 300,000

Description of the Business and Basis of Presentation	6 Months Ended
Description of the Business and Basis of Presentation	Jun. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business and Basis of Presentation	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.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Cash dividends declared per common share (in USD per share)	$ 0.24	$ 0.14	$ 0.48	$ 0.28
Excise tax on share repurchases	$ 31		$ 48
Additional paid-in capital
Deferred tax effect of purchase of noncontrolling interests		$ (1,142)		$ 254

Convertible Senior Notes (Convertible Senior Notes Balances) (Details) - 2025 Notes - Convertible debt - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Debt Instrument [Line Items]
Principal	$ 104,786	$ 105,000
Less: debt issuance costs	(1,542)	(1,939)
Net carrying amount	$ 103,244	$ 103,061

Fair Value Measurements

6 Months Ended

Jun. 25, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is the price that would be received for an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants on the measurement date. Fair value is categorized into one of the following three levels based on the lowest level of significant input:


Level 1						Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2						Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3						Unobservable inputs that cannot be corroborated by observable market data

Fair Value Measurements on a Recurring Basis - The following table summarizes the Company’s financial assets measured at fair value by hierarchy level on a recurring basis as of the periods indicated:


	JUNE 25, 2023				DECEMBER 25, 2022
(dollars in thousands)	TOTAL		LEVEL 1			TOTAL		LEVEL 1
Assets (1):
Cash equivalents:
Fixed income funds	$	11,715	$	11,715		$	3,301	$	3,301
Money market funds	8,880		8,880			4,786		4,786







Total asset recurring fair value measurements	$	20,595	$	20,595		$	8,087	$	8,087

________________

(1)Carrying value approximates fair value because maturities are less than three months.

Interim Disclosures about Fair Value of Financial Instruments - The Company’s financial instruments consist of cash equivalents, accounts receivable, accounts payable and long-term debt. The fair values of cash equivalents, accounts receivable and accounts payable approximate their carrying amounts reported on its Consolidated Balance Sheets due to their short duration.

Debt is carried at amortized cost; however, the Company estimates the fair value of debt for disclosure purposes. The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:


	JUNE 25, 2023				DECEMBER 25, 2022
(dollars in thousands)	CARRYING VALUE		FAIR VALUE LEVEL 2			CARRYING VALUE		FAIR VALUE LEVEL 2


Senior secured credit facility - revolving credit facility	$	365,000	$	365,000		$	430,000	$	430,000



2025 Notes	$	104,786	$	241,722		$	105,000	$	198,843
2029 Notes	$	300,000	$	269,343		$	300,000	$	260,265

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders' Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 31, 2023	Jun. 25, 2023	Mar. 26, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Dividends payable [Line Items]
Common stock, dividends, cash paid (in USD per share)		$ 0.24	$ 0.24		$ 0.48
Dividends, common stock, cash		$ 20,990	$ 21,014	$ 12,418	$ 42,004	$ 24,977
Common stock, dividends declared (in USD per share)		$ 0.24		$ 0.14	$ 0.48	$ 0.28
Subsequent event
Dividends payable [Line Items]
Common stock, dividends declared (in USD per share)	$ 0.24
Dividends payable, date to be paid	Aug. 25, 2023
Dividends payable, date of record	Aug. 14, 2023

Leases (Other Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 97,804	$ 97,255

Earnings (Loss) Per Share (Basic and Diluted EPS) (Details) - USD ($)
$ / shares in Units, shares in Thousands

3 Months Ended

6 Months Ended

Jun. 25, 2023

Jun. 26, 2022

Jun. 25, 2023

Jun. 26, 2022

Schedule of earnings (loss) per share, basic and diluted [Line Items]

Net income (loss) attributable to Bloomin’ Brands

$ 68,277,000

$ (63,635,000)

^[1]

$ 159,588,000

$ 11,876,000

Basic weighted average common shares outstanding

88,559

88,898

^[1]

88,838

89,127

Effect of dilutive securities:

Convertible senior notes (in shares)

5,002

^[1],[2]

4,917

8,253

^[2]

Warrants (in shares)

3,313

^[1],[2]

3,209

4,025

^[2]

Diluted weighted average common shares outstanding (in shares)

97,401

88,898

^[1]

97,706

102,045

Basic earnings (loss) per share (in USD per share)

$ 0.77

$ (0.72)

^[1]

$ 1.80

$ 0.13

Diluted earnings (loss) per share (in USD per share)

$ 0.70

$ (0.72)

^[1]

$ 1.63

$ 0.12

2025 Notes | Convertible debt

Effect of dilutive securities:

2025 Notes repurchase amount

$ 125,000,000

Stock options

Effect of dilutive securities:

Dilutive shares (in shares)

395

^[1]

398

305

Nonvested restricted stock units

Effect of dilutive securities:

Dilutive shares (in shares)

132

^[1]

201

192

Nonvested performance-based share units

Effect of dilutive securities:

Dilutive shares (in shares)

^[1]

143

[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]	(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”).

Revenue Recognition (Tables)

6 Months Ended

Jun. 25, 2023

Revenue Recognition [Line Items]

Schedule of principal transactions, revenue

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 ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Revenues
Restaurant sales	$	1,137,330	$	1,108,918	$	2,365,564	$	2,232,493
Franchise and other revenues
Franchise revenues	12,568		12,596		26,091		26,002
Other revenues	2,796		3,648		5,785		7,202
Total Franchise and other revenues	15,364		16,244		31,876		33,204
Total revenues	$	1,152,694	$	1,125,162	$	2,397,440	$	2,265,697

Disaggregation of revenue

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, 2023				JUNE 26, 2022
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	576,989	$	8,219	$	573,563	$	8,156
Carrabba’s Italian Grill	176,666		758		170,190		797
Bonefish Grill	143,458		95		145,472		173
Fleming’s Prime Steakhouse & Wine Bar	92,851		—		93,933		—
Other	3,474		10		2,769		8
U.S. total	993,438		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 total	143,892		3,486		122,991		3,462
Total	$	1,137,330	$	12,568	$	1,108,918	$	12,596

	TWENTY-SIX WEEKS ENDED
	JUNE 25, 2023				JUNE 26, 2022
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	1,205,172	$	16,763	$	1,168,956	$	16,615
Carrabba’s Italian Grill	364,708		1,553		345,818		1,458
Bonefish Grill	301,147		266		296,888		350
Fleming’s Prime Steakhouse & Wine Bar	195,624		—		191,595		—
Other	7,356		25		6,305		13
U.S. total	2,074,007		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 total	291,557		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.

Contract with customers, asset and liability

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, 2023		DECEMBER 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 revenue	5,391		5,628
Deferred franchise fees - current	472		460
Other	1,751		1,632
Total Unearned revenue	$	312,556	$	394,215

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,132	$	4,126

Deferred gift card sales commissions

Revenue Recognition [Line Items]

Contract with customers, asset and liability

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 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 capitalization	5,340		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

Unearned revenue

Revenue Recognition [Line Items]

Contract with customers, asset and liability

The following table is a rollforward of unearned gift card revenue for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Balance, beginning of the period	$	314,096	$	314,974	$	386,495	$	387,945
Gift card sales	65,338		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

Other Current Assets, Net

6 Months Ended

Jun. 25, 2023

Other Current Assets, Net [Abstract]

Other Current Assets, Net

Other current assets, net, consisted of the following as of the periods indicated:


(dollars in thousands)	JUNE 25, 2023		DECEMBER 25, 2022
Prepaid expenses	$	24,387	$	29,343
Accounts receivable - gift cards, net	15,754		85,606
Accounts receivable - vendors, net	15,638		25,385
Accounts receivable - franchisees, net	3,993		2,550
Accounts receivable - other, net	18,094		18,408
Deferred gift card sales commissions	12,694		17,755


Other current assets, net	6,210		4,671
	$	96,770	$	183,718

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 25, 2023

Jun. 26, 2022

Jun. 25, 2023

Jun. 26, 2022

Revenues

Restaurant sales, franchise and other revenues

$ 1,152,694

$ 1,125,162

$ 2,397,440

$ 2,265,697

Costs and expenses

Food and beverage

351,226

364,459

735,440

723,829

Labor and other related

325,934

308,759

667,476

621,270

Other restaurant operating

273,338

263,529

556,265

522,639

Depreciation and amortization

47,565

41,257

93,867

83,032

General and administrative

63,358

59,246

129,162

117,920

Provision for impaired assets and restaurant closings

1,827

193

5,151

2,032

Total costs and expenses

1,063,248

1,037,443

2,187,361

2,070,722

Income from operations

89,446

87,719

210,079

194,975

Loss on extinguishment and modification of debt

(107,630)

Loss on fair value adjustment of derivatives, net

(17,685)

Interest expense, net

(12,961)

(12,548)

(25,405)

(26,181)

Income (loss) before provision for income taxes

76,485

(50,144)

184,674

43,479

Provision for income taxes

6,483

11,536

21,244

27,465

Net income (loss)

70,002

(61,680)

163,430

16,014

Less: net income attributable to noncontrolling interests

1,725

1,955

3,842

4,138

Net income (loss) attributable to Bloomin’ Brands

68,277

(63,635)

^[1]

159,588

11,876

Other comprehensive income (loss):

Foreign currency translation adjustment

4,502

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 interests

1,725

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 (in USD per share)

$ 0.77

$ (0.72)

^[1]

$ 1.80

$ 0.13

Diluted (in USD per share)

$ 0.70

$ (0.72)

^[1]

$ 1.63

$ 0.12

Weighted average common shares outstanding:

Basic (in shares)

88,559

88,898

^[1]

88,838

89,127

Diluted (in shares)

97,401

88,898

^[1]

97,706

102,045

Restaurant sales

Revenues

Restaurant sales, franchise and other revenues

$ 1,137,330

$ 1,108,918

$ 2,365,564

$ 2,232,493

Franchise and other revenues

Revenues

Restaurant sales, franchise and other revenues

$ 15,364

$ 16,244

$ 31,876

$ 33,204

[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.

Earnings (Loss) Per Share (Antidilutive Securities) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Stock options
Antidilutive securities excluded from computation of earnings (loss) per share [Line Items]
Antidilutive securities not included in the computation of earnings (loss) per share (in shares)	689	2,563	707	1,870
Nonvested restricted stock units
Antidilutive securities excluded from computation of earnings (loss) per share [Line Items]
Antidilutive securities not included in the computation of earnings (loss) per share (in shares)	21	485	70	299
Nonvested performance-based share units
Antidilutive securities excluded from computation of earnings (loss) per share [Line Items]
Antidilutive securities not included in the computation of earnings (loss) per share (in shares)	581	596	463	475

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 25, 2023

Earnings Per Share [Abstract]

Schedule of earnings (loss) per share, basic and diluted

The following table presents the computation of basic and diluted earnings (loss) per share for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands, except per share data)	JUNE 25, 2023		JUNE 26, 2022 (1)		JUNE 25, 2023		JUNE 26, 2022
Net income (loss) attributable to Bloomin’ Brands	$	68,277	$	(63,635)	$	159,588	$	11,876





Basic weighted average common shares outstanding	88,559		88,898		88,838		89,127

Effect of dilutive securities:
Stock options	395		—		398		305
Nonvested restricted stock units	132		—		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 outstanding	97,401		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

______________

Schedule of antidilutive securities excluded from computation of earnings (loss) per share


	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
(shares in thousands)	JUNE 25, 2023	JUNE 26, 2022	JUNE 25, 2023	JUNE 26, 2022
Stock options	689	2,563	707	1,870
Nonvested restricted stock units	21	485	70	299
Nonvested performance-based share units	581	596	463	475

Other Current Assets, Net (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Mar. 26, 2023	Dec. 25, 2022	Jun. 26, 2022	Mar. 27, 2022	Dec. 26, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Prepaid expenses	$ 24,387		$ 29,343
Deferred gift card sales commissions	12,694	$ 13,403	17,755	$ 12,338	$ 13,033	$ 17,793
Other current assets, net	6,210		4,671
Total other current assets, net	96,770		183,718
Accounts receivable - gift cards, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	15,754		85,606
Accounts receivable - vendors, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	15,638		25,385
Accounts receivable - franchisees, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	3,993		2,550
Accounts receivable - other, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 18,094		$ 18,408

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Revenue Recognition and Deferred Revenue [Abstract]
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 capitalization	5,340	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

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Revenue Recognition [Line Items]
Balance, beginning of the period			$ 394,215
Balance, end of the period	$ 312,556		312,556
Deferred gift card revenue
Revenue Recognition [Line Items]
Balance, beginning of the period	314,096	$ 314,974	386,495	$ 387,945
Gift card sales	65,338	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

Leases (Tables)

6 Months Ended

Jun. 25, 2023

Leases [Abstract]

Assets and liabilities, lessee

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	JUNE 25, 2023		DECEMBER 25, 2022
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,089,218	$	1,103,083
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	10,045		4,679
Total lease assets, net		$	1,099,263	$	1,107,762

Current operating lease liabilities	Current operating lease liabilities	$	185,362	$	183,510
Current finance lease liabilities	Accrued and other current liabilities	2,508		1,636
Non-current operating lease liabilities (2)	Non-current operating lease liabilities	1,131,843		1,148,379
Non-current finance lease liabilities	Other long-term liabilities, net	8,037		3,149
Total lease liabilities		$	1,327,750	$	1,336,674

________________

(1)Net of accumulated amortization of $3.5 million and $3.6 million as of June 25, 2023 and December 25, 2022, respectively.

(2)Excludes immaterial COVID-19-related deferred rent accruals.

Lease, cost

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)		JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Operating lease cost (1)	Other restaurant operating	$	46,237	$	45,579	$	91,984	$	90,940
Variable lease cost	Other restaurant operating	1,629		1,619		3,353		3,502
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	549		356		1,037		693
Interest on lease liabilities	Interest expense, net	174		44		310		76
Sublease revenue	Franchise and other revenues	(1,635)		(2,436)		(3,343)		(4,994)
Lease costs, net		$	46,954	$	45,162	$	93,341	$	90,217

________________

(1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.0 million and $3.1 million for the thirteen weeks ended June 25, 2023 and June 26, 2022, respectively, and $6.0 million and $6.1 million for the twenty-six weeks ended June 25, 2023 and June 26, 2022, respectively, which is included in General and administrative expense.

Cash flow, operating activities

The following table is a summary of cash flow impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	97,804	$	97,255

Commitments and Contingencies (Litigation and Other Matters) (Details) - USD ($) $ in Millions	Jun. 25, 2023	Dec. 25, 2022
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability	$ 16.4	$ 15.1

Long-term Debt, Net (Tables)

6 Months Ended

Jun. 25, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt, net

Following is a summary of outstanding Long-term debt, net, as of the periods indicated:


	JUNE 25, 2023				DECEMBER 25, 2022
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior secured credit facility - revolving credit facility (1)	$	365,000	6.77	%	$	430,000	5.79	%
2025 Notes	104,786		5.00	%	105,000		5.00	%
2029 Notes	300,000		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.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Description of the Business and Basis of Presentation (Description of the Business) (Details)	Jun. 25, 2023 restaurant_concept
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restaurant concepts in portfolio	4

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Current assets
Cash and cash equivalents	$ 88,794	$ 84,735
Inventories	62,327	78,124
Other current assets, net	96,770	183,718
Total current assets	247,891	346,577
Property, fixtures and equipment, net	975,986	914,142
Operating lease right-of-use assets	1,089,218	1,103,083
Goodwill	274,629	273,032
Intangible assets, net	445,630	448,326
Deferred income tax assets, net	152,387	153,118
Other assets, net	87,391	82,147
Total assets	3,273,132	3,320,425
Current liabilities
Accounts payable	202,207	183,715
Current operating lease liabilities	185,362	183,510
Accrued and other current liabilities	211,481	217,427
Unearned revenue	312,556	394,215
Total current liabilities	911,606	978,867
Non-current operating lease liabilities	1,132,015	1,148,607
Long-term debt, net	763,998	828,507
Other long-term liabilities, net	93,645	90,535
Total liabilities	2,901,264	3,046,516
Commitments and contingencies
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	0	0
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 capital	1,132,732	1,161,912
Accumulated deficit	(582,738)	(706,109)
Accumulated other comprehensive loss	(181,943)	(185,311)
Total Bloomin’ Brands stockholders’ equity	368,924	271,369
Noncontrolling interests	2,944	2,540
Total stockholders’ equity	371,868	273,909
Total liabilities and stockholders’ equity	$ 3,273,132	$ 3,320,425

Goodwill and Intangible Assets, Net	6 Months Ended
Goodwill and Intangible Assets, Net	Jun. 25, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	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.

Convertible Senior Notes (Convertible Notes Text) (Details) - Convertible debt - 2025 Notes $ / shares in Units, shares in Thousands	May 24, 2023 USD ($) $ / shares shares
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price \| $ / shares	$ 11.37
Debt instrument, convertible, conversion ratio	87.962
Debt instrument, convertible principal amount \| $	$ 1,000
Debt conversion, converted instrument, shares to be issued \| shares	9,217

Leases (Lessee, Lease Assets and Liabilities) (Details) - USD ($)
$ in Thousands

Jun. 25, 2023

Dec. 25, 2022

Leases [Abstract]

Operating lease right-of-use assets

$ 1,089,218

$ 1,103,083

Finance lease right-of-use assets

^[1]

$ 10,045

$ 4,679

Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration]

Property, fixtures and equipment, net

Total lease assets, net

$ 1,099,263

$ 1,107,762

Current operating lease liabilities

$ 185,362

$ 183,510

Operating lease, liability, current, statement of financial position [Extensible Enumeration]

Current operating lease liabilities

Current finance lease liabilities

$ 2,508

$ 1,636

Finance lease, liability, current, statement of financial position [Extensible Enumeration]

Accrued and other current liabilities

Non-current operating lease liabilities

^[2]

$ 1,131,843

$ 1,148,379

Non-current finance lease liabilities

$ 8,037

$ 3,149

Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]

Other long-term liabilities, net

Total lease liabilities

$ 1,327,750

$ 1,336,674

Accumulated amortization

$ (3,500)

$ (3,600)

[1]	Net of accumulated amortization of $3.5 million and $3.6 million as of June 25, 2023 and December 25, 2022, respectively.
[2]	Excludes immaterial COVID-19-related deferred rent accruals.

Segment Reporting (Income from Operations Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income from operations	$ 89,446	$ 87,719	$ 210,079	$ 194,975
Loss on extinguishment and modification of debt	0	(107,630)	0	(107,630)
Loss on fair value adjustment of derivatives, net	0	(17,685)	0	(17,685)
Interest expense, net	(12,961)	(12,548)	(25,405)	(26,181)
Income (loss) before provision for income taxes	76,485	(50,144)	184,674	43,479
Operating segments
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income from operations	123,494	118,746	281,245	259,856
Operating segments \| U.S. segment
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income from operations	103,008	104,620	236,251	236,846
Operating segments \| International segment
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income from operations	20,486	14,126	44,994	23,010
Corporate, non-segment
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income from operations	$ (34,048)	$ (31,027)	$ (71,166)	$ (64,881)

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 25, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Matters - The Company is subject to legal proceedings, claims and liabilities, such as liquor liability, slip and fall cases, wage and hour and other employment-related litigation, which arise in the ordinary course of business. A reserve is recorded when it is both: (i) probable that a loss has occurred and (ii) the amount of loss can be reasonably estimated. There may be instances in which an exposure to loss exceeds the recorded reserve. The Company evaluates, on a quarterly basis, developments in legal proceedings that could cause an increase or decrease in the amount of the reserve that has been previously recorded, or a revision to the disclosed estimated range of possible losses, as applicable. The Company’s legal proceedings range from cases brought by a single plaintiff to threatened class actions with many putative class members. While some matters pending against the Company specify the damages claimed by the plaintiff or class, many seek unspecified amounts or are at very early stages of the legal process. Even when the amount of damages claimed against the Company are stated, the claimed amount may be exaggerated, unsupported or unrelated to possible outcomes, and as such, are not meaningful indicators of the Company’s potential liability or financial exposure. As a result, some matters have not yet progressed sufficiently through discovery or development of important factual information and legal issues to enable the Company to estimate an amount of loss or a range of possible loss. The Company intends to defend itself in legal matters. Some of these matters may be covered, at least in part, by insurance if they exceed specified retention or deductible amounts. However, it is possible that claims may be denied by the Company’s insurance carriers, the Company may be required by its insurance carriers to contribute to the payment of claims, or the Company’s insurance coverage may not continue to be available on acceptable terms or in sufficient amounts. The Company records receivables from third party insurers when recovery has been determined to be probable. The Company believes that the ultimate determination of liability in connection with legal claims pending against the Company, if any, in excess of amounts already provided for such matters in the consolidated financial statements, will not have a material adverse effect on its business, annual results of operations, liquidity or financial position. However, it is possible that the Company’s business, results of operations, liquidity, or financial condition could be materially affected in a particular future reporting period by the unfavorable resolution of one or more matters or contingencies during such period. The Company recorded reserves of $16.4 million and $15.1 million for certain of its outstanding legal proceedings as of June 25, 2023 and December 25, 2022, respectively, within Accrued and other current liabilities on its Consolidated Balance Sheets. While the Company believes that additional losses beyond these accruals are reasonably possible, it cannot estimate a possible loss contingency or range of reasonably possible loss contingencies beyond these accruals. Lease Guarantees - The Company assigned its interest, and is contingently liable, under certain real estate leases. These leases have varying terms, the latest of which expires in 2032. As of June 25, 2023, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was approximately $21.9 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of June 25, 2023 was approximately $16.5 million. In the event of default, the indemnity clauses in the Company’s purchase and sale agreements generally govern its ability to pursue and recover damages incurred. As of June 25, 2023 and December 25, 2022, the Company’s recorded contingent lease liability was $5.6 million and $6.2 million, respectively.

Income Taxes (Change in Effective Rate) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2023	Sep. 30, 2022	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Income Tax Holiday [Line Items]
Income (loss) before provision for income taxes			$ 76,485	$ (50,144)	$ 184,674	$ 43,479
Provision for income taxes			$ 6,483	$ 11,536	$ 21,244	$ 27,465
Effective income tax rate			8.50%	(23.00%)	11.50%	63.20%
Change in effective income tax rate			31.50%		(51.70%)
Blended federal and state statutory income tax rate					26.00%	26.00%
Brazil \| Secretariat of the Federal Revenue Bureau of Brazil
Income Tax Holiday [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent		34.00%
Brazilian tax legislation \| Brazil \| Secretariat of the Federal Revenue Bureau of Brazil
Income Tax Holiday [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent		0.00%
Effective income tax rate reconciliation, tax holiday, percent	100.00%	100.00%
Tax holiday, duration	5 years	5 years

Stock-based Compensation Plans (Assumptions Used in the Monte Carlo Simulation Model and the Grant Date Fair Value of PSUs Granted) (Details) - Performance-based share units - $ / shares

6 Months Ended

Jun. 25, 2023

Jun. 26, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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

Share-based compensation arrangement by share-based payment award, stock price premium, percentage

2.70%

7.90%

[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.

Convertible Senior Notes (Tables)

6 Months Ended

Jun. 25, 2023

Convertible Notes [Abstract]

Convertible senior notes balances

The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the periods indicated:


(dollars in thousands)	JUNE 25, 2023		DECEMBER 25, 2022
Principal	$	104,786	$	105,000
Less: debt issuance costs	(1,542)		(1,939)
Net carrying amount	$	103,244	$	103,061

Convertible senior notes interest expense

Following is a summary of interest expense for the 2025 Notes by component for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Coupon interest	$	1,310	$	2,597	$	2,622	$	5,472
Debt issuance cost amortization	198		370		394		774
Total interest expense (1)	$	1,508	$	2,967	$	3,016	$	6,246

________________

(1)The effective rate of the 2025 Notes over their expected life is 5.85%. The decrease in interest expense during the thirteen and twenty-six weeks ended June 25, 2023 relates to the 2025 Notes Partial Repurchase in May 2022.

Stock-based Compensation Plans (PSU - Text) (Details) - Performance-based share units	1 Months Ended
	Feb. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 1	75.00%
Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 2	100.00%
Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 3	125.00%
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	200.00%

Convertible Senior Notes

6 Months Ended

Jun. 25, 2023

Convertible Notes [Abstract]

Convertible Senior Notes

Convertible Senior Notes 2025 Notes - In connection with dividends paid during the twenty-six weeks ended June 25, 2023, the conversion rate for the Company’s remaining convertible senior notes due 2025 (the “2025 Notes”) decreased to approximately $11.37 per share, which represents 87.962 shares of common stock per $1,000 principal amount of the 2025 Notes, or a total of approximately 9.217 million shares.

The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the periods indicated:


(dollars in thousands)	JUNE 25, 2023		DECEMBER 25, 2022
Principal	$	104,786	$	105,000
Less: debt issuance costs	(1,542)		(1,939)
Net carrying amount	$	103,244	$	103,061

Following is a summary of interest expense for the 2025 Notes by component for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Coupon interest	$	1,310	$	2,597	$	2,622	$	5,472
Debt issuance cost amortization	198		370		394		774
Total interest expense (1)	$	1,508	$	2,967	$	3,016	$	6,246

________________

Based on the daily closing prices of the Company’s stock during the quarter ended June 25, 2023, the remaining holders of the 2025 Notes are eligible to convert their notes during the third quarter of 2023.

Stock-based Compensation Plans (PSU Activity - Table) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

6 Months Ended

Jun. 25, 2023

Jun. 23, 2023

Dec. 23, 2022

Common stock

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

Share price applicable to outstanding share-based compensation (in USD per share)

$ 25.76

$ 20.96

Performance-based share units

PERFORMANCE-BASED SHARE UNITS

Outstanding as of December 25, 2022 (in shares)

874

Granted (in shares)

301

Performance adjustment (in shares)

^[1]

154

Vested (in shares)

(470)

Forfeited (in shares)

(32)

Outstanding as of June 25, 2023 (in shares)

827

Expected to vest as of June 25, 2023 (in shares)

^[2]

1,067

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

Outstanding as of December 25, 2022 (in USD per share)

$ 24.83

Granted (in USD per share)

29.01

Performance adjustment (in USD per share)

^[1]

19.84

Vested (in USD per share)

19.84

Forfeited (in USD per share)

26.39

Outstanding as of June 25, 2023 (in USD per share)

$ 26.92

Aggregate intrinsic value as of December 25, 2022

^[3]

$ 18,323

Aggregate intrinsic value as of June 25, 2023

^[3]

21,308

Aggregate intrinsic value, expected to vest as of June 25, 2023

^[2],[3]

$ 27,486

Performance-based share units | 2020 PSU grant

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

Share-based compensation arrangement by share-based payment award, award vesting rights, percentage

148.00%

[1]	Represents adjustment to 148% payout for PSUs granted during 2020.
[2]	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.
[3]	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.

Revenue Recognition (Disaggregated Revenue) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 25, 2023

Jun. 26, 2022

Jun. 25, 2023

Jun. 26, 2022

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

$ 1,152,694

$ 1,125,162

$ 2,397,440

$ 2,265,697

U.S. segment

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

1,005,229

998,627

2,098,225

2,035,034

International segment

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

147,465

126,535

299,215

230,663

International segment | Brazil

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

126,245

106,505

265,239

196,605

Restaurant sales

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

1,137,330

1,108,918

2,365,564

2,232,493

Restaurant sales | U.S. segment

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

993,438

985,927

2,074,007

2,009,562

Restaurant sales | International segment

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

143,892

122,991

291,557

222,931

Restaurant sales | International segment | Brazil | Brazilian tax legislation

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

9,600

19,200

Restaurant sales | Outback Steakhouse

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

576,989

573,563

1,205,172

1,168,956

Restaurant sales | Carrabba’s Italian Grill

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

176,666

170,190

364,708

345,818

Restaurant sales | Bonefish Grill

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

143,458

145,472

301,147

296,888

Restaurant sales | Fleming’s Prime Steakhouse & Wine Bar

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

92,851

93,933

195,624

191,595

Restaurant sales | Other - U.S.

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

3,474

2,769

7,356

6,305

Restaurant sales | Outback Steakhouse - Brazil

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

119,295

^[1]

100,647

241,311

^[1]

185,948

Restaurant sales | Other - international

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

^[2]

24,597

^[1]

22,344

50,246

^[1]

36,983

Franchise revenues

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

12,568

12,596

26,091

26,002

Franchise revenues | U.S. segment

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

9,082

9,134

18,607

18,436

Franchise revenues | International segment

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

3,486

3,462

7,484

7,566

Franchise revenues | Outback Steakhouse

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

8,219

8,156

16,763

16,615

Franchise revenues | Carrabba’s Italian Grill

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

758

797

1,553

1,458

Franchise revenues | Bonefish Grill

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

173

266

350

Franchise revenues | Fleming’s Prime Steakhouse & Wine Bar

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

Franchise revenues | Other - U.S.

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

Franchise revenues | Outback Steakhouse - Brazil

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

Franchise revenues | Other - international

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

^[2]

$ 3,486

$ 3,462

$ 7,484

$ 7,566

[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.

Revenue Recognition

6 Months Ended

Jun. 25, 2023

Revenue Recognition and Deferred Revenue [Abstract]

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 ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Revenues
Restaurant sales	$	1,137,330	$	1,108,918	$	2,365,564	$	2,232,493
Franchise and other revenues
Franchise revenues	12,568		12,596		26,091		26,002
Other revenues	2,796		3,648		5,785		7,202
Total Franchise and other revenues	15,364		16,244		31,876		33,204
Total revenues	$	1,152,694	$	1,125,162	$	2,397,440	$	2,265,697

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, 2023				JUNE 26, 2022
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	576,989	$	8,219	$	573,563	$	8,156
Carrabba’s Italian Grill	176,666		758		170,190		797
Bonefish Grill	143,458		95		145,472		173
Fleming’s Prime Steakhouse & Wine Bar	92,851		—		93,933		—
Other	3,474		10		2,769		8
U.S. total	993,438		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 total	143,892		3,486		122,991		3,462
Total	$	1,137,330	$	12,568	$	1,108,918	$	12,596

	TWENTY-SIX WEEKS ENDED
	JUNE 25, 2023				JUNE 26, 2022
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	1,205,172	$	16,763	$	1,168,956	$	16,615
Carrabba’s Italian Grill	364,708		1,553		345,818		1,458
Bonefish Grill	301,147		266		296,888		350
Fleming’s Prime Steakhouse & Wine Bar	195,624		—		191,595		—
Other	7,356		25		6,305		13
U.S. total	2,074,007		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 total	291,557		7,484		222,931		7,566
Total	$	2,365,564	$	26,091	$	2,232,493	$	26,002

________________

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, 2023		DECEMBER 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 revenue	5,391		5,628
Deferred franchise fees - current	472		460
Other	1,751		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 ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 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 capitalization	5,340		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 ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Balance, beginning of the period	$	314,096	$	314,974	$	386,495	$	387,945
Gift card sales	65,338		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

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
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+ Details

Segment Reporting

6 Months Ended

Jun. 25, 2023

Segment Reporting [Abstract]

Segment Reporting

The following is a summary of reporting segments:

REPORTABLE SEGMENT (1)

CONCEPT

GEOGRAPHIC LOCATION

U.S.

Outback Steakhouse

United States of America

Carrabba’s Italian Grill

Bonefish Grill

Fleming’s Prime Steakhouse & Wine Bar

International

Outback Steakhouse

Brazil, Hong Kong/China

Carrabba’s Italian Grill (Abbraccio)

Brazil

_________________

(1)Includes franchise locations.

Segment accounting policies are the same as those described in Note 2 - Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 25, 2022. Revenues for all segments include only transactions with customers and exclude intersegment revenues. Excluded from Income from operations for U.S. and international are certain legal and corporate costs not directly related to the performance of the segments, most stock-based compensation expenses, certain insurance expenses and certain bonus expenses.

The following table is a summary of revenues by segment for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Revenues
U.S.	$	1,005,229	$	998,627	$	2,098,225	$	2,035,034
International	147,465		126,535		299,215		230,663
Total revenues	$	1,152,694	$	1,125,162	$	2,397,440	$	2,265,697

The following table is a reconciliation of segment income from operations to Income (loss) before provision for income taxes for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Segment income from operations
U.S.	$	103,008	$	104,620	$	236,251	$	236,846
International	20,486		14,126		44,994		23,010
Total segment income from operations	123,494		118,746		281,245		259,856
Unallocated corporate operating expense	(34,048)		(31,027)		(71,166)		(64,881)
Total income from operations	89,446		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 taxes	$	76,485	$	(50,144)	$	184,674	$	43,479

The following table is a summary of Depreciation and amortization expense by segment for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Depreciation and amortization
U.S.	$	39,375	$	33,544	$	77,538	$	68,303
International	6,126		6,019		12,045		11,556
Corporate	2,064		1,694		4,284		3,173
Total depreciation and amortization	$	47,565	$	41,257	$	93,867	$	83,032

Geographic Areas - International assets are defined as assets residing in a country other than the U.S. The following table details long-lived assets, excluding goodwill, operating lease right-of-use assets, intangible assets and deferred tax assets, by major geographic area as of the periods indicated:


(dollars in thousands)	JUNE 25, 2023		DECEMBER 25, 2022
U.S.	$	945,616	$	891,379
International
Brazil	108,791		93,972
Other	8,970		10,938
Total long-lived assets	$	1,063,377	$	996,289

International revenues are defined as revenues generated from restaurant sales originating in a country other than the U.S. The following table details Total revenues by major geographic area for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
U.S.	$	1,005,229	$	998,627	$	2,098,225	$	2,035,034
International
Brazil	126,245		106,505		265,239		196,605
Other	21,220		20,030		33,976		34,058
Total revenues	$	1,152,694	$	1,125,162	$	2,397,440	$	2,265,697

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Revenue Recognition (Principal Revenue Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	$ 1,152,694	$ 1,125,162	$ 2,397,440	$ 2,265,697
Restaurant sales
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	1,137,330	1,108,918	2,365,564	2,232,493
Franchise and other revenues
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	15,364	16,244	31,876	33,204
Franchise revenues
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	12,568	12,596	26,091	26,002
Other revenues
Disaggregation of Revenue [Line Items]
Restaurant sales, franchise and other revenues	$ 2,796	$ 3,648	$ 5,785	$ 7,202

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment Reporting (Revenue by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 1,152,694	$ 1,125,162	$ 2,397,440	$ 2,265,697
U.S. segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	1,005,229	998,627	2,098,225	2,035,034
International segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 147,465	$ 126,535	$ 299,215	$ 230,663

- Definition

+ References

+ Details

Income Taxes

6 Months Ended

Jun. 25, 2023

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED						TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023			JUNE 26, 2022			JUNE 25, 2023			JUNE 26, 2022
Income (loss) before provision for income taxes	$	76,485		$	(50,144)		$	184,674		$	43,479
Provision for income taxes	$	6,483		$	11,536		$	21,244		$	27,465
Effective income tax rate	8.5		%	(23.0)		%	11.5		%	63.2		%

The effective income tax rate for the thirteen weeks ended June 25, 2023 changed by 31.5 percentage points as compared to the thirteen weeks ended June 26, 2022. This change is primarily due to the non-deductible losses associated with the 2025 Notes Partial Repurchase which, relative to the Loss before provision for income taxes during the thirteen weeks ended June 26, 2022, resulted in a negative effective income tax rate. This change was partially offset by a reduction in the effective tax rate during the thirteen weeks ended June 25, 2023 from benefits of Brazil tax legislation that include a temporary reduction in the Brazilian income tax rate from 34% to 0% and the revaluation of Brazilian deferred tax assets and liabilities as a result of the May 2023 Brazil tax legislation, as defined and further discussed below.

The effective income tax rate for the twenty-six weeks ended June 25, 2023 decreased by 51.7 percentage points as compared to the twenty-six weeks ended June 26, 2022. This decrease was primarily due to the benefits of Brazil tax legislation that include a temporary reduction in the Brazilian income tax rate from 34% to 0% for the twenty-six weeks ended June 25, 2023, and the non-deductible losses associated with the 2025 Notes Partial Repurchase recorded during the twenty-six weeks ended June 26, 2022.

In September 2022, the Company’s Brazilian subsidiary received a preliminary injunction authorizing it to benefit from the exemptions enacted by Law 14,148/2021 which provides for emergency and temporary actions that grant certain industries a 100% exemption from income tax (IRPJ and CSLL) and federal value added taxes (PIS and COFINS) for a five-year period. The injunction was issued as part of an ongoing lawsuit initiated by the Company’s Brazilian subsidiary due to the uncertainty regarding the restaurant industry’s eligibility for the exemptions under this legislation.

In May 2023, Brazil enacted tax legislation that prospectively limits the Company’s ability to benefit from the 100% exemption from income tax (IRPJ and CSLL) and federal value added taxes (PIS and COFINS) for the full five-year period (the “May 2023 Brazil tax legislation”). As a result of this legislation, the Company expects to be subject to PIS and COFINS and CSLL beginning in the fourth quarter of 2023 and IRPJ beginning in 2024.

A restaurant company employer may claim a credit against its federal income taxes for FICA taxes paid on certain tipped wages (the “FICA tax credit”). The level of FICA tax credits is primarily driven by U.S. Restaurant sales and is not impacted by costs incurred that may reduce Income before provision for income taxes.

The effective income tax rates for the thirteen and twenty-six weeks ended June 25, 2023 were lower than the Company’s blended federal and state statutory rate of approximately 26% primarily due to the benefit of FICA tax credits on certain tipped wages, benefits of Brazil tax legislation that include a temporary reduction in the Brazilian income tax rate from 34% to 0%, and the revaluation of Brazilian deferred tax assets and liabilities as a result of the May 2023 Brazil tax legislation.

The effective income tax rate for the thirteen weeks ended June 26, 2022 was lower than the Company’s blended federal and state statutory rate of approximately 26%. The income tax rate includes the impact of non-deductible losses associated with the 2025 Notes Partial Repurchase which, relative to the Loss before provision for income taxes during the quarter, resulted in a negative effective income tax rate.

The effective income tax rate for the twenty-six weeks ended June 26, 2022 was higher than the statutory rate primarily due to the non-deductible losses associated with the 2025 Notes Partial Repurchase recorded during the twenty-six weeks ended June 26, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Other Current Assets, Net (Tables)

6 Months Ended

Jun. 25, 2023

Other Current Assets, Net [Abstract]

Schedule of other current assets

Other current assets, net, consisted of the following as of the periods indicated:


(dollars in thousands)	JUNE 25, 2023		DECEMBER 25, 2022
Prepaid expenses	$	24,387	$	29,343
Accounts receivable - gift cards, net	15,754		85,606
Accounts receivable - vendors, net	15,638		25,385
Accounts receivable - franchisees, net	3,993		2,550
Accounts receivable - other, net	18,094		18,408
Deferred gift card sales commissions	12,694		17,755


Other current assets, net	6,210		4,671
	$	96,770	$	183,718

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common stock

Additional paid-in capital

Accumulated deficit

Accumulated other comprehensive loss

Non-controlling interests

Balance at beginning of period (in shares) at Dec. 26, 2021

89,253,000

Balance at beginning of period at Dec. 26, 2021

$ 222,850

$ 893

$ 1,119,728

$ (698,171)

$ (205,989)

$ 6,389

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

16,014

11,876

4,138

Other comprehensive income, net of tax

29,935

Cash dividends declared, per common share

(24,977)

Repurchase and retirement of common stock (in shares)

(2,312,000)

Repurchase and retirement of common stock, including excise tax of $48

(47,451)

$ (23)

(47,428)

Stock-based compensation

9,802

Common stock issued under stock plans (in shares)

^[1]

897,000

Common stock issued under stock plans

^[1]

2,007

$ 9

1,998

Purchase of noncontrolling interest, net of tax

(4,650)

(735)

(3,915)

Distributions to noncontrolling interests

(5,154)

Contributions from noncontrolling interests

461

Retirement of convertible senior note hedges

112,956

Retirement of warrants

(97,617)

Issuance of common stock from repurchase of convertible senior notes (in shares)

2,313,000

Issuance of common stock from repurchase of convertible senior notes

48,565

$ 23

48,542

Balance at end of period (in shares) at Jun. 26, 2022

90,151,000

Balance at end of period at Jun. 26, 2022

262,741

$ 902

1,169,697

(733,723)

(176,054)

1,919

Balance at beginning of period (in shares) at Mar. 27, 2022

89,185,000

Balance at beginning of period at Mar. 27, 2022

293,257

$ 892

1,115,458

(634,356)

(190,431)

1,694

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(61,680)

(63,635)

1,955

Other comprehensive income, net of tax

14,377

Cash dividends declared, per common share

(12,418)

Repurchase and retirement of common stock (in shares)

(1,761,000)

Repurchase and retirement of common stock, including excise tax of $48

(35,749)

$ (17)

(35,732)

Stock-based compensation

4,959

Common stock issued under stock plans (in shares)

^[1]

414,000

Common stock issued under stock plans

^[1]

1,122

$ 4

1,118

Purchase of noncontrolling interest, net of tax

(2,762)

(3,301)

539

Distributions to noncontrolling interests

(2,513)

Contributions from noncontrolling interests

244

Retirement of convertible senior note hedges

112,956

Retirement of warrants

(97,617)

Issuance of common stock from repurchase of convertible senior notes (in shares)

2,313,000

Issuance of common stock from repurchase of convertible senior notes

48,565

$ 23

48,542

Balance at end of period (in shares) at Jun. 26, 2022

90,151,000

Balance at end of period at Jun. 26, 2022

$ 262,741

$ 902

1,169,697

(733,723)

(176,054)

1,919

Balance at beginning of period (in shares) at Dec. 25, 2022

87,696,200

87,696,000

Balance at beginning of period at Dec. 25, 2022

$ 273,909

$ 877

1,161,912

(706,109)

(185,311)

2,540

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Cash dividends declared, per common share

(21,014)

Balance at end of period (in shares) at Mar. 26, 2023

87,465,000

Balance at end of period at Mar. 26, 2023

$ 322,841

$ 875

1,141,017

(635,451)

(186,445)

2,845

Balance at beginning of period (in shares) at Dec. 25, 2022

87,696,200

87,696,000

Balance at beginning of period at Dec. 25, 2022

$ 273,909

$ 877

1,161,912

(706,109)

(185,311)

2,540

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

163,430

159,588

3,842

Other comprehensive income, net of tax

3,368

Cash dividends declared, per common share

(42,004)

Repurchase and retirement of common stock (in shares)

(1,482,000)

Repurchase and retirement of common stock, including excise tax of $48

(36,232)

$ (15)

(36,217)

Stock-based compensation

8,042

Common stock issued under stock plans (in shares)

^[1]

1,125,000

Common stock issued under stock plans

^[1]

4,793

$ 11

4,782

Distributions to noncontrolling interests

(4,640)

Contributions from noncontrolling interests

$ 1,202

1,202

Balance at end of period (in shares) at Jun. 25, 2023

87,339,455

87,339,000

Balance at end of period at Jun. 25, 2023

$ 371,868

$ 873

1,132,732

(582,738)

(181,943)

2,944

Balance at beginning of period (in shares) at Mar. 26, 2023

87,465,000

Balance at beginning of period at Mar. 26, 2023

322,841

$ 875

1,141,017

(635,451)

(186,445)

2,845

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

70,002

68,277

1,725

Other comprehensive income, net of tax

4,502

Cash dividends declared, per common share

(20,990)

Repurchase and retirement of common stock (in shares)

(619,000)

Repurchase and retirement of common stock, including excise tax of $48

(15,570)

$ (6)

(15,564)

Stock-based compensation

5,138

Common stock issued under stock plans (in shares)

^[1]

493,000

Common stock issued under stock plans

^[1]

7,571

$ 4

7,567

Distributions to noncontrolling interests

(2,085)

Contributions from noncontrolling interests

$ 459

459

Balance at end of period (in shares) at Jun. 25, 2023

87,339,455

87,339,000

Balance at end of period at Jun. 25, 2023

$ 371,868

$ 873

$ 1,132,732

$ (582,738)

$ (181,943)

$ 2,944

[1]	Net of forfeitures and shares withheld for employee taxes.

Segment Reporting (Geographic Areas) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Restaurant sales, franchise and other revenues	$ 1,152,694	$ 1,125,162	$ 2,397,440	$ 2,265,697
U.S. segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Restaurant sales, franchise and other revenues	1,005,229	998,627	2,098,225	2,035,034
U.S. segment \| U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Restaurant sales, franchise and other revenues	1,005,229	998,627	2,098,225	2,035,034
International segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Restaurant sales, franchise and other revenues	147,465	126,535	299,215	230,663
International segment \| Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Restaurant sales, franchise and other revenues	126,245	106,505	265,239	196,605
International segment \| Other - international
Revenues from External Customers and Long-Lived Assets [Line Items]
Restaurant sales, franchise and other revenues	$ 21,220	$ 20,030	$ 33,976	$ 34,058

- Definition

+ References

+ Details

Stock-based Compensation Plans (Tables)

6 Months Ended

Jun. 25, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of compensation cost for stock-based payment arrangements, allocation of share-based compensation costs by plan

The Company recognized stock-based compensation expense, net of capitalized expense, as follows for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Performance-based share units	$	2,297	$	2,840	$	3,220	$	5,459
Restricted stock units	1,985		2,027		3,948		3,837
Stock options	835		55		835		432

Total stock-based compensation expense, net	$	5,117	$	4,922	$	8,003	$	9,728

Schedule of nonvested performance-based units activity

The following table presents a summary of the Company’s PSU activity:


(in thousands, except per unit data)	PERFORMANCE-BASED SHARE UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT		AGGREGATE INTRINSIC VALUE (1)
Outstanding as of December 25, 2022	874	$	24.83	$	18,323
Granted	301	$	29.01
Performance adjustment (2)	154	$	19.84
Vested	(470)	$	19.84
Forfeited	(32)	$	26.39
Outstanding as of June 25, 2023	827	$	26.92	$	21,308
Expected to vest as of June 25, 2023 (3)	1,067			$	27,486

________________

(2)Represents adjustment to 148% payout for PSUs granted during 2020.

Monte Carlo schedule of assumptions used to calculate far value of PSUs

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, 2023			JUNE 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.

Schedule of unrecognized compensation cost, nonvested awards

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

Cover Page - $ / shares	6 Months Ended
Cover Page - $ / shares	Jun. 25, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 25, 2023
Document Transition Report	false
Entity File Number	001-35625
Entity Registrant Name	BLOOMIN’ BRANDS, INC.
Entity Incorporation, State	DE
Entity Tax Identification Number	20-8023465
Entity Address, Address Line One	2202 North West Shore Boulevard
Entity Address, Address Line Two	Suite 500
Entity Address City	Tampa
Entity Address State	FL
Entity Address Postal Zip Code	33607
City Area Code	813
Local Phone Number	282-1225
Title of 12(b) Security	Common Stock
Security Trading Currency	USD
Par Value Per Share	$ 0.01
Trading Symbol	BLMN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		87,097,283
Amendment Flag	false
Entity Central Index Key	0001546417
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 25, 2023	Dec. 25, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	475,000,000	475,000,000
Common stock, issued (in shares)	87,339,455	87,696,200
Common stock, outstanding (in shares)	87,339,455	87,696,200

Segment Reporting (Tables)

6 Months Ended

Jun. 25, 2023

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

The following is a summary of reporting segments:

REPORTABLE SEGMENT (1)

CONCEPT

GEOGRAPHIC LOCATION

U.S.

Outback Steakhouse

United States of America

Carrabba’s Italian Grill

Bonefish Grill

Fleming’s Prime Steakhouse & Wine Bar

International

Outback Steakhouse

Brazil, Hong Kong/China

Carrabba’s Italian Grill (Abbraccio)

Brazil

_________________

(1)Includes franchise locations.

Reconciliation of revenue from segments to consolidated

The following table is a summary of revenues by segment for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Revenues
U.S.	$	1,005,229	$	998,627	$	2,098,225	$	2,035,034
International	147,465		126,535		299,215		230,663
Total revenues	$	1,152,694	$	1,125,162	$	2,397,440	$	2,265,697

Reconciliation of operating profit from segments to consolidated

The following table is a reconciliation of segment income from operations to Income (loss) before provision for income taxes for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Segment income from operations
U.S.	$	103,008	$	104,620	$	236,251	$	236,846
International	20,486		14,126		44,994		23,010
Total segment income from operations	123,494		118,746		281,245		259,856
Unallocated corporate operating expense	(34,048)		(31,027)		(71,166)		(64,881)
Total income from operations	89,446		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 taxes	$	76,485	$	(50,144)	$	184,674	$	43,479

Reconciliation of segment depreciation and amortization

The following table is a summary of Depreciation and amortization expense by segment for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Depreciation and amortization
U.S.	$	39,375	$	33,544	$	77,538	$	68,303
International	6,126		6,019		12,045		11,556
Corporate	2,064		1,694		4,284		3,173
Total depreciation and amortization	$	47,565	$	41,257	$	93,867	$	83,032

Schedule of long-lived assets, by geographic area

The following table details long-lived assets, excluding goodwill, operating lease right-of-use assets, intangible assets and deferred tax assets, by major geographic area as of the periods indicated:


(dollars in thousands)	JUNE 25, 2023		DECEMBER 25, 2022
U.S.	$	945,616	$	891,379
International
Brazil	108,791		93,972
Other	8,970		10,938
Total long-lived assets	$	1,063,377	$	996,289

Schedule of revenues, by geographic area

The following table details Total revenues by major geographic area for the periods indicated:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
U.S.	$	1,005,229	$	998,627	$	2,098,225	$	2,035,034
International
Brazil	126,245		106,505		265,239		196,605
Other	21,220		20,030		33,976		34,058
Total revenues	$	1,152,694	$	1,125,162	$	2,397,440	$	2,265,697

Goodwill and Intangible Assets, Net (Details) - USD ($)	3 Months Ended
Goodwill and Intangible Assets, Net (Details) - USD ($)	Jun. 25, 2023	Jun. 26, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charges	$ 0	$ 0
Impairment of intangible assets, indefinite-lived (excluding goodwill)	$ 0	$ 0

Stockholders' Equity (Share Repurchases) (Details) - USD ($)
$ / shares in Units, shares in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Aug. 01, 2023

Jun. 25, 2023

Mar. 26, 2023

Jun. 26, 2022

Jun. 25, 2023

Jun. 26, 2022

Feb. 07, 2023

Share Repurchase Program [Line Items]

Repurchase and retirement of common stock

$ 15,570,000

$ 35,749,000

$ 36,232,000

$ 47,451,000

Subsequent event

Share Repurchase Program [Line Items]

Repurchase and retirement of common stock (in shares)

269

Repurchase and retirement of common stock

$ 7,300,000

2022 and 2023 share repurchase program

Share Repurchase Program [Line Items]

Repurchase and retirement of common stock (in shares)

863

1,482

^[1]

Stock repurchase program, average price paid (in USD per share)

$ 23.92

$ 24.42

^[1]

Repurchase and retirement of common stock

$ 20,645,000

$ 36,184,000

^[1]

2023 share repurchase program

Share Repurchase Program [Line Items]

Stock repurchase program, authorized amount

$ 125,000,000

Stock repurchase program, remaining authorized repurchase amount

$ 103,800,000

Repurchase and retirement of common stock (in shares)

619

Stock repurchase program, average price paid (in USD per share)

$ 25.11

Repurchase and retirement of common stock

$ 15,539,000

[1]	Excludes excise tax on share repurchases. Subsequent to June 25, 2023, the Company repurchased 269 thousand shares of its common stock for $7.3 million under a Rule 10b5-1 plan.

Leases

6 Months Ended

Jun. 25, 2023

Leases [Abstract]

Leases

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	JUNE 25, 2023		DECEMBER 25, 2022
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,089,218	$	1,103,083
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	10,045		4,679
Total lease assets, net		$	1,099,263	$	1,107,762

Current operating lease liabilities	Current operating lease liabilities	$	185,362	$	183,510
Current finance lease liabilities	Accrued and other current liabilities	2,508		1,636
Non-current operating lease liabilities (2)	Non-current operating lease liabilities	1,131,843		1,148,379
Non-current finance lease liabilities	Other long-term liabilities, net	8,037		3,149
Total lease liabilities		$	1,327,750	$	1,336,674

________________

(1)Net of accumulated amortization of $3.5 million and $3.6 million as of June 25, 2023 and December 25, 2022, respectively.

(2)Excludes immaterial COVID-19-related deferred rent accruals.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)		JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Operating lease cost (1)	Other restaurant operating	$	46,237	$	45,579	$	91,984	$	90,940
Variable lease cost	Other restaurant operating	1,629		1,619		3,353		3,502
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	549		356		1,037		693
Interest on lease liabilities	Interest expense, net	174		44		310		76
Sublease revenue	Franchise and other revenues	(1,635)		(2,436)		(3,343)		(4,994)
Lease costs, net		$	46,954	$	45,162	$	93,341	$	90,217

________________

The following table is a summary of cash flow impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	97,804	$	97,255

Leases

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	JUNE 25, 2023		DECEMBER 25, 2022
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,089,218	$	1,103,083
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	10,045		4,679
Total lease assets, net		$	1,099,263	$	1,107,762

Current operating lease liabilities	Current operating lease liabilities	$	185,362	$	183,510
Current finance lease liabilities	Accrued and other current liabilities	2,508		1,636
Non-current operating lease liabilities (2)	Non-current operating lease liabilities	1,131,843		1,148,379
Non-current finance lease liabilities	Other long-term liabilities, net	8,037		3,149
Total lease liabilities		$	1,327,750	$	1,336,674

________________

(1)Net of accumulated amortization of $3.5 million and $3.6 million as of June 25, 2023 and December 25, 2022, respectively.

(2)Excludes immaterial COVID-19-related deferred rent accruals.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)		JUNE 25, 2023		JUNE 26, 2022		JUNE 25, 2023		JUNE 26, 2022
Operating lease cost (1)	Other restaurant operating	$	46,237	$	45,579	$	91,984	$	90,940
Variable lease cost	Other restaurant operating	1,629		1,619		3,353		3,502
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	549		356		1,037		693
Interest on lease liabilities	Interest expense, net	174		44		310		76
Sublease revenue	Franchise and other revenues	(1,635)		(2,436)		(3,343)		(4,994)
Lease costs, net		$	46,954	$	45,162	$	93,341	$	90,217

________________

The following table is a summary of cash flow impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 25, 2023		JUNE 26, 2022

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	97,804	$	97,255