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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 24, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from ______ to ______
Commission File Number: 001-35625

https://cdn.kscope.io/d673787e1ad9542d469083357cb8c08f-blmnlogov3.jpg

BLOOMIN’ BRANDS, INC.
(Exact name of registrant as specified in its charter)
Delaware20-8023465
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
2202 North West Shore Boulevard, Suite 500, Tampa, FL 33607
(Address of principal executive offices) (Zip Code)

(813) 282-1225
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock
$0.01 par value
BLMN
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer  Non-accelerated filer
Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  

As of October 31, 2023, 86,814,043 shares of common stock of the registrant were outstanding.


Table of Contents
BLOOMIN’ BRANDS, INC.


INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarterly Period Ended September 24, 2023
(Unaudited)

TABLE OF CONTENTS

 Page No.
Item 1.
 
  
 
 
   
 
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
  
 
2

Table of Contents
BLOOMIN’ BRANDS, INC.

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

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

SEPTEMBER 24, 2023DECEMBER 25, 2022
(UNAUDITED)
ASSETS  
Current assets  
Cash and cash equivalents$86,579 $84,735 
Inventories70,563 78,124 
Other current assets, net103,983 183,718 
Total current assets261,125 346,577 
Property, fixtures and equipment, net1,020,798 914,142 
Operating lease right-of-use assets1,109,295 1,103,083 
Goodwill275,868 273,032 
Intangible assets, net444,381 448,326 
Deferred income tax assets, net154,809 153,118 
Other assets, net84,634 82,147 
Total assets$3,350,910 $3,320,425 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Accounts payable$198,100 $183,715 
Current operating lease liabilities185,659 183,510 
Accrued and other current liabilities242,000 217,427 
Unearned revenue294,062 394,215 
Total current liabilities919,821 978,867 
Non-current operating lease liabilities1,151,723 1,148,607 
Long-term debt, net789,356 828,507 
Other long-term liabilities, net94,091 90,535 
Total liabilities2,954,991 3,046,516 
Commitments and contingencies (Note 15)
Stockholders’ equity
Bloomin’ Brands stockholders’ equity
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of September 24, 2023 and December 25, 2022
  
Common stock, $0.01 par value, 475,000,000 shares authorized; 87,171,373 and 87,696,200 shares issued and outstanding as of September 24, 2023 and December 25, 2022, respectively
872 877 
Additional paid-in capital1,125,322 1,161,912 
Accumulated deficit(554,205)(706,109)
Accumulated other comprehensive loss(178,840)(185,311)
Total Bloomin’ Brands stockholders’ equity393,149 271,369 
Noncontrolling interests2,770 2,540 
Total stockholders’ equity395,919 273,909 
Total liabilities and stockholders’ equity$3,350,910 $3,320,425 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

Table of Contents
BLOOMIN’ BRANDS, INC.

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


THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
SEPTEMBER 24, 2023SEPTEMBER 25, 2022SEPTEMBER 24, 2023SEPTEMBER 25, 2022
Revenues    
Restaurant sales$1,064,413 $1,040,375 $3,429,977 $3,272,868 
Franchise and other revenues15,420 15,388 47,296 48,592 
Total revenues1,079,833 1,055,763 3,477,273 3,321,460 
Costs and expenses    
Food and beverage321,865 332,939 1,057,305 1,056,768 
Labor and other related314,432 303,244 981,908 924,514 
Other restaurant operating281,084 267,944 837,349 790,583 
Depreciation and amortization47,998 42,171 141,865 125,203 
General and administrative62,246 56,089 191,408 174,009 
Provision for impaired assets and restaurant closings(6,008)2,067 (857)4,099 
Total costs and expenses1,021,617 1,004,454 3,208,978 3,075,176 
Income from operations58,216 51,309 268,295 246,284 
Loss on extinguishment and modification of debt   (107,630)
Loss on fair value adjustment of derivatives, net   (17,685)
Interest expense, net(12,843)(12,696)(38,248)(38,877)
Income before (benefit) provision for income taxes45,373 38,613 230,047 82,092 
(Benefit) provision for income taxes(58)5,563 21,186 33,028 
Net income45,431 33,050 208,861 49,064 
Less: net income attributable to noncontrolling interests903 1,064 4,745 5,202 
Net income attributable to Bloomin’ Brands
$44,528 $31,986 $204,116 $43,862 
Net income$45,431 $33,050 $208,861 $49,064 
Other comprehensive income:
Foreign currency translation adjustment3,103 (13,041)6,471 10,182 
Unrealized gain on derivatives, net of tax   573 
Reclassification of adjustments for loss on derivatives included in Net income, net of tax   954 
Impact of terminated interest rate swaps included in Net income, net of tax 2,255  7,440 
Comprehensive income48,534 22,264 215,332 68,213 
Less: comprehensive income attributable to noncontrolling interests903 1,064 4,745 5,202 
Comprehensive income attributable to Bloomin’ Brands$47,631 $21,200 $210,587 $63,011 
Earnings per share:
Basic$0.50 $0.36 $2.30 $0.49 
Diluted$0.45 $0.34 $2.08 $0.44 
Weighted average common shares outstanding:
Basic88,707 89,192 88,794 89,149 
Diluted98,548 94,736 97,987 99,609 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

Table of Contents
BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
BLOOMIN’ BRANDS, INC.
COMMON STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance,
June 25, 2023
87,339 $873 $1,132,732 $(582,738)$(181,943)$2,944 $371,868 
Net income— — — 44,528 — 903 45,431 
Other comprehensive income— — — — 3,103 — 3,103 
Cash dividends declared, $0.24 per common share
— — (20,901)— — — (20,901)
Repurchase and retirement of common stock, including excise tax of $45
(590)(6)— (15,995)— — (16,001)
Stock-based compensation— — 4,411 — — — 4,411 
Common stock issued under stock plans (1)422 5 9,080 — — — 9,085 
Distributions to noncontrolling interests— — — — — (1,306)(1,306)
Contributions from noncontrolling interests— — — — — 229 229 
Balance,
September 24, 2023
87,171 $872 $1,125,322 $(554,205)$(178,840)$2,770 $395,919 
Balance,
December 25, 2022
87,696 $877 $1,161,912 $(706,109)$(185,311)$2,540 $273,909 
Net income— — — 204,116 — 4,745 208,861 
Other comprehensive income— — — — 6,471 — 6,471 
Cash dividends declared, $0.72 per common share
— — (62,905)— — — (62,905)
Repurchase and retirement of common stock, including excise tax of $93
(2,072)(21)— (52,212)— — (52,233)
Stock-based compensation— — 12,453 — — — 12,453 
Common stock issued under stock plans (1)1,547 16 13,862 — — — 13,878 
Distributions to noncontrolling interests— — — — — (5,946)(5,946)
Contributions from noncontrolling interests— — — — — 1,431 1,431 
Balance,
September 24, 2023
87,171 $872 $1,125,322 $(554,205)$(178,840)$2,770 $395,919 
(CONTINUED...)
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BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
BLOOMIN’ BRANDS, INC.
COMMON STOCKADDITIONAL PAID-IN CAPITALACCUM-
ULATED DEFICIT
ACCUMULATED OTHER
COMPREHENSIVE LOSS
NON-CONTROLLING INTERESTSTOTAL
SHARESAMOUNT
Balance,
June 26, 2022
90,151 $902 $1,169,697 $(733,723)$(176,054)$1,919 $262,741 
Net income— — — 31,986 — 1,064 33,050 
Other comprehensive loss, net of tax— — — — (10,786)— (10,786)
Cash dividends declared, $0.14 per common share
— — (12,475)— — — (12,475)
Repurchase and retirement of common stock(1,746)(18)— (33,531)— — (33,549)
Stock-based compensation— — 2,013 — — — 2,013 
Common stock issued under stock plans (1)45 — 487 — — — 487 
Distributions to noncontrolling interests— — — — — (1,477)(1,477)
Contributions from noncontrolling interests— — — — — 141 141 
Balance,
September 25, 2022
88,450 $884 $1,159,722 $(735,268)$(186,840)$1,647 $240,145 
Balance,
December 26, 2021
89,253 $893 $1,119,728 $(698,171)$(205,989)$6,389 $222,850 
Net income— — — 43,862 — 5,202 49,064 
Other comprehensive income, net of tax— — — — 19,149 — 19,149 
Cash dividends declared, $0.42 per common share
— — (37,452)— — — (37,452)
Repurchase and retirement of common stock(4,058)(41)— (80,959)— — (81,000)
Stock-based compensation— — 11,815 — — — 11,815 
Common stock issued under stock plans (1)942 9 2,485 — — — 2,494 
Purchase of noncontrolling interests, net of tax of $254
— — (735)— — (3,915)(4,650)
Distributions to noncontrolling interests— — — — — (6,631)(6,631)
Contributions from noncontrolling interests— — — — — 602 602 
Retirement of convertible senior note hedges— — 112,956 — — — 112,956 
Retirement of warrants— — (97,617)— — — (97,617)
Issuance of common stock from repurchase of convertible senior notes2,313 23 48,542 — — — 48,565 
Balance,
September 25, 2022
88,450 $884 $1,159,722 $(735,268)$(186,840)$1,647 $240,145 
________________
(1)Net of forfeitures and shares withheld for employee taxes.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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BLOOMIN’ BRANDS, INC.

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

THIRTY-NINE WEEKS ENDED
SEPTEMBER 24, 2023SEPTEMBER 25, 2022
Cash flows provided by operating activities:  
Net income$208,861 $49,064 
Adjustments to reconcile Net income to cash provided by operating activities:  
Depreciation and amortization141,865 125,203 
Amortization of debt discounts and issuance costs2,305 2,779 
Amortization of deferred gift card sales commissions17,891 18,213 
Provision for impaired assets and restaurant closings(857)4,099 
Non-cash interest expense from terminated interest rate swaps 10,014 
Non-cash operating lease costs64,845 62,539 
Stock-based compensation expense12,453 11,815 
Deferred income tax (benefit) expense(3,610)6,604 
Loss on extinguishment and modification of debt 107,630 
Loss on fair value adjustment of derivatives, net 17,685 
Other, net(3,067)5,381 
Change in assets and liabilities(67,133)(128,447)
Net cash provided by operating activities373,553 292,579 
Cash flows used in investing activities:  
Proceeds received from company-owned life insurance 14,598 
Capital expenditures(227,086)(137,260)
Other investments, net1,551 1,207 
Net cash used in investing activities(225,535)(121,455)
Cash flows used in financing activities:
Repayments of long-term debt and finance lease obligations(1,302)(196,076)
Proceeds from borrowings on revolving credit facilities728,000 929,500 
Repayments of borrowings on revolving credit facilities(768,000)(589,500)
Financing fees (1,205)
Principal settlements and repurchase of convertible senior notes(214)(196,919)
Proceeds from retirement of convertible senior note hedges 131,869 
Payments for retirement of warrants (114,825)
Proceeds from share-based compensation, net13,878 2,494 
Distributions to noncontrolling interests(5,946)(6,631)
Contributions from noncontrolling interests1,431 602 
Purchase of noncontrolling interests(100)(4,904)
Payments for partner equity plan (7,813)
Repurchase of common stock(52,347)(79,900)
Cash dividends paid on common stock(62,905)(37,452)
Net cash used in financing activities(147,505)(170,760)
Effect of exchange rate changes on cash and cash equivalents1,331 1,400 
Net increase in cash, cash equivalents and restricted cash1,844 1,764 
Cash, cash equivalents and restricted cash as of the beginning of the period84,735 89,057 
Cash, cash equivalents and restricted cash as of the end of the period$86,579 $90,821 
Supplemental disclosures of cash flow information:  
Cash paid for interest$30,486 $23,050 
Cash paid for income taxes, net of refunds$22,244 $25,354 
Supplemental disclosures of non-cash investing and financing activities:  
Leased assets obtained in exchange for new operating lease liabilities$70,305 $44,556 
Leased assets obtained in exchange for new finance lease liabilities$5,435 $2,417 
Increase in liabilities from the acquisition of property, fixtures and equipment$15,486 $14,961 

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1.    Description of the Business and Basis of Presentation

Description of the Business - Bloomin’ Brands (“Bloomin’ Brands” or the “Company”) owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements.

Basis of Presentation - The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 25, 2022.

Recently Issued Financial Accounting Standards Not Yet Adopted - Recent accounting guidance not discussed herein is not applicable, did not have or is not expected to have a material impact to the Company.

Reclassifications - The Company reclassified certain items in the accompanying consolidated financial statements for prior periods to be comparable with the classification for the current period, including, but not limited to, finance lease liabilities presented within other liabilities that were formerly presented within long-term debt, the separate presentation of current operating lease liabilities on the face of the Consolidated Balance Sheets and the presentation of certain items within the Condensed Consolidated Statements of Cash Flows. These reclassifications had no effect on previously reported net income.

2.    Revenue Recognition

The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
(dollars in thousands)SEPTEMBER 24, 2023SEPTEMBER 25, 2022SEPTEMBER 24, 2023SEPTEMBER 25, 2022
Revenues
Restaurant sales$1,064,413 $1,040,375 $3,429,977 $3,272,868 
Franchise and other revenues
Franchise revenues11,820 11,826 37,911 37,828 
Other revenues3,600 3,562 9,385 10,764 
Total Franchise and other revenues15,420 15,388 47,296 48,592 
Total revenues$1,079,833 $1,055,763 $3,477,273 $3,321,460 

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
The following tables include the disaggregation of Restaurant sales and franchise revenues, by restaurant concept and major international market, for the periods indicated:
THIRTEEN WEEKS ENDED
SEPTEMBER 24, 2023SEPTEMBER 25, 2022
(dollars in thousands)RESTAURANT SALESFRANCHISE REVENUESRESTAURANT SALESFRANCHISE REVENUES
U.S.
Outback Steakhouse$526,960 $7,517 $536,793 $7,447 
Carrabba’s Italian Grill165,742 704 159,728 738 
Bonefish Grill128,425 87 130,669 163 
Fleming’s Prime Steakhouse & Wine Bar76,919  80,748  
Other3,092 16 2,741 17 
U.S. total901,138 8,324 910,679 8,365 
International
Outback Steakhouse - Brazil (1)138,187  105,932  
Other (1)(2)25,088 3,496 23,764 3,461 
International total163,275 3,496 129,696 3,461 
Total$1,064,413 $11,820 $1,040,375 $11,826 
THIRTY-NINE WEEKS ENDED
SEPTEMBER 24, 2023SEPTEMBER 25, 2022
(dollars in thousands)RESTAURANT SALESFRANCHISE REVENUESRESTAURANT SALESFRANCHISE REVENUES
U.S.
Outback Steakhouse$1,732,132 $24,280 $1,705,749 $24,062 
Carrabba’s Italian Grill530,450 2,257 505,546 2,196 
Bonefish Grill429,572 353 427,557 513 
Fleming’s Prime Steakhouse & Wine Bar272,543  272,343  
Other10,448 41 9,046 30 
U.S. total2,975,145 26,931 2,920,241 26,801 
International
Outback Steakhouse - Brazil (1)379,498  291,880  
Other (1)(2)75,334 10,980 60,747 11,027 
International total454,832 10,980 352,627 11,027 
Total$3,429,977 $37,911 $3,272,868 $37,828 
________________
(1)Restaurant sales in Brazil increased $10.9 million and $30.1 million during the thirteen and thirty-nine weeks ended September 24, 2023, respectively, in connection with value added tax exemptions resulting from tax legislation. See Note 14 - Income Taxes for details regarding the Brazil tax legislation.
(2)Includes Restaurant sales for Company-owned Outback Steakhouse restaurants outside of Brazil and Abbraccio restaurants in Brazil. Franchise revenues primarily include revenues from franchised Outback Steakhouse restaurants.

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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:
(dollars in thousands)SEPTEMBER 24, 2023DECEMBER 25, 2022
Other current assets, net
Deferred gift card sales commissions$11,141 $17,755 
Unearned revenue
Deferred gift card revenue$285,263 $386,495 
Deferred loyalty revenue5,752 5,628 
Deferred franchise fees - current475 460 
Other2,572 1,632 
Total Unearned revenue$294,062 $394,215 
Other long-term liabilities, net
Deferred franchise fees - non-current$4,087 $4,126 

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
(dollars in thousands)SEPTEMBER 24, 2023SEPTEMBER 25, 2022SEPTEMBER 24, 2023SEPTEMBER 25, 2022
Balance, beginning of the period$12,694 $12,338 $17,755 $17,793 
Deferred gift card sales commissions amortization(4,711)(4,755)(17,891)(18,213)
Deferred gift card sales commissions capitalization3,766 3,836 13,509 13,441 
Other(608)(621)(2,232)(2,223)
Balance, end of the period$11,141 $10,798 $11,141 $10,798 

The following table is a rollforward of unearned gift card revenue for the periods indicated:
THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
(dollars in thousands)SEPTEMBER 24, 2023SEPTEMBER 25, 2022SEPTEMBER 24, 2023SEPTEMBER 25, 2022
Balance, beginning of the period$304,942 $303,544 $386,495 $387,945 
Gift card sales44,374 46,692 162,717 162,146 
Gift card redemptions(60,412)(63,041)(248,870)(252,091)
Gift card breakage(3,641)(3,636)(15,079)(14,441)
Balance, end of the period$285,263 $283,559 $285,263 $283,559 

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BLOOMIN’ BRANDS, INC.

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

The following table presents the computation of basic and diluted earnings per share for the periods indicated:
THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
(in thousands, except per share data)SEPTEMBER 24, 2023SEPTEMBER 25, 2022SEPTEMBER 24, 2023SEPTEMBER 25, 2022
Net income attributable to Bloomin’ Brands
$44,528 $31,986 $204,116 $43,862 
Basic weighted average common shares outstanding88,707 89,192 88,794 89,149 
Effect of dilutive securities:
Stock options474 173 423 261 
Nonvested restricted stock units200 117 201 167 
Nonvested performance-based share units  95 96 
Convertible senior notes (1)5,367 3,690 5,067 6,732 
Warrants (1)3,800 1,564 3,407 3,204 
Diluted weighted average common shares outstanding98,548 94,736 97,987 99,609 
Basic earnings per share$0.50 $0.36 $2.30 $0.49 
Diluted earnings per share$0.45 $0.34 $2.08 $0.44 
_____________
(1)During the thirty-nine weeks ended September 25, 2022, the Company repurchased $125.0 million of the convertible notes due in 2025 and settled the corresponding portion of the related warrants (the “2025 Notes Partial Repurchase”).

Share-based compensation-related weighted average securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows for the periods indicated:
THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
(shares in thousands)SEPTEMBER 24, 2023SEPTEMBER 25, 2022SEPTEMBER 24, 2023SEPTEMBER 25, 2022
Stock options 2,297 471 2,012 
Nonvested restricted stock units 150 47 249 
Nonvested performance-based share units373 771 433 574 

4.    Stock-based Compensation Plans

The Company recognized stock-based compensation expense, net of capitalized expense, as follows for the periods indicated:
THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED
(dollars in thousands)SEPTEMBER 24, 2023SEPTEMBER 25, 2022SEPTEMBER 24, 2023SEPTEMBER 25, 2022
Performance-based share units (1)$2,298 $67 $5,518 $5,526 
Restricted stock units2,094 1,872 6,042 5,709 
Stock options 38 835 470 
Total stock-based compensation expense, net$4,392 $1,977 $12,395 $11,705 
____________
(1)The thirteen and thirty-nine weeks ended September 25, 2022 include a cumulative life-to-date adjustment to decrease expense for PSUs granted in fiscal year 2020 based on revised Company projections of performance criteria set forth in the award agreements.

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BLOOMIN’ BRANDS, INC.

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

The following table presents a summary of the Company’s PSU activity:
(in thousands, except per unit data)PERFORMANCE-BASED SHARE UNITSWEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNITAGGREGATE
INTRINSIC VALUE (1)
Outstanding as of December 25, 2022874 $24.83 $18,323 
Granted301 $29.01 
Performance adjustment (2)154 $19.84 
Vested(470)$19.84 
Forfeited(32)$26.39 
Outstanding as of September 24, 2023827 $26.92 $20,101 
Expected to vest as of September 24, 2023 (3)1,067 $25,928 
________________
(1)Based on the $20.96 and $24.30 share price of the Company’s common stock on December 23, 2022 and September 22, 2023, the last trading day of the year ended December 25, 2022 and the thirty-nine weeks ended September 24, 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:
THIRTY-NINE WEEKS ENDED
SEPTEMBER 24, 2023SEPTEMBER 25, 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 thirty-nine weeks ended September 24, 2023 and September 25, 2022, respectively.

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of September 24, 2023:
UNRECOGNIZED COMPENSATION EXPENSE
(dollars in thousands)
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Performance-based share units$11,995 1.5
Restricted stock units$10,306 1.9

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BLOOMIN’ BRANDS, INC.

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

Other current assets, net, consisted of the following as of the periods indicated:
(dollars in thousands)SEPTEMBER 24, 2023DECEMBER 25, 2022
Prepaid expenses$31,733 $29,343 
Accounts receivable - gift cards, net8,420 85,606 
Accounts receivable - vendors, net17,530 25,385 
Accounts receivable - franchisees, net3,869 2,550 
Accounts receivable - other, net20,938 18,408 
Deferred gift card sales commissions11,141 17,755 
Other current assets, net10,352 4,671 
$103,983 $183,718 

6.     Property, Fixtures and Equipment, Net

Property, fixtures and equipment, net, consisted of the following as of the periods indicated:
(dollars in thousands)SEPTEMBER 24, 2023DECEMBER 25, 2022
Land$35,198 $37,596 
Buildings1,253,011 1,223,403 
Furniture and fixtures517,689 489,895 
Equipment828,066 739,136 
Construction in progress88,927 41,723 
Less: accumulated depreciation(1,702,093)(1,617,611)
$1,020,798 $914,142 

7.    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.

8.           Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following as of the periods indicated:
(dollars in thousands)SEPTEMBER 24, 2023DECEMBER 25, 2022
Accrued payroll and other compensation$86,807 $84,075 
Accrued insurance20,410 20,932 
Other current liabilities (1)134,783 112,420 
$242,000 $217,427 
________________
(1)During 2023, other current liabilities increased primarily due to increased accrued advertising and the timing of accrued property tax and interest payments.
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BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED) - Continued
9.    Long-term Debt, Net

Following is a summary of outstanding Long-term debt, net, as of the periods indicated:
SEPTEMBER 24, 2023DECEMBER 25, 2022
(dollars in thousands)OUTSTANDING BALANCEINTEREST RATEOUTSTANDING BALANCEINTEREST RATE
Senior secured credit facility - revolving credit facility (1)$390,000 6.93 %$430,000 5.79 %
2025 Notes104,786 5.00 %105,000 5.00 %
2029 Notes300,000