0001546417-24-000113 | 10-Q | XBRL Viewer

Less: unamortized debt issuance costs

Principal

$ 20,724

$ 104,786

(178)

^[1]

(1,138)

Net carrying amount

20,546

$ 103,648

Write off of deferred debt issuance cost

$ 800

[1]	During the thirteen weeks ended March 31, 2024, the Company wrote off $0.8 million of debt issuance costs as a result of the 2025 Notes Partial Repurchase.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Stockholders' Equity (Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Other comprehensive income (loss) [Line Items]
Gain on derivatives, net of tax	$ 1,157	$ 0
Other comprehensive loss attributable to Bloomin’ Brands	(774)	(1,134)
Bloomin' Brands
Other comprehensive income (loss) [Line Items]
Foreign currency translation adjustment	(1,931)	(1,134)
Change in fair value of derivatives, net of tax	1,435	0
Reclassification realized in Net (loss) income, net of tax	(278)	0
Gain on derivatives, net of tax	1,157	0
Other comprehensive loss attributable to Bloomin’ Brands	$ (774)	$ (1,134)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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

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Impairments, Exit Costs and Disposals [Abstract]

Impairments and Exit Costs (Tables)

3 Months Ended

Mar. 31, 2024

Provision for impaired assets and restaurant closings

The components of Provision for impaired assets and restaurant closings are as follows for the period indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024
Impairment losses



U.S.		$	1,852
Restaurant closure charges (benefits)
U.S.		9,084
International		(63)
Total restaurant closure charges		9,021
Provision for impaired assets and restaurant closings		$	10,873

Restructuring and related costs

Following is a summary of expenses related to the 2023 Closure Initiative charges recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the period indicated (dollars in thousands):

DESCRIPTION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION

THIRTEEN WEEKS ENDED

MARCH 31, 2024

Asset impairments and closure charges

Provision for impaired assets and restaurant closings

10,094

Severance and other expenses

General and administrative

2,427

Closure-related labor costs

Labor and other related

434

12,955

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

3 Months Ended

Mar. 31, 2024

Mar. 26, 2023

Debt issuance cost amortization

Coupon interest

$ 1,006

$ 1,313

158

195

Total interest expense

^[1]

$ 1,164

$ 1,508

Debt instrument, effective interest rate

5.85%

[1]	The effective rate of the 2025 Notes over their expected life is 5.85%.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Convertible senior notes balances

Convertible Senior Notes (Tables)

3 Months Ended

Mar. 31, 2024

Convertible Notes [Abstract]

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


(dollars in thousands)	MARCH 31, 2024		DECEMBER 31, 2023
Principal	$	20,724	$	104,786
Less: unamortized debt issuance costs (1)	(178)		(1,138)
Net carrying amount	$	20,546	$	103,648

________________

(1)During the thirteen weeks ended March 31, 2024, the Company wrote off $0.8 million of debt issuance costs as a result of the 2025 Notes Partial Repurchase.

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
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023
Coupon interest		$	1,006	$	1,313
Debt issuance cost amortization		158		195
Total interest expense (1)		$	1,164	$	1,508

________________

(1)The effective rate of the 2025 Notes over their expected life is 5.85%.

Accrued and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of accrued and other current liabilities

Accrued and other current liabilities consisted of the following as of the periods indicated:


(dollars in thousands)	MARCH 31, 2024		DECEMBER 31, 2023
Accrued payroll and other compensation (1)	$	73,614	$	98,903
Accrued insurance	22,064		19,310
Other current liabilities	129,488		137,601
	$	225,166	$	255,814

________________

(1)During the thirteen weeks ended March 31, 2024, accrued payroll and other compensation decreased primarily due to timing of bonus payments and salary accruals.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of reporting segments

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.

Schedule of segment reporting information, by segment

The following tables summarize Total revenues, Depreciation and amortization, and Income from operations by segment for the periods indicated:


	THIRTEEN WEEKS ENDED MARCH 31, 2024
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	1,043,104	$	152,223	$	—	$	1,195,327
Depreciation and amortization	$	39,968	$	7,261	$	2,053	$	49,282

Income from operations	$	97,484	$	15,762	$	(36,153)	$	77,093




	THIRTEEN WEEKS ENDED MARCH 26, 2023
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	1,092,996	$	151,750	$	—	$	1,244,746
Depreciation and amortization	$	38,163	$	5,919	$	2,220	$	46,302

Income from operations	$	133,243	$	24,508	$	(37,118)	$	120,633

Reconciliation of operating (loss) income from segments to consolidated

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023





Income from operations		$	77,093	$	120,633
Loss on extinguishment of debt		(135,797)		—


Interest expense, net		(13,616)		(12,444)
(Loss) income before provision for income taxes		$	(72,320)	$	108,189

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Cash Flow Hedges of Interest Rate Risk - In March 2024 and December 2023, OSI entered into 11 interest rate swap agreements with ten counterparties (the “Swap Transactions”) to manage its exposure to fluctuations in variable interest rates. The Swap Transactions have an aggregate notional amount of $375.0 million and include one and two-year tenors with the following terms:


NOTIONAL AMOUNT		WEIGHTED AVERAGE FIXED INTEREST RATE (1)	EFFECTIVE DATE	TERMINATION DATE
$	100,000,000	4.92%	December 29, 2023	December 31, 2024
100,000,000		4.34%	December 29, 2023	December 31, 2025
175,000,000		4.40%	March 29, 2024	March 31, 2026
$	375,000,000	4.52%

____________________

(1)The weighted average fixed interest rate excludes the term SOFR adjustment and interest rate spread described below.

In connection with the Swap Transactions, the Company effectively converted $375.0 million of its outstanding indebtedness from the Secured Overnight Financing Rate (“SOFR”), plus a term SOFR adjustment of 0.10% and a spread of 150 to 250 basis points to the weighted average fixed interest rates within the table above, plus a term SOFR adjustment of 0.10% and a spread of 150 to 250 basis points. The Swap Transactions have an embedded floor of minus 0.10%.

The Swap Transactions have been designated and qualify as cash flow hedges, are recognized on the Company’s Consolidated Balance Sheets at fair value and are classified based on the instruments’ maturity dates. The Company estimated $1.6 million of interest income will be reclassified to Interest expense, net over the next 12 months related to the Company’s Swap Transactions.

The following table presents the fair value and classification of the Company’s swap agreements as of the periods indicated:


(dollars in thousands)	MARCH 31, 2024		DECEMBER 31, 2023		CONSOLIDATED BALANCE SHEET CLASSIFICATION
Interest rate swaps - asset (1)	$	1,574	$	320	Other current assets, net



Interest rate swaps - liability	$	—	$	253	Accrued and other current liabilities
Interest rate swaps - liability	846		893		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	846	$	1,146

____________________

(1) See Note 13 - Fair Value Measurements for fair value discussion of the interest rate swaps.

By utilizing the interest rate swaps, the Company is exposed to credit-related losses in the event that the counterparty fails to perform under the terms of the derivative contract. To mitigate this risk, the Company enters into derivative contracts with major financial institutions based upon credit ratings and other factors. The Company continually assesses the creditworthiness of its counterparties. As of March 31, 2024, all counterparties to the interest rate swaps performed in accordance with their contractual obligations.

The Company has agreements with each of its derivative counterparties that contain a provision whereby the Company could be declared in default on its derivative obligations if the repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on indebtedness.

As of December 31, 2023, the fair value of the Company’s interest rate swaps was in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk, of $0.8 million. As of December 31, 2023, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2023, it could have been required to settle its obligations under the agreements at their termination value of $0.8 million.

Derivative Instruments and Hedging Activities (Designated Hedges - Text) (Details)		3 Months Ended
	Mar. 05, 2024 USD ($) counterparty	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 05, 2023 USD ($)
Adjusted term SOFR \| Amended credit agreement \| Secured debt
Derivative [Line Items]
Debt instrument, basis spread on variable rate	0.10%
Base rate \| Revolving credit facility \| Secured debt \| Minimum
Derivative [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Base rate \| Revolving credit facility \| Secured debt \| Maximum
Derivative [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Interest rate swap \| Designated as hedging instrument
Derivative [Line Items]
Derivative, number of instruments held \| counterparty	11
Derivative agreements, number of counterparties \| counterparty	10
Derivative, notional amount	$ 375,000,000
Derivative, embedded floor interest rate	(0.10%)
Derivative, net liability position, aggregate fair value			$ 800,000
Derivative, termination value			$ 800,000
Interest rate swap \| Designated as hedging instrument \| Interest income
Derivative [Line Items]
Cash flow hedge loss to be reclassified through maturity		$ 1,600,000
Interest rate swap \| Designated as hedging instrument \| One-year
Derivative [Line Items]
Derivative, notional amount				$ 100,000,000
Derivative, term of contract	1 year
Interest rate swap \| Designated as hedging instrument \| Two-year
Derivative [Line Items]
Derivative, notional amount	$ 175,000,000			$ 100,000,000
Derivative, term of contract	2 years

Segment Reporting (Revenue by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 1,195,327	$ 1,244,746
Depreciation and amortization	49,282	46,302
Income from operations	77,093	120,633
Corporate, non-segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	0	0
Depreciation and amortization	2,053	2,220
Income from operations	(36,153)	(37,118)
U.S. segment \| Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	1,043,104	1,092,996
Depreciation and amortization	39,968	38,163
Income from operations	97,484	133,243
International segment \| Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	152,223	151,750
Depreciation and amortization	7,261	5,919
Income from operations	$ 15,762	$ 24,508

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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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 40
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Revenues
Restaurant sales, franchise and other revenues	$ 1,195,327	$ 1,244,746
Costs and expenses
Food and beverage	357,829	384,214
Labor and other related	343,202	341,542
Other restaurant operating	290,272	282,927
Depreciation and amortization	49,282	46,302
General and administrative	66,776	65,804
Provision for impaired assets and restaurant closings	10,873	3,324
Total costs and expenses	1,118,234	1,124,113
Income from operations	77,093	120,633
Loss on extinguishment of debt	(135,797)	0
Interest expense, net	(13,616)	(12,444)
(Loss) income before provision for income taxes	(72,320)	108,189
Provision for income taxes	9,970	14,761
Net (loss) income	(82,290)	93,428
Less: net income attributable to noncontrolling interests	1,582	2,117
Net (loss) income attributable to Bloomin’ Brands	(83,872)	91,311
Other comprehensive (loss) income:
Foreign currency translation adjustment	(1,931)	(1,134)
Net gain on derivatives, net of tax	1,157	0
Comprehensive (loss) income	(83,064)	92,294
Less: comprehensive income attributable to noncontrolling interests	1,582	2,117
Comprehensive (loss) income attributable to Bloomin’ Brands	$ (84,646)	$ 90,177
(Loss) earnings per share:
Basic (in USD per share)	$ (0.96)	$ 1.02
Diluted (in USD per share)	$ (0.96)	$ 0.93
Weighted average common shares outstanding:
Basic (in shares)	87,024	89,116
Diluted (in shares)	87,024	98,011
Restaurant sales
Revenues
Restaurant sales, franchise and other revenues	$ 1,179,487	$ 1,228,234
Franchise and other revenues
Revenues
Restaurant sales, franchise and other revenues	$ 15,840	$ 16,512

Description of the Business and Basis of Presentation (Description of the Business) (Details)	Mar. 31, 2024 restaurantConcept
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restaurant concepts in portfolio	4

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

3 Months Ended

Mar. 31, 2024

Mar. 26, 2023

Risk-free interest rate

^[1]

4.37%

4.26%

Dividend yield

^[2]

3.49%

3.47%

Volatility

^[3]

51.41%

51.02%

Grant date fair value per unit

^[4]

$ 27.26

$ 29.01

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

(1.60%)

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

2.70%

[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 discount below and a premium above the grant date per share value of the Company’s common stock for the relative total shareholder return modifier of (1.6)% and 2.7% during the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Long-term Debt, Net

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt, Net

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


	MARCH 31, 2024				DECEMBER 31, 2023
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior secured credit facility - revolving credit facility (1)	$	635,000	6.94	%	$	381,000	6.96	%
2025 Notes (2)	20,724		5.00	%	104,786		5.00	%
2029 Notes	300,000		5.13	%	300,000		5.13	%

Less: unamortized debt discount and issuance costs (2)	(3,946)				(5,067)



Long-term debt, net	$	951,778			$	780,719

________________

(1)Interest rate represents the weighted average interest rate as of the respective periods.

(2)During the thirteen weeks ended March 31, 2024, the Company repurchased $83.6 million of the 2025 Notes and as a result, wrote off $0.8 million of debt issuance costs. See Note 9 - Convertible Senior Notes for additional details.

Debt Covenants - As of March 31, 2024 and December 31, 2023, the Company was in compliance with its debt covenants.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Assets and liabilities, lessee

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

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	MARCH 31, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,087,286	$	1,084,951
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	9,148		9,941
Total lease assets, net		$	1,096,434	$	1,094,892

Current operating lease liabilities	Current operating lease liabilities	$	171,175	$	175,442
Current finance lease liabilities	Accrued and other current liabilities	2,830		3,197
Non-current operating lease liabilities	Non-current operating lease liabilities	1,138,653		1,131,639
Non-current finance lease liabilities	Other long-term liabilities, net	7,072		7,414
Total lease liabilities		$	1,319,730	$	1,317,692

________________

(1)Net of accumulated amortization of $5.4 million and $4.7 million as of March 31, 2024 and December 31, 2023, respectively.

Lease, cost

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


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION	THIRTEEN WEEKS ENDED
(dollars in thousands)			MARCH 31, 2024		MARCH 26, 2023
Operating lease cost (1)	Other restaurant operating		$	45,804	$	45,747
Variable lease cost	Other restaurant operating		2,560		1,724
Finance lease costs:
Amortization of leased assets	Depreciation and amortization		788		488
Interest on lease liabilities	Interest expense, net		202		136
Sublease revenue	Franchise and other revenues		(1,748)		(1,708)
Lease costs, net			$	47,606	$	46,387

________________

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:


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 31, 2024		MARCH 26, 2023

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	49,883	$	48,620

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Cash flows provided by operating activities:
Net (loss) income	$ (82,290)	$ 93,428
Adjustments to reconcile Net (loss) income to cash provided by operating activities:
Depreciation and amortization	49,282	46,302
Amortization of debt discounts and issuance costs	734	763
Amortization of deferred gift card sales commissions	7,498	7,797
Provision for impaired assets and restaurant closings	10,873	3,324
Non-cash operating lease costs	21,934	21,182
Stock-based compensation expense	2,448	2,904
Deferred income tax expense	797	1,682
Loss on extinguishment of debt	135,797	0
Other, net	(2,102)	(1,823)
Change in assets and liabilities	(71,185)	14,109
Net cash provided by operating activities	73,786	189,668
Cash flows used in investing activities:
Capital expenditures	(64,872)	(64,415)
Other investments, net	287	1,470
Net cash used in investing activities	(64,585)	(62,945)
Cash flows provided by (used in) financing activities:
Proceeds from borrowings on revolving credit facilities	550,000	190,000
Repayments of borrowings on revolving credit facilities	(296,000)	(260,000)
Repayments of finance lease obligations	(703)	(385)
Principal settlements and repurchase of convertible senior notes	(2,335)	0
Proceeds from retirement of convertible senior note hedges	118,197	0
Payments for retirement of warrants	(102,213)	0
Payment of taxes from share-based compensation, net	(2,397)	(2,778)
Distributions to noncontrolling interests	(2,043)	(2,555)
Contributions from noncontrolling interests	330	743
Purchase of noncontrolling interests	(100)	(100)
Repurchase of common stock	(232,903)	(20,898)
Cash dividends paid on common stock	(21,075)	(21,014)
Net cash provided by (used in) financing activities	8,758	(116,987)
Effect of exchange rate changes on cash and cash equivalents	(668)	(30)
Net increase in cash, cash equivalents and restricted cash	17,291	9,706
Cash, cash equivalents and restricted cash as of the beginning of the period	114,373	84,735
Cash, cash equivalents and restricted cash as of the end of the period	131,664	94,441
Supplemental disclosures of cash flow information:
Cash paid for interest	10,011	6,528
Cash paid for income taxes, net of refunds	3,189	2,458
Supplemental disclosures of non-cash investing and financing activities:
Leased assets obtained in exchange for new operating lease liabilities	25,679	11,394
Leased assets obtained in exchange for new finance lease liabilities	3	4,711
(Decrease) increase in liabilities from the acquisition of property, fixtures and equipment	(1,520)	1,159
Shares issued on settlement of convertible senior notes	216,152	0
Shares received and retired on exercise of call option under bond hedge upon settlement of convertible senior notes	$ (8,346)	$ 0

Impairments and Exit Costs (Restructuring and Related Costs) (Details) - 2023 Closure Initiative $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 Restaurants
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total 2023 Closure Initiative charges	$ 12,955
Provision for impaired assets and restaurant closings \| Facility closing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairments and closure charges	10,094
General and administrative expense \| Employee severance
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Severance and other expenses	2,427
Labor and other related \| Contract termination
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Closure-related labor costs	$ 434
U.S. segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of restaurants \| Restaurants		36
Aussie Grill \| U.S. segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of restaurants \| Restaurants		3
Aussie Grill \| International segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of restaurants \| Restaurants		2

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Matters - The Company recorded reserves of $9.5 million and $13.3 million for certain of its outstanding legal proceedings as of March 31, 2024 and December 31, 2023, 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 March 31, 2024, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was $18.9 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of March 31, 2024 was $15.1 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 March 31, 2024 and December 31, 2023, the Company’s recorded contingent lease liability was $4.8 million and $5.3 million, respectively.

Stock-based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2024

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 as follows for the periods indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023
Performance-based share units		$	493	$	923
Restricted stock units		1,937		1,963


Total stock-based compensation expense, net of capitalized expense		$	2,430	$	2,886

Schedule of nonvested performance-based units activity

The following table presents a summary of the Company’s performance-based share units (“PSUs”) 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 31, 2023	818	$	26.92	$	23,026
Granted	290	$	27.26
Performance adjustment (2)	237	$	25.40
Vested	(473)	$	25.40
Forfeited	(46)	$	27.54
Outstanding as of March 31, 2024	826	$	27.44	$	23,697
Expected to vest as of March 31, 2024 (3)	489			$	14,017

________________

(1)Based on the $28.15 and $28.68 share price of the Company’s common stock on December 29, 2023 and March 28, 2024, the last trading day of the year ended December 31, 2023 and thirteen weeks ended March 31, 2024, respectively.

(2)Represents adjustment to 200% payout for PSUs granted during 2021.

(3)Estimated number of units to be issued upon the vesting of outstanding PSUs based on Company performance projections of performance criteria set forth in the 2022, 2023 and 2024 PSU award agreements.

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:


	THIRTEEN WEEKS ENDED
	MARCH 31, 2024			MARCH 26, 2023
Assumptions:
Risk-free interest rate (1)	4.37		%	4.26		%
Dividend yield (2)	3.49		%	3.47		%

Volatility (3)	51.41		%	51.02		%

Grant date fair value per unit (4)	$	27.26		$	29.01

________________

(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 discount below and a premium above the grant date per share value of the Company’s common stock for the relative total shareholder return modifier of (1.6)% and 2.7% during the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively.

Schedule of unrecognized compensation cost, nonvested awards

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of March 31, 2024:


	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Performance-based share units	$	11,215	1.9
Restricted stock units	$	12,531	2.3

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

3 Months Ended

Mar. 31, 2024

Mar. 26, 2023

Schedule of Lease Costs [Line Items]

Operating lease cost

^[1]

$ 45,804

$ 45,747

Variable lease cost

2,560

1,724

Amortization of leased assets

788

488

Interest on lease liabilities

202

136

Sublease revenue

(1,748)

(1,708)

Lease costs, net

47,606

46,387

General and administrative expense

Schedule of Lease Costs [Line Items]

Operating lease cost

$ 3,500

$ 3,000

[1]	Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.5 million and $3.0 million for the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively, which is included in General and administrative expense.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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 and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:


	MARCH 31, 2024						DECEMBER 31, 2023
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	22,720	$	22,720	$	—	$	12,837	$	12,837	$	—
Money market funds	16,178		16,178		—		11,083		11,083		—
Restricted cash equivalents:

Money market funds	—		—		—		2,854		2,854		—
Other current assets, net:
Derivative instruments - interest rate swaps	1,574		—		1,574		320		—		320


Total asset recurring fair value measurements	$	40,472	$	38,898	$	1,574	$	27,094	$	26,774	$	320

Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps	$	—	$	—	$	—	$	253	$	—	$	253

Other long-term liabilities:
Derivative instruments - interest rate swaps	846		—		846		893		—		893
Total liability recurring fair value measurements	$	846	$	—	$	846	$	1,146	$	—	$	1,146

Fair value of each class of financial instruments is determined based on the following:


FINANCIAL INSTRUMENT						METHODS AND ASSUMPTIONS
Fixed income funds and Money market funds						Carrying value approximates fair value because maturities are less than three months.
Derivative instruments						The Company’s derivative instruments include interest rate swaps. Fair value measurements are based on the contractual terms of the derivatives and observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of March 31, 2024 and December 31, 2023, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative 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:


	MARCH 31, 2024				DECEMBER 31, 2023
(dollars in thousands)	CARRYING VALUE		FAIR VALUE LEVEL 2			CARRYING VALUE		FAIR VALUE LEVEL 2


Senior secured credit facility - revolving credit facility	$	635,000	$	635,000		$	381,000	$	381,000



2025 Notes	$	20,724	$	53,346		$	104,786	$	265,896
2029 Notes	$	300,000	$	278,517		$	300,000	$	277,809

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.

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue Recognition

The following table includes the disaggregation of Restaurant sales and franchise revenues by restaurant concept and major international market for the periods indicated:


















	THIRTEEN WEEKS ENDED
	MARCH 31, 2024				MARCH 26, 2023
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	603,613	$	8,320	$	628,183	$	8,544
Carrabba’s Italian Grill	184,429		736		188,042		795
Bonefish Grill	144,503		160		157,689		171
Fleming’s Prime Steakhouse & Wine Bar	96,162		—		102,773		—
Other	2,189		38		3,882		15
U.S. total	1,030,896		9,254		1,080,569		9,525
International
Outback Steakhouse - Brazil (1)	124,837		—		122,016		—
Other (1)(2)	23,754		3,556		25,649		3,998
International total	148,591		3,556		147,665		3,998
Total	$	1,179,487	$	12,810	$	1,228,234	$	13,523

________________

(1)Includes $9.6 million of Restaurant sales during the thirteen weeks ended March 26, 2023 in connection with value added tax exemptions resulting from Brazil 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.

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


(dollars in thousands)	MARCH 31, 2024		DECEMBER 31, 2023
Other current assets, net
Deferred gift card sales commissions	$	13,520	$	18,081

Unearned revenue
Deferred gift card revenue	$	312,283	$	374,274
Deferred loyalty revenue	5,506		5,664
Deferred franchise fees - current	453		473
Other	1,761		1,466
Total Unearned revenue	$	320,003	$	381,877

Other long-term liabilities, net
Deferred franchise fees - non-current	$	3,975	$	4,036

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023
Balance, beginning of the period		$	18,081	$	17,755
Deferred gift card sales commissions amortization		(7,498)		(7,797)
Deferred gift card sales commissions capitalization		3,914		4,403
Other		(977)		(958)
Balance, end of the period		$	13,520	$	13,403

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023
Balance, beginning of the period		$	374,274	$	386,495
Gift card sales		46,609		53,005
Gift card redemptions		(102,470)		(118,283)
Gift card breakage		(6,130)		(7,121)
Balance, end of the period		$	312,283	$	314,096

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Convertible Senior Notes

3 Months Ended

Mar. 31, 2024

Convertible Notes [Abstract]

Convertible Senior Notes

2025 Notes - On February 29, 2024, the Company entered into exchange agreements (the “Exchange Agreements”) with certain holders (the “Noteholders”) of its 5.00% Convertible Senior Notes due 2025 (the “2025 Notes”). The Exchange Agreements provided for the Company to deliver and pay at the closing of the transactions on March 5, 2024, an aggregate of approximately 7.5 million shares of Common Stock and $3.3 million in cash, including

accrued interest, in exchange for $83.6 million in aggregate principal amount of the Company’s outstanding 2025 Notes (the “2025 Notes Partial Repurchase”). In connection with the 2025 Notes Partial Repurchase, the Company recognized a loss on extinguishment of debt of $135.8 million and recorded a $216.1 million increase to Additional paid-in capital during the thirteen weeks ended March 31, 2024.

In connection with dividends paid during the thirteen weeks ended March 31, 2024, the conversion rate for the Company’s remaining 2025 Notes decreased to approximately $11.05 per share, which represents 90.494 shares of common stock per $1,000 principal amount of the 2025 Notes, or a total of approximately 1.875 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)	MARCH 31, 2024		DECEMBER 31, 2023
Principal	$	20,724	$	104,786
Less: unamortized debt issuance costs (1)	(178)		(1,138)
Net carrying amount	$	20,546	$	103,648

________________

(1)During the thirteen weeks ended March 31, 2024, the Company wrote off $0.8 million of debt issuance costs as a result of the 2025 Notes Partial Repurchase.

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023
Coupon interest		$	1,006	$	1,313
Debt issuance cost amortization		158		195
Total interest expense (1)		$	1,164	$	1,508

________________

(1)The effective rate of the 2025 Notes over their expected life is 5.85%.

Based on the daily closing prices of the Company’s stock during the quarter ended March 31, 2024, the remaining holders of the 2025 Notes are eligible to convert their notes during the second quarter of 2024.

Convertible Note Hedge and Warrant Transactions - In connection with the 2025 Notes Partial Repurchase, on February 29, 2024, the Company entered into partial unwind agreements with certain financial institutions (the “Derivative Counterparties”) relating to a portion of the convertible note hedge transactions (the “Note Hedge Early Termination Agreements”) and a portion of the warrant transactions (the “Warrant Early Termination Agreements” and together with the Note Hedge Early Termination Agreements, the “Early Termination Agreements”) that were previously entered into by the Company in connection with the issuance of the 2025 Notes. Pursuant to the Early Termination Agreements, the Derivative Counterparties made a termination payment to the Company which consisted of approximately $118.2 million in cash and 0.3 million shares of common stock and the Company made a termination payment to the Derivative Counterparties in an aggregate amount of approximately $102.2 million in cash. In connection with the Note Hedge Early Termination Agreements and the Warrant Early Termination Agreements, the Company recorded a $126.5 million increase and a $102.2 million decrease, respectively, to Additional paid-in capital during the thirteen weeks ended March 31, 2024. The Company also recorded a $8.3 million increase to Accumulated deficit in connection with the Note Hedge Early Termination Agreements.

The remaining warrants have a dilutive effect on the Company’s common stock to the extent that the price of its common stock exceeds the strike price of the warrants. In connection with dividends paid during thirteen weeks ended March 31, 2024, the strike price for the remaining warrants decreased to $15.47.

Segment Reporting

3 Months Ended

Mar. 31, 2024

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 31, 2023. 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, a portion of insurance expenses and certain bonus expenses.

The following tables summarize Total revenues, Depreciation and amortization, and Income from operations by segment for the periods indicated:


	THIRTEEN WEEKS ENDED MARCH 31, 2024
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	1,043,104	$	152,223	$	—	$	1,195,327
Depreciation and amortization	$	39,968	$	7,261	$	2,053	$	49,282

Income from operations	$	97,484	$	15,762	$	(36,153)	$	77,093




	THIRTEEN WEEKS ENDED MARCH 26, 2023
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	1,092,996	$	151,750	$	—	$	1,244,746
Depreciation and amortization	$	38,163	$	5,919	$	2,220	$	46,302

Income from operations	$	133,243	$	24,508	$	(37,118)	$	120,633

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023





Income from operations		$	77,093	$	120,633
Loss on extinguishment of debt		(135,797)		—


Interest expense, net		(13,616)		(12,444)
(Loss) income before provision for income taxes		$	(72,320)	$	108,189

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Accrued payroll and other compensation

Accrued and Other Current Liabilities (Details) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Payables and Accruals [Abstract]

$ 73,614

^[1]

$ 98,903

Accrued insurance

22,064

19,310

Other current liabilities

129,488

137,601

Accrued and other current liabilities

$ 225,166

$ 255,814

[1]	During the thirteen weeks ended March 31, 2024, accrued payroll and other compensation decreased primarily due to timing of bonus payments and salary accruals.

Derivative Instruments and Hedging Activities (Schedule of Derivative Instruments) (Details) - Interest rate swap - Designated as hedging instrument - USD ($)

Mar. 05, 2024

Dec. 05, 2023

Derivative, notional amount

$ 375,000,000

Derivative, average fixed interest rate

^[1]

4.52%

One-year

Derivative, notional amount

$ 100,000,000

Derivative, average fixed interest rate

^[1]

4.92%

Derivative, inception date

Dec. 29, 2023

Derivative, maturity date

Dec. 31, 2024

Two-year

Derivative, notional amount

$ 175,000,000

$ 100,000,000

Derivative, average fixed interest rate

^[1]

4.40%

4.34%

Derivative, inception date

Mar. 29, 2024

Dec. 29, 2023

Derivative, maturity date

Mar. 31, 2026

Dec. 31, 2025

[1]	The weighted average fixed interest rate excludes the term SOFR adjustment and interest rate spread described below.

Date derivative contract ends, in YYYY-MM-DD format.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Plans

3 Months Ended

Mar. 31, 2024

Stock-based Compensation Plans

The Company recognized stock-based compensation expense as follows for the periods indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023
Performance-based share units		$	493	$	923
Restricted stock units		1,937		1,963


Total stock-based compensation expense, net of capitalized expense		$	2,430	$	2,886

The following table presents a summary of the Company’s performance-based share units (“PSUs”) 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 31, 2023	818	$	26.92	$	23,026
Granted	290	$	27.26
Performance adjustment (2)	237	$	25.40
Vested	(473)	$	25.40
Forfeited	(46)	$	27.54
Outstanding as of March 31, 2024	826	$	27.44	$	23,697
Expected to vest as of March 31, 2024 (3)	489			$	14,017

________________

(2)Represents adjustment to 200% payout for PSUs granted during 2021.

Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:


	THIRTEEN WEEKS ENDED
	MARCH 31, 2024			MARCH 26, 2023
Assumptions:
Risk-free interest rate (1)	4.37		%	4.26		%
Dividend yield (2)	3.49		%	3.47		%

Volatility (3)	51.41		%	51.02		%

Grant date fair value per unit (4)	$	27.26		$	29.01

________________

(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.

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of March 31, 2024:


	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Performance-based share units	$	11,215	1.9
Restricted stock units	$	12,531	2.3

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Capitalized Contract Cost, Net, Current [Roll Forward]
Balance, beginning of the period	$ 18,081	$ 17,755
Deferred gift card sales commissions amortization	(7,498)	(7,797)
Deferred gift card sales commissions capitalization	3,914	4,403
Other	(977)	(958)
Balance, end of the period	$ 13,520	$ 13,403

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

3 Months Ended

Feb. 29, 2024

Mar. 31, 2024

Dec. 31, 2023

Mar. 26, 2023

Less: unamortized debt discount and issuance costs

$ (3,946)

^[1]

$ (5,067)

Long-term debt, net

951,778

780,719

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

Senior secured credit facility - revolving credit facility

$ 635,000

$ 381,000

Debt instrument, effective interest rate

^[2]

6.94%

6.96%

Convertible debt | 2025 Notes

Debt instrument, effective interest rate

Long-term debt, gross

$ 20,724

^[1]

$ 104,786

5.85%

Debt instrument, interest rate, stated percentage

5.00%

2025 Notes repurchase amount

$ 83,600

Write off of deferred debt issuance cost

800

Unsecured debt | 2029 Notes

Debt instrument, interest rate, stated percentage

Long-term debt, gross

$ 300,000

5.13%

[1]	During the thirteen weeks ended March 31, 2024, the Company repurchased $83.6 million of the 2025 Notes and as a result, wrote off $0.8 million of debt issuance costs. See Note 9 - Convertible Senior Notes for additional details.
[2]	Interest rate represents the weighted average interest rate as of the respective periods.

Derivative Instruments and Hedging Activities (Fair Value and Classification of Interest Rate Swaps) (Details) - Interest rate swap - Designated as hedging instrument - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Derivative, interest rate swaps, liabilities, fair value

^[1]

$ 846

$ 1,146

Other current assets, net

Interest rate derivative assets, at fair value

^[1]

1,574

320

Accrued and other current liabilities

Derivative, interest rate swaps, liabilities, fair value

253

Other long-term liabilities

Derivative, interest rate swaps, liabilities, fair value

$ 846

$ 893

[1]	See Note 13 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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 and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:


	MARCH 31, 2024						DECEMBER 31, 2023
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	22,720	$	22,720	$	—	$	12,837	$	12,837	$	—
Money market funds	16,178		16,178		—		11,083		11,083		—
Restricted cash equivalents:

Money market funds	—		—		—		2,854		2,854		—
Other current assets, net:
Derivative instruments - interest rate swaps	1,574		—		1,574		320		—		320


Total asset recurring fair value measurements	$	40,472	$	38,898	$	1,574	$	27,094	$	26,774	$	320

Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps	$	—	$	—	$	—	$	253	$	—	$	253

Other long-term liabilities:
Derivative instruments - interest rate swaps	846		—		846		893		—		893
Total liability recurring fair value measurements	$	846	$	—	$	846	$	1,146	$	—	$	1,146

Fair value, assets measured on recurring basis, methods and assumptions

Fair value of each class of financial instruments is determined based on the following:


FINANCIAL INSTRUMENT						METHODS AND ASSUMPTIONS
Fixed income funds and Money market funds						Carrying value approximates fair value because maturities are less than three months.
Derivative instruments						The Company’s derivative instruments include interest rate swaps. Fair value measurements are based on the contractual terms of the derivatives and observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of March 31, 2024 and December 31, 2023, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

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:


	MARCH 31, 2024				DECEMBER 31, 2023
(dollars in thousands)	CARRYING VALUE		FAIR VALUE LEVEL 2			CARRYING VALUE		FAIR VALUE LEVEL 2


Senior secured credit facility - revolving credit facility	$	635,000	$	635,000		$	381,000	$	381,000



2025 Notes	$	20,724	$	53,346		$	104,786	$	265,896
2029 Notes	$	300,000	$	278,517		$	300,000	$	277,809

Impairments and Exit Costs (Provision for Impaired Assets and Restaurant Closings) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impaired assets and restaurant closings	$ 10,873	$ 3,324
Provision for impaired assets and restaurant closings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairments and closure charges	1,852
Restaurant closure charges	9,021
Provision for impaired assets and restaurant closings	10,873
Provision for impaired assets and restaurant closings \| U.S. segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restaurant closure charges	9,084
Provision for impaired assets and restaurant closings \| International segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restaurant closure charges	$ (63)

(Loss) Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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

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


	THIRTEEN WEEKS ENDED
(in thousands, except per share data)		MARCH 31, 2024		MARCH 26, 2023
Net (loss) income attributable to Bloomin’ Brands		$	(83,872)	$	91,311





Basic weighted average common shares outstanding		87,024		89,116

Effect of dilutive securities:
Stock options		—		401
Nonvested restricted stock units		—		269
Nonvested performance-based share units		—		286
Convertible senior notes		—		4,831
Warrants		—		3,108
Diluted weighted average common shares outstanding		87,024		98,011

Basic (loss) earnings per share		$	(0.96)	$	1.02
Diluted (loss) earnings per share		$	(0.96)	$	0.93

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

Share-based compensation-related weighted average securities outstanding not included in the computation of (loss) earnings per share because their effect was antidilutive were as follows for the periods indicated:


	THIRTEEN WEEKS ENDED
(shares in thousands)		MARCH 31, 2024	MARCH 26, 2023
Stock options		373	725
Nonvested restricted stock units		255	120
Nonvested performance-based share units		467	344

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 26, 2023
Pay vs Performance Disclosure
Net (loss) income attributable to Bloomin’ Brands	$ (83,872)	$ 91,311

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

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-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024			MARCH 26, 2023
(Loss) income before provision for income taxes		$	(72,320)		$	108,189
Provision for income taxes		$	9,970		$	14,761
Effective income tax rate		(13.8)		%	13.6		%

The effective income tax rate for the thirteen weeks ended March 31, 2024 includes the impact of nondeductible losses associated with the 2025 Notes Partial Repurchase which, relative to a pre-tax book loss during the quarter, resulted in a negative effective income tax rate.

On January 24, 2024, the Company’s Brazilian subsidiary received an unfavorable second level court ruling related to its ongoing litigation regarding its eligibility for tax exemptions under the Brazil tax legislation, that temporarily granted 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 Company will appeal this ruling, and believes that it will more likely than not prevail in this appeal and accordingly has not recorded any expense or liability for the disputed amounts.

In the U.S., 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 (Loss) income before provision for income taxes.

The effective income tax rate for the thirteen weeks ended March 31, 2024 was 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 and the impact of nondeductible losses associated with the 2025 Notes Partial Repurchase which, relative to a pre-tax book loss during the quarter, resulted in a negative effective income tax rate.

The effective income tax rate for the thirteen weeks ended March 26, 2023 was 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 and benefits of Brazil tax legislation that include a temporary reduction in the Brazilian income tax rate from 34% to 0%.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Stockholders' Equity (AOCL - Table) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ (179,078)	$ (178,304)
Foreign currency translation adjustment
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	(179,620)	(177,689)
Accumulated other comprehensive loss
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ 542	$ (615)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

Other Current Assets, Net [Abstract]

Other Current Assets, Net

3 Months Ended

Mar. 31, 2024

Other Current Assets, Net

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


(dollars in thousands)	MARCH 31, 2024		DECEMBER 31, 2023
Prepaid expenses	$	30,626	$	26,674
Accounts receivable - gift cards, net	9,049		67,424
Accounts receivable - vendors, net	18,568		13,648
Accounts receivable - franchisees, net	3,371		3,671
Accounts receivable - other, net	19,901		18,100
Deferred gift card sales commissions	13,520		18,081


Other current assets, net	6,262		5,404
	$	101,297	$	153,002

Commitments and Contingencies (Litigation and Other Matters) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability	$ 9.5	$ 13.3

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

Mar. 31, 2024

Dec. 31, 2023

Leases [Abstract]

Operating lease right-of-use assets

$ 1,087,286

$ 1,084,951

Finance lease right-of-use assets

^[1]

$ 9,148

$ 9,941

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

Property, fixtures and equipment, net

Total lease assets, net

$ 1,096,434

$ 1,094,892

Current operating lease liabilities

171,175

175,442

Current finance lease liabilities

$ 2,830

$ 3,197

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

Accrued and other current liabilities

Non-current operating lease liabilities

$ 1,138,653

$ 1,131,639

Non-current finance lease liabilities

$ 7,072

$ 7,414

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

Other long-term liabilities, net

Total lease liabilities

$ 1,319,730

$ 1,317,692

Accumulated amortization

$ (5,400)

$ (4,700)

[1]	Net of accumulated amortization of $5.4 million and $4.7 million as of March 31, 2024 and December 31, 2023, respectively.

Fair Value Measurements (Fair Value Measurements on a Recurring Basis - Table) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, current, statement of financial position [Extensible Enumeration]	Other current assets, net	Other current assets, net
Derivative liability, current, statement of financial position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Derivative liability, noncurrent, statement of financial position [Extensible Enumeration]	Other long-term liabilities, net	Other long-term liabilities, net
Fair value, measurements, recurring \| Carrying value measurement
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 40,472	$ 27,094
Liabilities, fair value disclosure	846	1,146
Fair value, measurements, recurring \| Carrying value measurement \| Interest rate swap
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, current	1,574	320
Derivative instruments - interest rate swaps, current liabilities	0	253
Derivative instruments - interest rate swaps, other long-term liabilities	846	893
Fair value, inputs, level 1 \| Fair value, measurements, recurring
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	38,898	26,774
Liabilities, fair value disclosure	0	0
Fair value, inputs, level 1 \| Fair value, measurements, recurring \| Interest rate swap
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, current	0	0
Derivative instruments - interest rate swaps, current liabilities	0	0
Derivative instruments - interest rate swaps, other long-term liabilities	0	0
Fair value, inputs, level 2 \| Fair value, measurements, recurring
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	1,574	320
Liabilities, fair value disclosure	846	1,146
Fair value, inputs, level 2 \| Fair value, measurements, recurring \| Interest rate swap
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, current	1,574	320
Derivative instruments - interest rate swaps, current liabilities	0	253
Derivative instruments - interest rate swaps, other long-term liabilities	846	893
Fixed income funds \| Fair value, measurements, recurring \| Carrying value measurement
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	22,720	12,837
Fixed income funds \| Fair value, inputs, level 1 \| Fair value, measurements, recurring
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	22,720	12,837
Fixed income funds \| Fair value, inputs, level 2 \| Fair value, measurements, recurring
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	0	0
Money market funds \| Fair value, measurements, recurring \| Carrying value measurement
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	16,178	11,083
Restricted cash and cash equivalents, fair value disclosure	0	2,854
Money market funds \| Fair value, inputs, level 1 \| Fair value, measurements, recurring
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	16,178	11,083
Restricted cash and cash equivalents, fair value disclosure	0	2,854
Money market funds \| Fair value, inputs, level 2 \| Fair value, measurements, recurring
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	0	0
Restricted cash and cash equivalents, fair value disclosure	$ 0	$ 0

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

3 Months Ended

Mar. 31, 2024

Mar. 26, 2023

$ 1,195,327

$ 1,244,746

Restaurant sales

Restaurant sales | U.S. segment

1,179,487

1,228,234

Restaurant sales | International segment

1,030,896

1,080,569

Restaurant sales | International segment | BRAZIL | Brazilian tax legislation

148,591

147,665

Restaurant sales | Outback Steakhouse

9,600

Restaurant sales | Carrabba’s Italian Grill

603,613

628,183

Restaurant sales | Bonefish Grill

184,429

188,042

Restaurant sales | Fleming’s Prime Steakhouse & Wine Bar

144,503

157,689

Restaurant sales | Other - U.S.

96,162

102,773

Restaurant sales | Outback Steakhouse - Brazil

2,189

3,882

Restaurant sales | Other - international

124,837

122,016

^[1]

Franchise and other revenues

^[2]

23,754

25,649

^[1]

Franchise and other revenues | U.S. segment

12,810

13,523

Franchise and other revenues | International segment

9,254

9,525

Franchise and other revenues | Outback Steakhouse

3,556

3,998

Franchise and other revenues | Carrabba’s Italian Grill

8,320

8,544

Franchise and other revenues | Bonefish Grill

736

795

Franchise and other revenues | Fleming’s Prime Steakhouse & Wine Bar

160

171

Franchise and other revenues | Other - U.S.

Franchise and other revenues | Outback Steakhouse - Brazil

Franchise and other revenues | Other - international

Schedule of long-term debt, net

^[2]

$ 3,556

$ 3,998

[1]	Includes $9.6 million of Restaurant sales during the thirteen weeks ended March 26, 2023 in connection with value added tax exemptions resulting from Brazil 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.

Long-term Debt, Net (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

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


	MARCH 31, 2024				DECEMBER 31, 2023
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior secured credit facility - revolving credit facility (1)	$	635,000	6.94	%	$	381,000	6.96	%
2025 Notes (2)	20,724		5.00	%	104,786		5.00	%
2029 Notes	300,000		5.13	%	300,000		5.13	%

Less: unamortized debt discount and issuance costs (2)	(3,946)				(5,067)



Long-term debt, net	$	951,778			$	780,719

________________

(1)Interest rate represents the weighted average interest rate as of the respective periods.

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Segment Reporting ((Loss) Income from Operations Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Segment Reporting [Abstract]
Income from operations	$ 77,093	$ 120,633
Loss on extinguishment of debt	(135,797)	0
Interest expense, net	(13,616)	(12,444)
(Loss) income before provision for income taxes	$ (72,320)	$ 108,189

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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(Loss) Earnings Per Share

Description of the Business and Basis of Presentation	3 Months Ended
Description of the Business and Basis of Presentation	Mar. 31, 2024
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. OSI Restaurant Partners, LLC (“OSI”) is the Company’s primary operating entity. 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 (“SEC”). 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 31, 2023. Recently Issued Financial Accounting Standards Not Yet Adopted - In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” (“ASU No. 2023-07”) which requires disclosure of significant segment expenses regularly provided to the Company’s chief operating decision-maker (“CODM”). ASU No. 2023-07 also allows for multiple measures of segment profit (loss) if the CODM utilizes such measures to allocate resources or assess performance. ASU No. 2023-07 is effective for the Company beginning with the 2024 Form 10-K, with early adoption permitted. The Company is currently evaluating the impact ASU No. 2023-07 will have on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU No. 2023-09”) which expands existing income tax disclosures, including disaggregation of the Company’s effective income tax rate reconciliation table and income taxes paid disclosures. ASU No. 2023-09 is effective for the Company beginning with the 2025 Form 10-K, with early adoption permitted. The Company is currently evaluating the impact ASU No. 2023-09 will have on its disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors,” which requires registrants to include climate-related disclosures in their annual reports, including, but not limited to, material Scope 1 and Scope 2 greenhouse gas emissions, climate-related financial metrics, and governance, oversight and risk management processes for material climate-related risks in their audited financial statements. The final rule also requires certain disclosures regarding expenses incurred in relation to severe weather events and other natural conditions. The disclosure requirements are first effective for the Company beginning with the 2026 Form 10-K. The Company is currently evaluating the impact this rule will have on its disclosures. Recent accounting guidance not discussed herein is not applicable, did not have or is not expected to have a material impact to the Company.

(Loss) Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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


	THIRTEEN WEEKS ENDED
(in thousands, except per share data)		MARCH 31, 2024		MARCH 26, 2023
Net (loss) income attributable to Bloomin’ Brands		$	(83,872)	$	91,311





Basic weighted average common shares outstanding		87,024		89,116

Effect of dilutive securities:
Stock options		—		401
Nonvested restricted stock units		—		269
Nonvested performance-based share units		—		286
Convertible senior notes		—		4,831
Warrants		—		3,108
Diluted weighted average common shares outstanding		87,024		98,011

Basic (loss) earnings per share		$	(0.96)	$	1.02
Diluted (loss) earnings per share		$	(0.96)	$	0.93


	THIRTEEN WEEKS ENDED
(shares in thousands)		MARCH 31, 2024	MARCH 26, 2023
Stock options		373	725
Nonvested restricted stock units		255	120
Nonvested performance-based share units		467	344

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 26, 2023 USD ($) $ / shares
Cash dividends declared per common share (in USD per share) \| $ / shares	$ 0.24
Accumulated deficit
Excise tax on share repurchases \| $	$ 17

Description of the Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
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 (“SEC”). 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 31, 2023.
Recently issued financial accounting standards not yet adopted	Recently Issued Financial Accounting Standards Not Yet Adopted - In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” (“ASU No. 2023-07”) which requires disclosure of significant segment expenses regularly provided to the Company’s chief operating decision-maker (“CODM”). ASU No. 2023-07 also allows for multiple measures of segment profit (loss) if the CODM utilizes such measures to allocate resources or assess performance. ASU No. 2023-07 is effective for the Company beginning with the 2024 Form 10-K, with early adoption permitted. The Company is currently evaluating the impact ASU No. 2023-07 will have on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU No. 2023-09”) which expands existing income tax disclosures, including disaggregation of the Company’s effective income tax rate reconciliation table and income taxes paid disclosures. ASU No. 2023-09 is effective for the Company beginning with the 2025 Form 10-K, with early adoption permitted. The Company is currently evaluating the impact ASU No. 2023-09 will have on its disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors,” which requires registrants to include climate-related disclosures in their annual reports, including, but not limited to, material Scope 1 and Scope 2 greenhouse gas emissions, climate-related financial metrics, and governance, oversight and risk management processes for material climate-related risks in their audited financial statements. The final rule also requires certain disclosures regarding expenses incurred in relation to severe weather events and other natural conditions. The disclosure requirements are first effective for the Company beginning with the 2026 Form 10-K. The Company is currently evaluating the impact this rule will have on its disclosures. Recent accounting guidance not discussed herein is not applicable, did not have or is not expected to have a material impact to the Company.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of revenue

The following table includes the disaggregation of Restaurant sales and franchise revenues by restaurant concept and major international market for the periods indicated:


















	THIRTEEN WEEKS ENDED
	MARCH 31, 2024				MARCH 26, 2023
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	603,613	$	8,320	$	628,183	$	8,544
Carrabba’s Italian Grill	184,429		736		188,042		795
Bonefish Grill	144,503		160		157,689		171
Fleming’s Prime Steakhouse & Wine Bar	96,162		—		102,773		—
Other	2,189		38		3,882		15
U.S. total	1,030,896		9,254		1,080,569		9,525
International
Outback Steakhouse - Brazil (1)	124,837		—		122,016		—
Other (1)(2)	23,754		3,556		25,649		3,998
International total	148,591		3,556		147,665		3,998
Total	$	1,179,487	$	12,810	$	1,228,234	$	13,523

________________

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)	MARCH 31, 2024		DECEMBER 31, 2023
Other current assets, net
Deferred gift card sales commissions	$	13,520	$	18,081

Unearned revenue
Deferred gift card revenue	$	312,283	$	374,274
Deferred loyalty revenue	5,506		5,664
Deferred franchise fees - current	453		473
Other	1,761		1,466
Total Unearned revenue	$	320,003	$	381,877

Other long-term liabilities, net
Deferred franchise fees - non-current	$	3,975	$	4,036

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023
Balance, beginning of the period		$	18,081	$	17,755
Deferred gift card sales commissions amortization		(7,498)		(7,797)
Deferred gift card sales commissions capitalization		3,914		4,403
Other		(977)		(958)
Balance, end of the period		$	13,520	$	13,403

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023
Balance, beginning of the period		$	374,274	$	386,495
Gift card sales		46,609		53,005
Gift card redemptions		(102,470)		(118,283)
Gift card breakage		(6,130)		(7,121)
Balance, end of the period		$	312,283	$	314,096

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The Swap Transactions have an aggregate notional amount of $375.0 million and include one and two-year tenors with the following terms:


NOTIONAL AMOUNT		WEIGHTED AVERAGE FIXED INTEREST RATE (1)	EFFECTIVE DATE	TERMINATION DATE
$	100,000,000	4.92%	December 29, 2023	December 31, 2024
100,000,000		4.34%	December 29, 2023	December 31, 2025
175,000,000		4.40%	March 29, 2024	March 31, 2026
$	375,000,000	4.52%

____________________

(1)The weighted average fixed interest rate excludes the term SOFR adjustment and interest rate spread described below.

Schedule of derivative instruments in statement of financial position, fair value

The following table presents the fair value and classification of the Company’s swap agreements as of the periods indicated:


(dollars in thousands)	MARCH 31, 2024		DECEMBER 31, 2023		CONSOLIDATED BALANCE SHEET CLASSIFICATION
Interest rate swaps - asset (1)	$	1,574	$	320	Other current assets, net



Interest rate swaps - liability	$	—	$	253	Accrued and other current liabilities
Interest rate swaps - liability	846		893		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	846	$	1,146

____________________

(1) See Note 13 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Schedule of effective income tax rate reconciliation

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024			MARCH 26, 2023
(Loss) income before provision for income taxes		$	(72,320)		$	108,189
Provision for income taxes		$	9,970		$	14,761
Effective income tax rate		(13.8)		%	13.6		%

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. 25, 2022

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 (loss) income

93,428

91,311

2,117

Other comprehensive loss, net of tax

(1,134)

Cash dividends declared, per common share

(21,014)

Repurchase and retirement of common stock (in shares)

(863,000)

Repurchase and retirement of common stock, including excise tax

(20,662)

$ (9)

(20,653)

Stock-based compensation

2,904

Common stock issued under stock plans (in shares)

^[1]

632,000

Common stock issued under stock plans

^[1]

(2,778)

$ 7

(2,785)

Distributions to noncontrolling interests

(2,555)

Contributions from noncontrolling interests

743

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. 31, 2023

86,968,536

86,969,000

Balance at beginning of period at Dec. 31, 2023

$ 412,003

$ 870

1,115,387

(528,831)

(178,304)

2,881

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

Net (loss) income

(82,290)

(83,872)

1,582

Other comprehensive loss, net of tax

(774)

Cash dividends declared, per common share

(21,075)

Repurchase and retirement of common stock (in shares)

(6,948,000)

Repurchase and retirement of common stock, including excise tax

(232,903)

$ (69)

(44,000)

(188,834)

Stock-based compensation

2,448

Common stock issued under stock plans (in shares)

^[1]

590,000

Common stock issued under stock plans

^[1]

(2,397)

$ 6

(2,403)

Distributions to noncontrolling interests

(2,043)

Contributions from noncontrolling interests

330

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

7,489,000

Issuance of common stock from repurchase of convertible senior notes, value

216,152

$ 74

216,078

Adjustments to additional paid-in capital, retirement of convertible senior note hedges, shares

(289,000)

Retirement of convertible senior note hedges

118,197

$ (3)

126,543

(8,343)

Retirement of warrants

$ (102,213)

(102,213)

Balance at end of period (in shares) at Mar. 31, 2024

87,811,312

87,811,000

Balance at end of period at Mar. 31, 2024

$ 305,435

$ 878

$ 1,290,765

$ (809,880)

$ (179,078)

$ 2,750

[1]	Net of shares withheld for employee taxes.

Other Current Assets, Net (Tables)

3 Months Ended

Mar. 31, 2024

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)	MARCH 31, 2024		DECEMBER 31, 2023
Prepaid expenses	$	30,626	$	26,674
Accounts receivable - gift cards, net	9,049		67,424
Accounts receivable - vendors, net	18,568		13,648
Accounts receivable - franchisees, net	3,371		3,671
Accounts receivable - other, net	19,901		18,100
Deferred gift card sales commissions	13,520		18,081


Other current assets, net	6,262		5,404
	$	101,297	$	153,002

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity, Attributable to Parent [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases - In February 2024, the Company’s Board of Directors (the “Board”) canceled the remaining $57.5 million under the Company’s former share repurchase authorization and approved a new $350.0 million share repurchase authorization (the “2024 Share Repurchase Program”). The 2024 Share Repurchase Program includes capacity above the Company’s normal repurchase activity to provide flexibility in retiring the 2025 Notes at or prior to their May 2025 maturity. The 2024 Share Repurchase Program will expire on August 13, 2025.

On March 1, 2024, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”), in connection with the 2024 Share Repurchase Program, with Wells Fargo Bank, National Association (“Wells Fargo”) to repurchase $220.0 million of the Company’s common stock.

Under the ASR Agreement, the Company made an aggregate payment of $220.0 million to Wells Fargo and received an aggregate initial delivery of approximately 6.5 million shares of common stock on March 4, 2024, representing approximately 80% of the total shares that were estimated to be repurchased under the ASR Agreement based on the price per share of common stock as of that date. The exact number of shares the Company repurchased under the ASR Agreement was based generally on the average of the daily volume-weighted average price per share of common stock during the repurchase period, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. On April 23, 2024, the Company received 1.4 million additional shares of common stock from Wells Fargo in connection with the final settlement of the ASR Agreement.

The Company funded the payment under the ASR Agreement, together with the cash portion of the amounts payable under the Exchange Agreements, primarily with borrowings under the revolving credit facility and net proceeds from the Early Termination Agreements.

As of March 31, 2024, $130.0 million remained available for repurchase under the 2024 Share Repurchase Program. Following is a summary of the shares repurchased during fiscal year 2024:


(in thousands, except per share data)	NUMBER OF SHARES	AVERAGE REPURCHASE PRICE PER SHARE		AMOUNT
First fiscal quarter (1)	6,948	$	27.13	$	188,500

________________

(1)Excludes $0.4 million of fees recorded in Additional paid-in capital related to repurchases under the ASR Agreement. Also excludes $44.0 million paid in March 2024 for the repurchase of 1.4 million shares that settled on April 23, 2024 in connection with the ASR Agreement.

Dividends - The Company declared and paid dividends per share during fiscal year 2024 as follows:




(dollars in thousands, except per share data)	DIVIDENDS PER SHARE		AMOUNT
First fiscal quarter	$	0.24	$	21,075

In April 2024, the Board declared a quarterly cash dividend of $0.24 per share, payable on May 31, 2024 to shareholders of record at the close of business on May 20, 2024.

Accumulated Other Comprehensive Loss (“AOCL”) - Following are the components of AOCL as of the periods indicated:


(dollars in thousands)	MARCH 31, 2024		DECEMBER 31, 2023
Foreign currency translation adjustment	$	(179,620)	$	(177,689)
Unrealized gain (loss) on derivatives, net of tax	542		(615)
Accumulated other comprehensive loss	$	(179,078)	$	(178,304)

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024		MARCH 26, 2023
Foreign currency translation adjustment		$	(1,931)	$	(1,134)

Change in fair value of derivatives, net of tax		1,435		—
Reclassification realized in Net (loss) income, net of tax		(278)		—

Gain on derivatives, net of tax		1,157		—

Other comprehensive loss attributable to Bloomin’ Brands		$	(774)	$	(1,134)

The entire disclosure for equity.

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

3 Months Ended

Apr. 23, 2024

Mar. 04, 2024

Feb. 13, 2024

Mar. 31, 2024

Mar. 26, 2023

Mar. 01, 2024

Additional paid-in capital

$ 232,903,000

$ 20,662,000

44,000,000

March 1, 2024

Stock repurchase program, authorized amount

$ 220,000,000

Repurchase and retirement of common stock (in shares)

$ 220,000,000

6,500

Initial shares delivered under ASR agreement percentage

80.00%

March 1, 2024 | Additional paid-in capital

Accelerated share repurchases, fees

$ 400,000

Subsequent event | March 1, 2024

Accelerated Share Repurchases, settlement (payment) or receipt

$ 44,000,000

1,400

2023 share repurchase program

Stock repurchase program, authorized repurchase amount canceled

$ 57,500,000

2024 share repurchase program

Stock repurchase program, authorized amount

$ 350,000,000

Stock repurchase program, remaining authorized repurchase amount

130,000,000

2023 and 2024 share repurchase programs

Repurchase and retirement of common stock (in shares)

^[1]

$ 188,500,000

^[1]

6,948

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

^[1]

$ 27.13

[1]	Excludes $0.4 million of fees recorded in Additional paid-in capital related to repurchases under the ASR Agreement. Also excludes $44.0 million paid in March 2024 for the repurchase of 1.4 million shares that settled on April 23, 2024 in connection with the ASR Agreement.

Convertible Senior Notes (Convertible Notes Hedge Transactions) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 26, 2023	Mar. 20, 2024
Debt Instrument [Line Items]
Proceeds from retirement of convertible senior note hedges		$ 118,197	$ 0
Payments for retirement of warrants		102,213	$ 0
Retirement of convertible senior note hedges		(118,197)
Retirement of warrants		102,213
Additional paid-in capital
Debt Instrument [Line Items]
Retirement of convertible senior note hedges		(126,543)
Retirement of warrants		102,213
Accumulated deficit
Debt Instrument [Line Items]
Retirement of convertible senior note hedges		8,343
Convertible debt \| 2025 Notes
Debt Instrument [Line Items]
Proceeds from retirement of convertible senior note hedges	$ 118,200
Proceeds (in shares) from retirement of convertible senior note hedges	0.3
Payments for retirement of warrants	$ 102,200
Class of warrant or right, exercise price of warrants or rights				$ 15.47
Convertible debt \| 2025 Notes \| Additional paid-in capital
Debt Instrument [Line Items]
Retirement of convertible senior note hedges		126,500
Retirement of warrants		(102,200)
Convertible debt \| 2025 Notes \| Accumulated deficit
Debt Instrument [Line Items]
Adjustments to accumulated deficit, retirement of convertible senior note hedges, value		$ 8,300

Commitments and Contingencies (Lease Guarantees) (Details) - Property lease guarantee - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 18.9
Guarantee obligations, maximum exposure at present value	15.1
Lease guarantee contingent liabilities	$ 4.8	$ 5.3

Income Taxes (Change in Effective Rate) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2022	Mar. 31, 2024	Mar. 26, 2023
Income Tax Holiday [Line Items]
(Loss) income before provision for income taxes		$ (72,320)	$ 108,189
Provision for income taxes		$ 9,970	$ 14,761
Effective income tax rate		(13.80%)	13.60%
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, tax holiday, percent	100.00%
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	0.00%

Revenue Recognition (Contract Assets and Liabilities Summary) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 26, 2023	Dec. 25, 2022
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	$ 13,520	$ 18,081	$ 13,403	$ 17,755
Unearned revenue	320,003	381,877
Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	312,283	374,274	$ 314,096	$ 386,495
Other current assets, net
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	13,520	18,081
Unearned revenue
Revenue Recognition [Line Items]
Unearned revenue	320,003	381,877
Unearned revenue \| Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	312,283	374,274
Unearned revenue \| Deferred loyalty revenue
Revenue Recognition [Line Items]
Unearned revenue	5,506	5,664
Unearned revenue \| Deferred franchise fees
Revenue Recognition [Line Items]
Unearned revenue	453	473
Unearned revenue \| Other
Revenue Recognition [Line Items]
Unearned revenue	1,761	1,466
Other long-term liabilities, net \| Deferred franchise fees
Revenue Recognition [Line Items]
Deferred franchise fees - non-current	$ 3,975	$ 4,036

Impairments and Exit Costs

3 Months Ended

Mar. 31, 2024

Impairments, Exit Costs and Disposals [Abstract]

Impairments and Exit Costs

The components of Provision for impaired assets and restaurant closings are as follows for the period indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 31, 2024
Impairment losses



U.S.		$	1,852
Restaurant closure charges (benefits)
U.S.		9,084
International		(63)
Total restaurant closure charges		9,021
Provision for impaired assets and restaurant closings		$	10,873

2023 Closure Initiative - During 2023, the Company closed three U.S. and two international Aussie Grill restaurants and made the decision to close 36 predominantly older, underperforming U.S. restaurants (the “2023 Closure Initiative”). The Company has completed all restaurant closures under the 2023 Closure Initiative. Following is a summary of expenses related to the 2023 Closure Initiative charges recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the period indicated (dollars in thousands):

DESCRIPTION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION

THIRTEEN WEEKS ENDED

MARCH 31, 2024

Asset impairments and closure charges

Provision for impaired assets and restaurant closings

10,094

Severance and other expenses

General and administrative

2,427

Closure-related labor costs

Labor and other related

434

12,955

The remaining impairment and closure charges during the period presented resulted primarily from locations identified for closure.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cover Page - $ / shares	3 Months Ended
Cover Page - $ / shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		86,476,371
Amendment Flag	false
Entity Central Index Key	0001546417
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

(Loss) Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Stock options
Antidilutive securities excluded from computation of (loss) earnings per share [Line Items]
Antidilutive securities not included in the computation of (loss) earnings per share (in shares)	373	725
Nonvested restricted stock units
Antidilutive securities excluded from computation of (loss) earnings per share [Line Items]
Antidilutive securities not included in the computation of (loss) earnings per share (in shares)	255	120
Nonvested performance-based share units
Antidilutive securities excluded from computation of (loss) earnings per share [Line Items]
Antidilutive securities not included in the computation of (loss) earnings per share (in shares)	467	344

Fair Value Measurements (Carrying Value and Fair Value of Debt by Hierarchy Level) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Secured debt \| Senior secured credit facility - revolving credit facility \| Fair value, inputs, level 2 \| Revolving credit facility
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 635,000	$ 381,000
Secured debt \| Senior secured credit facility - revolving credit facility \| Carrying value measurement \| Revolving credit facility
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	635,000	381,000
Convertible debt \| 2025 Notes \| Fair value, inputs, level 2
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	53,346	265,896
Convertible debt \| 2025 Notes \| Carrying value measurement
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	20,724	104,786
Unsecured debt \| 2029 Notes \| Fair value, inputs, level 2
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	278,517	277,809
Unsecured debt \| 2029 Notes \| Carrying value measurement
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 300,000	$ 300,000

Stock-based Compensation Plans (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 2,430	$ 2,886
Performance-based share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	493	923
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,937	$ 1,963

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Stock-based Compensation Plans (Unrecognized Stock Compensation Expense and the Remaining Weighted-Average Vesting Period) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 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	$ 11,215
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	1 year 10 months 24 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	$ 12,531
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	2 years 3 months 18 days

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.