0001546417-24-000125 | 10-Q | XBRL Viewer

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

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


	THIRTEEN WEEKS ENDED
	JUNE 30, 2024				JUNE 25, 2023
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	562,904	$	8,076	$	576,989	$	8,219
Carrabba’s Italian Grill	174,576		752		176,666		758
Bonefish Grill	134,279		128		143,458		95
Fleming’s Prime Steakhouse & Wine Bar	88,390		—		92,851		—
Other	1,939		18		3,474		10
U.S. total	962,088		8,974		993,438		9,082
International
Outback Steakhouse - Brazil (1)	118,357		—		119,295		—
Other (1)(2)	23,120		3,142		24,597		3,486
International total	141,477		3,142		143,892		3,486
Total	$	1,103,565	$	12,116	$	1,137,330	$	12,568

	TWENTY-SIX WEEKS ENDED
	JUNE 30, 2024				JUNE 25, 2023
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	1,166,517	$	16,396	$	1,205,172	$	16,763
Carrabba’s Italian Grill	359,005		1,488		364,708		1,553
Bonefish Grill	278,782		288		301,147		266
Fleming’s Prime Steakhouse & Wine Bar	184,552		—		195,624		—
Other	4,128		56		7,356		25
U.S. total	1,992,984		18,228		2,074,007		18,607
International
Outback Steakhouse - Brazil (1)	243,194		—		241,311		—
Other (1)(2)	46,874		6,698		50,246		7,484
International total	290,068		6,698		291,557		7,484
Total	$	2,283,052	$	24,926	$	2,365,564	$	26,091

________________

(1)Includes $9.6 million and $19.2 million of Restaurant sales during the thirteen and twenty-six weeks ended June 25, 2023, respectively, in connection with value added tax exemptions resulting from Brazil tax legislation. See Note 15 - 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)	JUNE 30, 2024		DECEMBER 31, 2023
Other current assets, net
Deferred gift card sales commissions	$	12,650	$	18,081

Unearned revenue
Deferred gift card revenue	$	300,590	$	374,274
Deferred loyalty revenue	6,461		5,664
Deferred franchise fees - current	460		473
Other	1,504		1,466
Total Unearned revenue	$	309,015	$	381,877

Other long-term liabilities, net
Deferred franchise fees - non-current	$	3,896	$	4,036

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Balance, beginning of the period	$	13,520	$	13,403	$	18,081	$	17,755
Deferred gift card sales commissions amortization	(5,163)		(5,383)		(12,661)		(13,180)
Deferred gift card sales commissions capitalization	4,942		5,340		8,856		9,743
Other	(649)		(666)		(1,626)		(1,624)
Balance, end of the period	$	12,650	$	12,694	$	12,650	$	12,694

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Balance, beginning of the period	$	312,283	$	314,096	$	374,274	$	386,495
Gift card sales	59,336		65,338		105,945		118,343
Gift card redemptions	(66,854)		(70,175)		(169,324)		(188,458)
Gift card breakage	(4,175)		(4,317)		(10,305)		(11,438)
Balance, end of the period	$	300,590	$	304,942	$	300,590	$	304,942

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stockholders' Equity

6 Months Ended

Jun. 30, 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 $176.0 million fair value of the initial shares received was recorded as a reduction to Accumulated deficit and the par value from Common stock, with the remaining $44.0 million recorded within Additional paid-in capital during the thirteen weeks ended March 31, 2024. 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. In connection with the settlement, the Company reduced Accumulated deficit and the par value from Common stock by an aggregate of $38.3 million based on the fair value of the shares delivered on the date of settlement, with an offset of $38.3 million within Additional paid-in capital during the thirteen weeks ended June 30, 2024.

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 June 30, 2024, $115.0 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	6,948	$	27.13	$	188,500
Second fiscal quarter (1)	2,156	$	27.36	59,000

Total common stock repurchases (2)	9,104	$	27.18	$	247,500

________________

(1)Includes $44.0 million of share repurchases in connection with the ASR Agreement that settled during the thirteen weeks ended June 30, 2024.

(2)Excludes $0.4 million of fees recorded in Accumulated deficit related to repurchases under the ASR Agreement. Subsequent to June 30, 2024, the Company repurchased 823 thousand shares of its common stock for $15.6 million under the 2024 Share Repurchase Program through August 2, 2024 under a Rule 10b5-1 plan.

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
Second fiscal quarter	0.24		20,762


Total cash dividends declared and paid	$	0.48	$	41,837

In July 2024, the Board declared a quarterly cash dividend of $0.24 per share, payable on September 4, 2024 to shareholders of record at the close of business on August 20, 2024.

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


(dollars in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Foreign currency translation adjustment	$	(189,478)	$	(177,689)
Unrealized gain (loss) on derivatives, net of tax	872		(615)
Accumulated other comprehensive loss	$	(188,606)	$	(178,304)

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Foreign currency translation adjustment	$	(9,858)	$	4,502	$	(11,789)	$	3,368

Change in fair value of derivatives, net of tax	898		—		2,333		—
Reclassification realized in Net income (loss), net of tax	(568)		—		(846)		—

Gain on derivatives, net of tax	330		—		1,487		—

Other comprehensive (loss) income attributable to Bloomin’ Brands	$	(9,528)	$	4,502	$	(10,302)	$	3,368

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

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

6 Months Ended

Feb. 29, 2024

Jun. 30, 2024

Dec. 31, 2023

Jun. 25, 2023

Debt Instrument [Line Items]

Less: unamortized debt discount and issuance costs

$ (3,742)

^[1]

$ (5,067)

Long-term debt, net

1,001,982

780,719

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

Debt Instrument [Line Items]

Senior secured credit facility - revolving credit facility

$ 685,000

$ 381,000

Debt instrument, effective interest rate

^[2]

6.96%

Convertible debt | 2025 Notes

Debt Instrument [Line Items]

Long-term debt, gross

$ 20,724

^[1]

$ 104,786

Debt instrument, effective interest rate

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 [Line Items]

Long-term debt, gross

$ 300,000

Debt instrument, interest rate, stated percentage

5.13%

[1]	During the twenty-six weeks ended June 30, 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 10 - Convertible Senior Notes for additional details.
[2]	Interest rate represents the weighted average interest rate as of the respective periods.

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 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 (loss) from operations by segment for the periods indicated:


	THIRTEEN WEEKS ENDED JUNE 30, 2024
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	974,173	$	144,693	$	—	$	1,118,866
Depreciation and amortization	$	40,616	$	6,695	$	2,214	$	49,525

Income (loss) from operations	$	79,677	$	(874)	$	(32,672)	$	46,131




	THIRTEEN WEEKS ENDED JUNE 25, 2023
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	1,005,229	$	147,465	$	—	$	1,152,694
Depreciation and amortization	$	39,375	$	6,126	$	2,064	$	47,565

Income (loss) from operations	$	103,008	$	20,486	$	(34,048)	$	89,446


	TWENTY-SIX WEEKS ENDED JUNE 30, 2024
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	2,017,277	$	296,916	$	—	$	2,314,193
Depreciation and amortization	$	80,584	$	13,956	$	4,267	$	98,807

Income (loss) from operations	$	177,161	$	14,888	$	(68,825)	$	123,224




	TWENTY-SIX WEEKS ENDED JUNE 25, 2023
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	2,098,225	$	299,215	$	—	$	2,397,440
Depreciation and amortization	$	77,538	$	12,045	$	4,284	$	93,867

Income (loss) from operations	$	236,251	$	44,994	$	(71,166)	$	210,079

Reconciliation of operating income (loss) from segments to consolidated

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023





Income from operations	$	46,131	$	89,446	$	123,224	$	210,079
Loss on extinguishment of debt	—		—		(135,797)		—


Interest expense, net	(14,802)		(12,961)		(28,418)		(25,405)
Income (loss) before provision for income taxes	$	31,329	$	76,485	$	(40,991)	$	184,674

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 117,919	$ 111,519
Restricted cash and cash equivalents	0	2,854
Inventories	74,081	75,939
Other current assets, net	108,211	153,002
Total current assets	300,211	343,314
Property, fixtures and equipment, net	1,056,469	1,031,922
Operating lease right-of-use assets	1,074,261	1,084,951
Goodwill	272,404	276,317
Intangible assets, net	439,532	442,985
Deferred income tax assets, net	164,941	159,405
Other assets, net	86,350	85,187
Total assets	3,394,168	3,424,081
Current liabilities
Accounts payable	178,201	189,202
Current operating lease liabilities	169,397	175,442
Accrued and other current liabilities	210,657	255,814
Unearned revenue	309,015	381,877
Total current liabilities	867,270	1,002,335
Non-current operating lease liabilities	1,134,464	1,131,639
Long-term debt, net	1,001,982	780,719
Other long-term liabilities, net	100,759	97,385
Total liabilities	3,104,475	3,012,078
Commitments and contingencies
Bloomin’ Brands stockholders’ equity
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value, 475,000,000 shares authorized; 85,776,033 and 86,968,536 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	858	870
Additional paid-in capital	1,309,482	1,115,387
Accumulated deficit	(834,926)	(528,831)
Accumulated other comprehensive loss	(188,606)	(178,304)
Total Bloomin’ Brands stockholders’ equity	286,808	409,122
Noncontrolling interests	2,885	2,881
Total stockholders’ equity	289,693	412,003
Total liabilities and stockholders’ equity	$ 3,394,168	$ 3,424,081

Fair Value Measurements (Fair Value Measurements on a Recurring Basis - Table) (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 39,888	$ 27,094
Liabilities, fair value disclosure	420	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	1,591	320
Derivative instruments - interest rate swaps, current liabilities	0	253
Derivative instruments - interest rate swaps, other long-term liabilities	420	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	38,297	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	1,591	320
Liabilities, fair value disclosure	420	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	1,591	320
Derivative instruments - interest rate swaps, current liabilities	0	253
Derivative instruments - interest rate swaps, other long-term liabilities	420	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	22,305	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	22,305	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	15,992	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	15,992	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

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 25, 2023

Jun. 30, 2024

Jun. 25, 2023

Debt Instrument [Line Items]

Coupon interest

$ 259

$ 1,310

$ 1,265

$ 2,622

Debt issuance cost amortization

198

394

Total interest expense

^[1]

$ 299

$ 1,508

$ 1,463

$ 3,016

Debt instrument, effective interest rate

5.85%

[1]	The effective rate of the 2025 Notes over their expected life is 5.85%. The decrease in interest expense during the thirteen and twenty-six weeks ended June 30, 2024 relates to the 2025 Notes Partial Repurchase in February 2024.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

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


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	JUNE 30, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,074,261	$	1,084,951
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	8,338		9,941
Total lease assets, net		$	1,082,599	$	1,094,892

Current operating lease liabilities	Current operating lease liabilities	$	169,397	$	175,442
Current finance lease liabilities	Accrued and other current liabilities	2,437		3,197
Non-current operating lease liabilities	Non-current operating lease liabilities	1,134,464		1,131,639
Non-current finance lease liabilities	Other long-term liabilities, net	6,725		7,414
Total lease liabilities		$	1,313,023	$	1,317,692

________________

(1)Net of accumulated amortization of $6.1 million and $4.7 million as of June 30, 2024 and December 31, 2023, respectively.

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


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)		JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Operating lease cost (1)	Other restaurant operating	$	45,131	$	46,237	$	90,935	$	91,984
Variable lease cost	Other restaurant operating	2,222		1,629		4,782		3,353
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	779		549		1,567		1,037
Interest on lease liabilities	Interest expense, net	188		174		390		310
Sublease revenue	Franchise and other revenues	(1,845)		(1,635)		(3,593)		(3,343)
Lease costs, net		$	46,475	$	46,954	$	94,081	$	93,341

________________

(1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.7 million and $3.0 million for the thirteen weeks ended June 30, 2024 and June 25, 2023, respectively, and $7.2 million and $6.0 million for the twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively, which is included in General and administrative expense.

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


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	99,566	$	97,804

Leases

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


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	JUNE 30, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,074,261	$	1,084,951
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	8,338		9,941
Total lease assets, net		$	1,082,599	$	1,094,892

Current operating lease liabilities	Current operating lease liabilities	$	169,397	$	175,442
Current finance lease liabilities	Accrued and other current liabilities	2,437		3,197
Non-current operating lease liabilities	Non-current operating lease liabilities	1,134,464		1,131,639
Non-current finance lease liabilities	Other long-term liabilities, net	6,725		7,414
Total lease liabilities		$	1,313,023	$	1,317,692

________________

(1)Net of accumulated amortization of $6.1 million and $4.7 million as of June 30, 2024 and December 31, 2023, respectively.

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


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)		JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Operating lease cost (1)	Other restaurant operating	$	45,131	$	46,237	$	90,935	$	91,984
Variable lease cost	Other restaurant operating	2,222		1,629		4,782		3,353
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	779		549		1,567		1,037
Interest on lease liabilities	Interest expense, net	188		174		390		310
Sublease revenue	Franchise and other revenues	(1,845)		(1,635)		(3,593)		(3,343)
Lease costs, net		$	46,475	$	46,954	$	94,081	$	93,341

________________

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


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	99,566	$	97,804

Derivative Instruments and Hedging Activities (Designated Hedges - Text) (Details)		6 Months Ended
	Mar. 05, 2024 USD ($) counterparty	Jun. 30, 2024 USD ($)	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	$ 375,000,000.0
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

Impairments and Exit Costs

6 Months Ended

Jun. 30, 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 periods indicated:


	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 30, 2024
Impairment losses
U.S. (1)	$	—	$	1,852
International (2)	14,048		14,048

Total impairment losses	$	14,048	$	15,900
Restaurant closure charges
U.S. (1)	$	2,135	$	11,219
International (2)	78		15
Total restaurant closure charges	2,213		11,234
Provision for impaired assets and restaurant closings	$	16,261	$	27,134

________________

(1)Primarily includes charges in connection with the 2023 Restaurant Closures, as discussed below.

(2)Primarily includes charges in connection with the Q2 2024 decision to close nine restaurants in Hong Kong.

2023 Restaurant Closures - During the fourth quarter of 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 Restaurant Closures”). Following is a summary of expenses recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the period indicated (dollars in thousands):

DESCRIPTION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION

TWENTY-SIX WEEKS ENDED

JUNE 30, 2024

Asset impairments and closure charges

Provision for impaired assets and restaurant closings

11,714

Severance and other expenses

General and administrative

2,974

Closure-related labor costs

Labor and other related

434

Total (1)

15,122

________________

(1)During the fourth quarter of 2023, the Company recognized $32.4 million of net charges in connection with the 2023 Restaurant Closures.

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED						TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024			JUNE 25, 2023			JUNE 30, 2024			JUNE 25, 2023
Income (loss) before provision for income taxes	$	31,329		$	76,485		$	(40,991)		$	184,674
Provision for income taxes	$	1,698		$	6,483		$	11,668		$	21,244
Effective income tax rate	5.4		%	8.5		%	(28.5)		%	11.5		%

The effective income tax rate for the thirteen weeks ended June 30, 2024 decreased by 3.1 percentage points as compared to the thirteen weeks ended June 25, 2023 as a result of lower forecasted annual pre-tax book income for the thirteen weeks ended June 30, 2024 relative to the prior quarter in 2024.

The effective income tax rate for the twenty-six weeks ended June 30, 2024 includes the impact of nondeductible losses associated with the 2025 Notes Partial Repurchase which, relative to a pre-tax book loss during the period, 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. This legislation temporarily granted certain industries a 100% exemption from income tax (IRPJ and CSLL) and federal value added taxes (PIS and COFINS). The Company claimed this benefit for the periods between September 2022 and December 2023. The Company is appealing this ruling and in connection with the appeal made a cash judicial deposit of $42.9 million in July 2024 which was recorded in Other assets, net, on the Company’s Consolidated Balance Sheet. The Company 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.

During the second quarter of 2024, Brazil enacted new tax legislation that temporarily grants certain industries a 100% exemption from income tax (IRPJ and CSLL) for the periods between May 23, 2024 and December 2024 and 100% exemption from federal value added taxes (PIS and COFINS) for the periods between May 23, 2024 and December 2026. The Company applied for this exemption and was approved by the Brazilian tax authorities. The Company’s estimated annual effective income tax rate for the thirteen and twenty-six weeks ended June 30, 2024 includes the benefit expected from this legislation. The new Brazil tax legislation also established a country-wide limitation to the total benefits that will be granted under this law. The exemption from value added taxes could end before December 2026 due to this country-wide limitation.

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 Income before provision for income taxes.

The effective income tax rate for the thirteen weeks ended June 30, 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 temporary reduction in the Brazilian income tax rate from 34% to 0% under the new Brazil tax legislation.

The effective income tax rate for the twenty-six weeks ended June 30, 2024 was lower than the Company’s blended federal and state statutory rate of approximately 26% primarily due to the impact of nondeductible losses associated with the 2025 Notes Partial Repurchase which, relative to a pre-tax book loss during the period, resulted in a negative effective income tax rate.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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))
-Publisher FASB
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-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
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Stockholders' Equity (Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Other comprehensive (loss) income [Line Items]
Gain on derivatives, net of tax	$ 330	$ 0	$ 1,487	$ 0
Other comprehensive (loss) income attributable to Bloomin’ Brands	(9,528)	4,502	(10,302)	3,368
Bloomin' Brands
Other comprehensive (loss) income [Line Items]
Foreign currency translation adjustment	(9,858)	4,502	(11,789)	3,368
Change in fair value of derivatives, net of tax	898	0	2,333	0
Reclassification realized in Net income (loss), net of tax	(568)	0	(846)	0
Gain on derivatives, net of tax	330	0	1,487	0
Other comprehensive (loss) income attributable to Bloomin’ Brands	$ (9,528)	$ 4,502	$ (10,302)	$ 3,368

- Definition

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.

+ References + Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

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

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482739/220-10-55-15

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Cash flows provided by operating activities:
Net (loss) income	$ (52,659)	$ 163,430
Adjustments to reconcile Net (loss) income to cash provided by operating activities:
Depreciation and amortization	98,807	93,867
Amortization of debt discounts and issuance costs	1,353	1,532
Amortization of deferred gift card sales commissions	12,661	13,180
Provision for impaired assets and restaurant closings	27,134	5,151
Non-cash operating lease costs	43,566	42,884
Stock-based compensation expense	2,931	8,042
Deferred income tax benefit	(6,293)	(1,164)
Loss on extinguishment of debt	135,797	0
Other, net	(2,060)	(3,515)
Change in assets and liabilities	(145,045)	(36,114)
Net cash provided by operating activities	116,192	287,293
Cash flows used in investing activities:
Capital expenditures	(131,504)	(142,153)
Other investments, net	286	1,502
Net cash used in investing activities	(131,218)	(140,651)
Cash flows provided by (used in) financing activities:
Proceeds from borrowings on revolving credit facilities	860,000	448,000
Repayments of borrowings on revolving credit facilities	(556,000)	(513,000)
Repayments of finance lease obligations	(1,399)	(816)
Principal settlements and repurchase of convertible senior notes	(2,335)	(214)
Proceeds from retirement of convertible senior note hedges	118,197	0
Payments for retirement of warrants	(102,213)	0
(Payment of taxes) proceeds from share-based compensation, net	(1,719)	4,793
Distributions to noncontrolling interests	(3,474)	(4,640)
Contributions from noncontrolling interests	668	1,202
Purchase of noncontrolling interests	(100)	(100)
Repurchase of common stock	(247,500)	(36,435)
Cash dividends paid on common stock	(41,837)	(42,004)
Net cash provided by (used in) financing activities	22,288	(143,214)
Effect of exchange rate changes on cash and cash equivalents	(3,716)	631
Net increase in cash, cash equivalents and restricted cash	3,546	4,059
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	117,919	88,794
Supplemental disclosures of cash flow information:
Cash paid for interest	29,812	16,951
Cash paid for income taxes, net of refunds	14,913	15,356
Supplemental disclosures of non-cash investing and financing activities:
Leased assets obtained in exchange for new operating lease liabilities	47,846	30,249
Leased assets obtained in exchange for new finance lease liabilities	7	5,367
(Decrease) increase in liabilities from the acquisition of property, fixtures and equipment	(258)	7,522
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

Stock-based Compensation Plans (Unrecognized Stock Compensation Expense and the Remaining Weighted-Average Vesting Period) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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	$ 6,976
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	2 years 8 months 12 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock-based awards other than options	$ 12,302
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	2 years 1 month 6 days

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Stock-based Compensation Plans

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Plans

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Performance-based share units (1)	$	(1,556)	$	2,297	$	(1,063)	$	3,220
Restricted stock units	2,021		1,985		3,958		3,948
Stock options	—		835		—		835

Total stock-based compensation expense, net of capitalized expense	$	465	$	5,117	$	2,895	$	8,003

________________

(1)The thirteen and twenty-six weeks ended June 30, 2024 include a cumulative life-to-date adjustment to decrease expense for PSUs granted in fiscal year 2023 based on updated assumptions regarding the criteria set forth in the award agreements.

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	(86)	$	27.57
Outstanding as of June 30, 2024	786	$	27.43	$	15,107
Expected to vest as of June 30, 2024 (3)	288			$	5,543

________________

(1)Based on the $28.15 and $19.23 share price of the Company’s common stock on December 29, 2023 and June 28, 2024, the last trading day of the year ended December 31, 2023 and twenty-six weeks ended June 30, 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.

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


	TWENTY-SIX WEEKS ENDED
	JUNE 30, 2024			JUNE 25, 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 twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively.

The following represents unrecognized stock-based compensation expense and the remaining weighted average recognition period as of June 30, 2024:


	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED AVERAGE RECOGNITION PERIOD (in years)
Performance-based share units	$	6,976	2.7
Restricted stock units	$	12,302	2.1

Commitments and Contingencies (Litigation and Other Matters) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability	$ 5.4	$ 13.3

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

6 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Principal

$ 20,724

$ 104,786

Less: unamortized debt issuance costs

(138)

^[1]

(1,138)

Net carrying amount

20,586

$ 103,648

Write off of deferred debt issuance cost

$ 800

[1]	During the twenty-six weeks ended June 30, 2024, the Company wrote off $0.8 million of debt issuance costs as a result of the 2025 Notes Partial Repurchase.

- Definition

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.

+ References

+ Details

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

3 Months Ended

6 Months Ended

Feb. 29, 2024

Jun. 30, 2024

Jun. 25, 2023

Jun. 30, 2024

Jun. 25, 2023

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

Net income (loss) attributable to Bloomin’ Brands

$ 28,403

$ 68,277

$ (55,469)

$ 159,588

Basic weighted average common shares outstanding

86,688

88,559

86,856

88,838

Effect of dilutive securities:

Convertible senior notes (in shares)

1,005

^[1]

5,002

^[1]

4,917

Warrants (in shares)

649

^[1]

3,313

^[1]

3,209

Diluted weighted average common shares outstanding (in shares)

88,632

97,401

86,856

97,706

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

$ 0.33

$ 0.77

$ (0.64)

$ 1.80

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

$ 0.32

$ 0.70

$ (0.64)

$ 1.63

2025 Notes | Convertible debt

Effect of dilutive securities:

2025 Notes repurchase amount

$ 83,600

Stock options

Effect of dilutive securities:

Dilutive shares (in shares)

204

395

398

Nonvested restricted stock units

Effect of dilutive securities:

Dilutive shares (in shares)

132

201

Nonvested performance-based share units

Effect of dilutive securities:

Dilutive shares (in shares)

143

[1]	During the twenty-six weeks ended June 30, 2024, the Company repurchased $83.6 million of the convertible notes due in 2025 and settled the corresponding portion of the related note hedges and warrants (the “2025 Notes Partial Repurchase”).

Convertible Senior Notes (Convertible Notes Hedge Transactions) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended	6 Months Ended
	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 25, 2023	May 31, 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					$ 15.32
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

Goodwill and Intangible Assets, Net	6 Months Ended
Goodwill and Intangible Assets, Net	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Annual Goodwill and Intangible Assets Impairment Assessment - The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during its second fiscal quarter. The Company’s 2024 assessment was qualitative and the 2023 assessment was quantitative. In connection with these assessments, the Company did not record any impairment charges.

Cover Page - $ / shares	6 Months Ended
Cover Page - $ / shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		84,969,654
Amendment Flag	false
Entity Central Index Key	0001546417
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Revenue Recognition [Line Items]
Balance, beginning of the period			$ 381,877
Balance, end of the period	$ 309,015		309,015
Deferred gift card revenue
Revenue Recognition [Line Items]
Balance, beginning of the period	312,283	$ 314,096	374,274	$ 386,495
Gift card sales	59,336	65,338	105,945	118,343
Gift card redemptions	(66,854)	(70,175)	(169,324)	(188,458)
Gift card breakage	(4,175)	(4,317)	(10,305)	(11,438)
Balance, end of the period	$ 300,590	$ 304,942	$ 300,590	$ 304,942

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

6 Months Ended

Jun. 30, 2024

Jun. 28, 2024

Dec. 29, 2023

Common stock

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

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

$ 19.23

$ 28.15

Performance-based share units

PERFORMANCE-BASED SHARE UNITS

Outstanding as of December 31, 2023 (in shares)

818

Granted (in shares)

290

Performance adjustment (in shares)

^[1]

237

Vested (in shares)

(473)

Forfeited (in shares)

(86)

Outstanding as of June 30, 2024 (in shares)

786

Expected to vest as of June 30, 2024 (in shares)

^[2]

288

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

Outstanding as of December 31, 2023 (in USD per share)

$ 26.92

Granted (in USD per share)

27.26

Performance adjustment (in USD per share)

^[1]

25.40

Vested (in USD per share)

25.40

Forfeited (in USD per share)

27.57

Outstanding as of June 30, 2024 (in USD per share)

$ 27.43

Aggregate intrinsic value as of December 31, 2023

^[3]

$ 23,026

Aggregate intrinsic value as of June 30, 2024

^[3]

15,107

Aggregate intrinsic value, expected to vest as of June 30, 2024

^[2],[3]

$ 5,543

Performance-based share units | 2021 PSU Grant

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

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

200.00%

[1]	Represents adjustment to 200% payout for PSUs granted during 2021.
[2]	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.
[3]	Based on the $28.15 and $19.23 share price of the Company’s common stock on December 29, 2023 and June 28, 2024, the last trading day of the year ended December 31, 2023 and twenty-six weeks ended June 30, 2024, respectively.

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

Jun. 30, 2024

Dec. 31, 2023

Derivative [Line Items]

Derivative, interest rate swaps, liabilities, fair value

^[1]

$ 420

$ 1,146

Other current assets, net

Derivative [Line Items]

Interest rate derivative assets, at fair value

^[1]

1,591

320

Accrued and other current liabilities

Derivative [Line Items]

Derivative, interest rate swaps, liabilities, fair value

253

Other long-term liabilities

Derivative [Line Items]

Derivative, interest rate swaps, liabilities, fair value

$ 420

$ 893

[1]	See Note 14 - Fair Value Measurements for fair value discussion of the interest rate swaps.

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 income (loss)

163,430

159,588

3,842

Other comprehensive income (loss), net of tax

3,368

Cash dividends declared, per common share

(42,004)

Repurchase and retirement of common stock (in shares)

(1,482,000)

Repurchase and retirement of common stock, including excise tax

(36,232)

$ (15)

(36,217)

Stock-based compensation

8,042

Common stock issued under stock plans (in shares)

^[1]

1,125,000

Common stock issued under stock plans

^[1]

4,793

$ 11

4,782

Distributions to noncontrolling interests

(4,640)

Contributions from noncontrolling interests

1,202

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

87,339,000

Balance at end of period at Jun. 25, 2023

371,868

$ 873

1,132,732

(582,738)

(181,943)

2,944

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

87,465,000

Balance at beginning of period at Mar. 26, 2023

322,841

$ 875

1,141,017

(635,451)

(186,445)

2,845

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

Net income (loss)

70,002

68,277

1,725

Other comprehensive income (loss), net of tax

4,502

Cash dividends declared, per common share

(20,990)

Repurchase and retirement of common stock (in shares)

(619,000)

Repurchase and retirement of common stock, including excise tax

(15,570)

$ (6)

(15,564)

Stock-based compensation

5,138

Common stock issued under stock plans (in shares)

^[1]

493,000

Common stock issued under stock plans

^[1]

7,571

$ 4

7,567

Distributions to noncontrolling interests

(2,085)

Contributions from noncontrolling interests

459

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

87,339,000

Balance at end of period at Jun. 25, 2023

$ 371,868

$ 873

1,132,732

(582,738)

(181,943)

2,944

Balance at beginning of period (in shares) at 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]

Cash dividends declared, per common share

(21,075)

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

87,811,000

Balance at end of period at Mar. 31, 2024

$ 305,435

$ 878

1,290,765

(809,880)

(179,078)

2,750

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 income (loss)

(52,659)

(55,469)

2,810

Other comprehensive income (loss), net of tax

(10,302)

Cash dividends declared, per common share

(41,837)

Repurchase and retirement of common stock (in shares)

(9,104,000)

Repurchase and retirement of common stock, including excise tax

(248,054)

$ (90)

(5,681)

(242,283)

Stock-based compensation

2,931

Common stock issued under stock plans (in shares)

^[1]

711,000

Common stock issued under stock plans

^[1]

(1,719)

$ 7

(1,726)

Distributions to noncontrolling interests

(3,474)

Contributions from noncontrolling interests

668

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 Jun. 30, 2024

85,776,033

85,776,000

Balance at end of period at Jun. 30, 2024

$ 289,693

$ 858

1,309,482

(834,926)

(188,606)

2,885

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

87,811,000

Balance at beginning of period at Mar. 31, 2024

305,435

$ 878

1,290,765

(809,880)

(179,078)

2,750

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

Net income (loss)

29,631

28,403

1,228

Other comprehensive income (loss), net of tax

(9,528)

Cash dividends declared, per common share

(20,762)

Repurchase and retirement of common stock (in shares)

(2,156,000)

Repurchase and retirement of common stock, including excise tax

(15,151)

$ (21)

38,319

(53,449)

Stock-based compensation

483

Common stock issued under stock plans (in shares)

^[1]

121,000

Common stock issued under stock plans

^[1]

678

$ 1

677

Distributions to noncontrolling interests

(1,431)

Contributions from noncontrolling interests

$ 338

338

Balance at end of period (in shares) at Jun. 30, 2024

85,776,033

85,776,000

Balance at end of period at Jun. 30, 2024

$ 289,693

$ 858

$ 1,309,482

$ (834,926)

$ (188,606)

$ 2,885

[1]	Net of shares withheld for employee taxes.

Stockholders' Equity (AOCL - Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ (188,606)	$ (178,304)
Foreign currency translation adjustment
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	(189,478)	(177,689)
Unrealized gain (loss) on derivatives, net of tax
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss	$ 872	$ (615)

- Definition

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.

+ References + Details

- Definition

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

+ References + Details

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Kelly Lefferts [Member]

Trading Arrangements, by Individual

Name

Kelly Lefferts,

Title

Executive Vice President, Chief Legal Officer and Secretary

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

May 13, 2024

Arrangement Duration

288 days

^[1]

Aggregate Available

17,184

^[2]

Philip Pace [Member]

Trading Arrangements, by Individual

Name

Philip Pace,

Title

Senior Vice President, Chief Accounting Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

May 9, 2024

Arrangement Duration

358 days

^[1]

Aggregate Available

37,949

^[2]

[1]	In each case, a trading plan may also expire on such earlier date as all transactions under the trading plan are completed.
[2]	Plans provide for the exercise of vested stock options and sale of associated shares.

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 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 estimates $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)	JUNE 30, 2024		DECEMBER 31, 2023		CONSOLIDATED BALANCE SHEET CLASSIFICATION
Interest rate swaps - asset (1)	$	1,591	$	320	Other current assets, net



Interest rate swaps - liability	$	—	$	253	Accrued and other current liabilities
Interest rate swaps - liability	420		893		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	420	$	1,146

____________________

(1) See Note 14 - 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 June 30, 2024, all counterparties to the Swap Transactions performed in accordance with their contractual obligations.

The Swap Transactions contain provisions 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 Swap Transactions 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 the Swap Transactions. 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 Swap Transactions at their termination value of $0.8 million.

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

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

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands, except per share data)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Net income (loss) attributable to Bloomin’ Brands	$	28,403	$	68,277	$	(55,469)	$	159,588





Basic weighted average common shares outstanding	86,688		88,559		86,856		88,838

Effect of dilutive securities:
Stock options	204		395		—		398
Nonvested restricted stock units	86		132		—		201
Nonvested performance-based share units	—		—		—		143
Convertible senior notes (1)	1,005		5,002		—		4,917
Warrants (1)	649		3,313		—		3,209
Diluted weighted average common shares outstanding	88,632		97,401		86,856		97,706

Basic earnings (loss) per share	$	0.33	$	0.77	$	(0.64)	$	1.80
Diluted earnings (loss) per share	$	0.32	$	0.70	$	(0.64)	$	1.63

________________

(1)During the twenty-six weeks ended June 30, 2024, the Company repurchased $83.6 million of the convertible notes due in 2025 and settled the corresponding portion of the related note hedges and warrants (the “2025 Notes Partial Repurchase”).

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

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


	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
(shares in thousands)	JUNE 30, 2024	JUNE 25, 2023	JUNE 30, 2024	JUNE 25, 2023
Stock options	324	689	451	707
Nonvested restricted stock units	55	21	199	70
Nonvested performance-based share units	619	581	543	463

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 [Line Items]

Derivative, notional amount

$ 375,000,000.0

Derivative, average fixed interest rate

^[1]

4.52%

One-year

Derivative [Line Items]

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 [Line Items]

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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column F))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column C))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

+ Details

Description of the Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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. In April 2024, the SEC voluntarily stayed the final rule due to pending legal challenges. 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.

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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)	JUNE 30, 2024		DECEMBER 31, 2023		CONSOLIDATED BALANCE SHEET CLASSIFICATION
Interest rate swaps - asset (1)	$	1,591	$	320	Other current assets, net



Interest rate swaps - liability	$	—	$	253	Accrued and other current liabilities
Interest rate swaps - liability	420		893		Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)	$	420	$	1,146

____________________

(1) See Note 14 - Fair Value Measurements for fair value discussion of the interest rate swaps.

- Definition

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.

+ References + Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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:


	JUNE 30, 2024						DECEMBER 31, 2023
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	22,305	$	22,305	$	—	$	12,837	$	12,837	$	—
Money market funds	15,992		15,992		—		11,083		11,083		—
Restricted cash equivalents:

Money market funds	—		—		—		2,854		2,854		—
Other current assets, net:
Derivative instruments - interest rate swaps	1,591		—		1,591		320		—		320


Total asset recurring fair value measurements	$	39,888	$	38,297	$	1,591	$	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	420		—		420		893		—		893
Total liability recurring fair value measurements	$	420	$	—	$	420	$	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 June 30, 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:


	JUNE 30, 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	$	685,000	$	685,000		$	381,000	$	381,000



2025 Notes	$	20,724	$	35,958		$	104,786	$	265,896
2029 Notes	$	300,000	$	270,342		$	300,000	$	277,809

Other Current Assets, Net (Tables)

6 Months Ended

Jun. 30, 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)	JUNE 30, 2024		DECEMBER 31, 2023
Prepaid expenses	$	32,186	$	26,674
Accounts receivable - gift cards, net	13,861		67,424
Accounts receivable - vendors, net	19,298		13,648
Accounts receivable - franchisees, net	3,321		3,671
Accounts receivable - other, net	19,344		18,100
Deferred gift card sales commissions	12,650		18,081


Other current assets, net	7,551		5,404
	$	108,211	$	153,002

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

Jun. 30, 2024

Dec. 31, 2023

Leases [Abstract]

Operating lease right-of-use assets

$ 1,074,261

$ 1,084,951

Finance lease right-of-use assets

^[1]

$ 8,338

$ 9,941

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

Property, fixtures and equipment, net

Total lease assets, net

$ 1,082,599

$ 1,094,892

Current operating lease liabilities

169,397

175,442

Current finance lease liabilities

$ 2,437

$ 3,197

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

Accrued and other current liabilities

Non-current operating lease liabilities

$ 1,134,464

$ 1,131,639

Non-current finance lease liabilities

$ 6,725

$ 7,414

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

Other long-term liabilities, net

Total lease liabilities

$ 1,313,023

$ 1,317,692

Accumulated amortization

$ (6,100)

$ (4,700)

[1]	Net of accumulated amortization of $6.1 million and $4.7 million as of June 30, 2024 and December 31, 2023, respectively.

Long-term Debt, Net

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-term Debt, Net

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


	JUNE 30, 2024				DECEMBER 31, 2023
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior secured credit facility - revolving credit facility (1)	$	685,000	6.96	%	$	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)	(3,742)				(5,067)



Long-term debt, net	$	1,001,982			$	780,719

________________

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

(2)During the twenty-six weeks ended June 30, 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 10 - Convertible Senior Notes for additional details.

Debt Covenants - As of June 30, 2024 and December 31, 2023, the Company was in compliance with its debt covenants.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Other Current Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 25, 2023	Mar. 26, 2023	Dec. 25, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Prepaid expenses	$ 32,186		$ 26,674
Deferred gift card sales commissions	12,650	$ 13,520	18,081	$ 12,694	$ 13,403	$ 17,755
Other current assets, net	7,551		5,404
Total other current assets, net	108,211		153,002
Accounts receivable - gift cards, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	13,861		67,424
Accounts receivable - vendors, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	19,298		13,648
Accounts receivable - franchisees, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	3,321		3,671
Accounts receivable - other, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 19,344		$ 18,100

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Matters - The Company recorded reserves of $5.4 million and $13.3 million for certain of its outstanding legal proceedings as of June 30, 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 June 30, 2024, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was $12.3 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of June 30, 2024 was $9.8 million. In the event of default, the indemnity clauses in the Company’s purchase and sale agreements generally govern its ability to pursue and recover damages incurred. As of June 30, 2024 and December 31, 2023, the Company’s recorded contingent lease liability was $2.3 million and $5.3 million, respectively.

Revenue Recognition (Contract Assets and Liabilities Summary) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 25, 2023	Mar. 26, 2023	Dec. 25, 2022
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	$ 12,650	$ 13,520	$ 18,081	$ 12,694	$ 13,403	$ 17,755
Unearned revenue	309,015		381,877
Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	300,590	$ 312,283	374,274	$ 304,942	$ 314,096	$ 386,495
Other current assets, net
Revenue Recognition [Line Items]
Deferred gift card sales commissions, current	12,650		18,081
Unearned revenue
Revenue Recognition [Line Items]
Unearned revenue	309,015		381,877
Unearned revenue \| Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	300,590		374,274
Unearned revenue \| Deferred loyalty revenue
Revenue Recognition [Line Items]
Unearned revenue	6,461		5,664
Unearned revenue \| Deferred franchise fees
Revenue Recognition [Line Items]
Unearned revenue	460		473
Unearned revenue \| Other
Revenue Recognition [Line Items]
Unearned revenue	1,504		1,466
Other long-term liabilities, net \| Deferred franchise fees
Revenue Recognition [Line Items]
Deferred franchise fees - non-current	$ 3,896		$ 4,036

Leases (Other Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 99,566	$ 97,804

Segment Reporting

6 Months Ended

Jun. 30, 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 (loss) from operations by segment for the periods indicated:


	THIRTEEN WEEKS ENDED JUNE 30, 2024
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	974,173	$	144,693	$	—	$	1,118,866
Depreciation and amortization	$	40,616	$	6,695	$	2,214	$	49,525

Income (loss) from operations	$	79,677	$	(874)	$	(32,672)	$	46,131




	THIRTEEN WEEKS ENDED JUNE 25, 2023
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	1,005,229	$	147,465	$	—	$	1,152,694
Depreciation and amortization	$	39,375	$	6,126	$	2,064	$	47,565

Income (loss) from operations	$	103,008	$	20,486	$	(34,048)	$	89,446


	TWENTY-SIX WEEKS ENDED JUNE 30, 2024
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	2,017,277	$	296,916	$	—	$	2,314,193
Depreciation and amortization	$	80,584	$	13,956	$	4,267	$	98,807

Income (loss) from operations	$	177,161	$	14,888	$	(68,825)	$	123,224




	TWENTY-SIX WEEKS ENDED JUNE 25, 2023
(dollars in thousands)	U.S.		INTERNATIONAL		CORPORATE		CONSOLIDATED
Total revenues	$	2,098,225	$	299,215	$	—	$	2,397,440
Depreciation and amortization	$	77,538	$	12,045	$	4,284	$	93,867

Income (loss) from operations	$	236,251	$	44,994	$	(71,166)	$	210,079

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023





Income from operations	$	46,131	$	89,446	$	123,224	$	210,079
Loss on extinguishment of debt	—		—		(135,797)		—


Interest expense, net	(14,802)		(12,961)		(28,418)		(25,405)
Income (loss) before provision for income taxes	$	31,329	$	76,485	$	(40,991)	$	184,674

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-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

+ Details

Goodwill and Intangible Assets, Net (Details) - USD ($)	3 Months Ended
Goodwill and Intangible Assets, Net (Details) - USD ($)	Jun. 30, 2024	Jun. 25, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charges	$ 0	$ 0
Impairment of intangible assets, indefinite-lived (excluding goodwill)	$ 0	$ 0

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Assets and liabilities, lessee

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


(dollars in thousands)	CONSOLIDATED BALANCE SHEET CLASSIFICATION	JUNE 30, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,074,261	$	1,084,951
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	8,338		9,941
Total lease assets, net		$	1,082,599	$	1,094,892

Current operating lease liabilities	Current operating lease liabilities	$	169,397	$	175,442
Current finance lease liabilities	Accrued and other current liabilities	2,437		3,197
Non-current operating lease liabilities	Non-current operating lease liabilities	1,134,464		1,131,639
Non-current finance lease liabilities	Other long-term liabilities, net	6,725		7,414
Total lease liabilities		$	1,313,023	$	1,317,692

________________

(1)Net of accumulated amortization of $6.1 million and $4.7 million as of June 30, 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 Income (Loss) for the periods indicated:


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)		JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Operating lease cost (1)	Other restaurant operating	$	45,131	$	46,237	$	90,935	$	91,984
Variable lease cost	Other restaurant operating	2,222		1,629		4,782		3,353
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	779		549		1,567		1,037
Interest on lease liabilities	Interest expense, net	188		174		390		310
Sublease revenue	Franchise and other revenues	(1,845)		(1,635)		(3,593)		(3,343)
Lease costs, net		$	46,475	$	46,954	$	94,081	$	93,341

________________

Cash flow, operating activities

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


	TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	99,566	$	97,804

Other Current Assets, Net

6 Months Ended

Jun. 30, 2024

Other Current Assets, Net [Abstract]

Other Current Assets, Net

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


(dollars in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Prepaid expenses	$	32,186	$	26,674
Accounts receivable - gift cards, net	13,861		67,424
Accounts receivable - vendors, net	19,298		13,648
Accounts receivable - franchisees, net	3,321		3,671
Accounts receivable - other, net	19,344		18,100
Deferred gift card sales commissions	12,650		18,081


Other current assets, net	7,551		5,404
	$	108,211	$	153,002

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity, Attributable to Parent [Abstract]

Schedule of repurchases of common stock

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	6,948	$	27.13	$	188,500
Second fiscal quarter (1)	2,156	$	27.36	59,000

Total common stock repurchases (2)	9,104	$	27.18	$	247,500

________________

(1)Includes $44.0 million of share repurchases in connection with the ASR Agreement that settled during the thirteen weeks ended June 30, 2024.

Dividends declared and paid

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
Second fiscal quarter	0.24		20,762


Total cash dividends declared and paid	$	0.48	$	41,837

Schedule of accumulated other comprehensive loss

Following are the components of AOCL as of the periods indicated:


(dollars in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Foreign currency translation adjustment	$	(189,478)	$	(177,689)
Unrealized gain (loss) on derivatives, net of tax	872		(615)
Accumulated other comprehensive loss	$	(188,606)	$	(178,304)

Other comprehensive (loss) income

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Foreign currency translation adjustment	$	(9,858)	$	4,502	$	(11,789)	$	3,368

Change in fair value of derivatives, net of tax	898		—		2,333		—
Reclassification realized in Net income (loss), net of tax	(568)		—		(846)		—

Gain on derivatives, net of tax	330		—		1,487		—

Other comprehensive (loss) income attributable to Bloomin’ Brands	$	(9,528)	$	4,502	$	(10,302)	$	3,368

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 25, 2023

Jun. 30, 2024

Jun. 25, 2023

Schedule of Lease Costs [Line Items]

Operating lease cost

^[1]

$ 45,131

$ 46,237

$ 90,935

$ 91,984

Variable lease cost

2,222

1,629

4,782

3,353

Amortization of leased assets

779

549

1,567

1,037

Interest on lease liabilities

188

174

390

310

Sublease revenue

(1,845)

(1,635)

(3,593)

(3,343)

Lease costs, net

46,475

46,954

94,081

93,341

General and administrative expense

Schedule of Lease Costs [Line Items]

Operating lease cost

$ 3,700

$ 3,000

$ 7,200

$ 6,000

[1]

Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.7 million and $3.0 million for the thirteen weeks ended June 30, 2024 and June 25, 2023, respectively, and $7.2 million and $6.0 million for the twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively, which is included in General and administrative expense.

Convertible Senior Notes (Tables)

6 Months Ended

Jun. 30, 2024

Convertible Notes [Abstract]

Convertible senior notes balances

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


(dollars in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Principal	$	20,724	$	104,786
Less: unamortized debt issuance costs (1)	(138)		(1,138)
Net carrying amount	$	20,586	$	103,648

________________

(1)During the twenty-six weeks ended June 30, 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				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Coupon interest	$	259	$	1,310	$	1,265	$	2,622
Debt issuance cost amortization	40		198		198		394
Total interest expense (1)	$	299	$	1,508	$	1,463	$	3,016

________________

(1)The effective rate of the 2025 Notes over their expected life is 5.85%. The decrease in interest expense during the thirteen and twenty-six weeks ended June 30, 2024 relates to the 2025 Notes Partial Repurchase in February 2024.

Impairments and Exit Costs (Provision for Impaired Assets and Restaurant Closings) (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

USD ($)

Restaurants

Jun. 25, 2023

USD ($)

Jun. 30, 2024

USD ($)

Restaurants

Jun. 25, 2023

USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Provision for impaired assets and restaurant closings

$ 16,261

$ 1,827

$ 27,134

$ 5,151

Hong Kong

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of restaurants | Restaurants

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

$ 14,048

$ 15,900

Restaurant closure charges

2,213

11,234

Provision for impaired assets and restaurant closings

16,261

27,134

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]

Asset impairments and closure charges

^[1]

1,852

Restaurant closure charges

^[1]

2,135

11,219

Provision for impaired assets and restaurant closings | International segment

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Asset impairments and closure charges

^[2]

14,048

Restaurant closure charges

^[2]

$ 78

$ 15

[1]	Primarily includes charges in connection with the 2023 Restaurant Closures, as discussed below.
[2]	Primarily includes charges in connection with the Q2 2024 decision to close nine restaurants in Hong Kong.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	475,000,000	475,000,000
Common stock, issued (in shares)	85,776,033	86,968,536
Common stock, outstanding (in shares)	85,776,033	86,968,536

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Cash dividends declared per common share (in USD per share)	$ 0.24	$ 0.24	$ 0.48	$ 0.48
Accumulated deficit
Excise tax on share repurchases	$ 151	$ 31	$ 151	$ 48

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands, except per share data)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Net income (loss) attributable to Bloomin’ Brands	$	28,403	$	68,277	$	(55,469)	$	159,588





Basic weighted average common shares outstanding	86,688		88,559		86,856		88,838

Effect of dilutive securities:
Stock options	204		395		—		398
Nonvested restricted stock units	86		132		—		201
Nonvested performance-based share units	—		—		—		143
Convertible senior notes (1)	1,005		5,002		—		4,917
Warrants (1)	649		3,313		—		3,209
Diluted weighted average common shares outstanding	88,632		97,401		86,856		97,706

Basic earnings (loss) per share	$	0.33	$	0.77	$	(0.64)	$	1.80
Diluted earnings (loss) per share	$	0.32	$	0.70	$	(0.64)	$	1.63

________________


	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
(shares in thousands)	JUNE 30, 2024	JUNE 25, 2023	JUNE 30, 2024	JUNE 25, 2023
Stock options	324	689	451	707
Nonvested restricted stock units	55	21	199	70
Nonvested performance-based share units	619	581	543	463

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Bloomin’ Brands	$ 28,403	$ 68,277	$ (55,469)	$ 159,588

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-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
-SubTopic 10
-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
-SubTopic 220
-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

+ Details

Accrued and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 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)	JUNE 30, 2024		DECEMBER 31, 2023
Accrued payroll and other compensation	$	78,729	$	98,903
Accrued insurance	17,434		19,310
Other current liabilities	114,494		137,601
	$	210,657	$	255,814

Description of the Business and Basis of Presentation (Description of the Business) (Details)	Jun. 30, 2024 restaurantConcept
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restaurant concepts in portfolio	4

Accrued and Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

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


(dollars in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Accrued payroll and other compensation	$	78,729	$	98,903
Accrued insurance	17,434		19,310
Other current liabilities	114,494		137,601
	$	210,657	$	255,814

Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued payroll and other compensation	$ 78,729	$ 98,903
Accrued insurance	17,434	19,310
Other current liabilities	114,494	137,601
Accrued and other current liabilities	$ 210,657	$ 255,814

Fair Value Measurements

6 Months Ended

Jun. 30, 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:


	JUNE 30, 2024						DECEMBER 31, 2023
(dollars in thousands)	TOTAL		LEVEL 1		LEVEL 2		TOTAL		LEVEL 1		LEVEL 2
Assets:
Cash equivalents:
Fixed income funds	$	22,305	$	22,305	$	—	$	12,837	$	12,837	$	—
Money market funds	15,992		15,992		—		11,083		11,083		—
Restricted cash equivalents:

Money market funds	—		—		—		2,854		2,854		—
Other current assets, net:
Derivative instruments - interest rate swaps	1,591		—		1,591		320		—		320


Total asset recurring fair value measurements	$	39,888	$	38,297	$	1,591	$	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	420		—		420		893		—		893
Total liability recurring fair value measurements	$	420	$	—	$	420	$	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 June 30, 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:


	JUNE 30, 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	$	685,000	$	685,000		$	381,000	$	381,000



2025 Notes	$	20,724	$	35,958		$	104,786	$	265,896
2029 Notes	$	300,000	$	270,342		$	300,000	$	277,809

- Definition

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

+ References + Details

Stock-based Compensation Plans (Stock-based Compensation Expense) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 25, 2023

Jun. 30, 2024

Jun. 25, 2023

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

Compensation expense

$ 465

$ 5,117

$ 2,895

$ 8,003

Performance-based share units

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

Compensation expense

(1,556)

^[1]

2,297

(1,063)

^[1]

3,220

Restricted stock units

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

Compensation expense

2,021

1,985

3,958

3,948

Stock options

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

Compensation expense

$ 0

$ 835

$ 0

$ 835

[1]	The thirteen and twenty-six weeks ended June 30, 2024 include a cumulative life-to-date adjustment to decrease expense for PSUs granted in fiscal year 2023 based on updated assumptions regarding the criteria set forth in the award agreements.

- Definition

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.

+ References

+ Details

Income Taxes (Change in Effective Rate) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		7 Months Ended	31 Months Ended
	Jul. 24, 2024	Sep. 30, 2022	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023	Dec. 24, 2024	Dec. 31, 2026
Income Tax Holiday [Line Items]
Income (loss) before provision for income taxes			$ 31,329	$ 76,485	$ (40,991)	$ 184,674
Provision for income taxes			$ 1,698	$ 6,483	$ 11,668	$ 21,244
Effective income tax rate			5.40%	8.50%	(28.50%)	11.50%
Change in effective income tax rate			3.10%
Blended federal and state statutory income tax rate			26.00%	26.00%	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%
BRAZIL \| Secretariat of the Federal Revenue Bureau of Brazil \| Subsequent event
Income Tax Holiday [Line Items]
Payments for other deposits	$ 42,900
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%
Brazilian tax legislation \| BRAZIL \| Secretariat of the Federal Revenue Bureau of Brazil \| Forecast
Income Tax Holiday [Line Items]
Effective income tax rate reconciliation, tax holiday, percent							100.00%	100.00%

Stock-based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 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				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Performance-based share units (1)	$	(1,556)	$	2,297	$	(1,063)	$	3,220
Restricted stock units	2,021		1,985		3,958		3,948
Stock options	—		835		—		835

Total stock-based compensation expense, net of capitalized expense	$	465	$	5,117	$	2,895	$	8,003

________________

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	(86)	$	27.57
Outstanding as of June 30, 2024	786	$	27.43	$	15,107
Expected to vest as of June 30, 2024 (3)	288			$	5,543

________________

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

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

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


	TWENTY-SIX WEEKS ENDED
	JUNE 30, 2024			JUNE 25, 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.

Schedule of unrecognized compensation cost, nonvested awards

The following represents unrecognized stock-based compensation expense and the remaining weighted average recognition period as of June 30, 2024:


	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED AVERAGE RECOGNITION PERIOD (in years)
Performance-based share units	$	6,976	2.7
Restricted stock units	$	12,302	2.1

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 25, 2023

Jun. 30, 2024

Jun. 25, 2023

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

$ 1,118,866

$ 1,152,694

$ 2,314,193

$ 2,397,440

Restaurant sales

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

1,103,565

1,137,330

2,283,052

2,365,564

Restaurant sales | U.S. segment

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

962,088

993,438

1,992,984

2,074,007

Restaurant sales | International segment

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

141,477

143,892

290,068

291,557

Restaurant sales | International segment | BRAZIL | Brazilian tax legislation

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

9,600

19,200

Restaurant sales | Outback Steakhouse

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

562,904

576,989

1,166,517

1,205,172

Restaurant sales | Carrabba’s Italian Grill

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

174,576

176,666

359,005

364,708

Restaurant sales | Bonefish Grill

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

134,279

143,458

278,782

301,147

Restaurant sales | Fleming’s Prime Steakhouse & Wine Bar

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

88,390

92,851

184,552

195,624

Restaurant sales | Other - U.S.

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

1,939

3,474

4,128

7,356

Restaurant sales | Outback Steakhouse - Brazil

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

118,357

119,295

^[1]

243,194

241,311

^[1]

Restaurant sales | Other - international

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

^[2]

23,120

24,597

^[1]

46,874

50,246

^[1]

Franchise and other revenues

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

12,116

12,568

24,926

26,091

Franchise and other revenues | U.S. segment

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

8,974

9,082

18,228

18,607

Franchise and other revenues | International segment

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

3,142

3,486

6,698

7,484

Franchise and other revenues | Outback Steakhouse

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

8,076

8,219

16,396

16,763

Franchise and other revenues | Carrabba’s Italian Grill

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

752

758

1,488

1,553

Franchise and other revenues | Bonefish Grill

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

128

288

266

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

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

Franchise and other revenues | Other - U.S.

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

Franchise and other revenues | Outback Steakhouse - Brazil

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

Franchise and other revenues | Other - international

Disaggregation of Revenue [Line Items]

Restaurant sales, franchise and other revenues

^[2]

$ 3,142

$ 3,486

$ 6,698

$ 7,484

[1]	Includes $9.6 million and $19.2 million of Restaurant sales during the thirteen and twenty-six weeks ended June 25, 2023, respectively, in connection with value added tax exemptions resulting from Brazil tax legislation. See Note 15 - 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.

Impairments and Exit Costs (Tables)

6 Months Ended

Jun. 30, 2024

Impairments, Exit Costs and Disposals [Abstract]

Provision for impaired assets and restaurant closings

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


	THIRTEEN WEEKS ENDED		TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 30, 2024
Impairment losses
U.S. (1)	$	—	$	1,852
International (2)	14,048		14,048

Total impairment losses	$	14,048	$	15,900
Restaurant closure charges
U.S. (1)	$	2,135	$	11,219
International (2)	78		15
Total restaurant closure charges	2,213		11,234
Provision for impaired assets and restaurant closings	$	16,261	$	27,134

________________

(1)Primarily includes charges in connection with the 2023 Restaurant Closures, as discussed below.

(2)Primarily includes charges in connection with the Q2 2024 decision to close nine restaurants in Hong Kong.

Restructuring and related costs

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

DESCRIPTION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION

TWENTY-SIX WEEKS ENDED

JUNE 30, 2024

Asset impairments and closure charges

Provision for impaired assets and restaurant closings

11,714

Severance and other expenses

General and administrative

2,974

Closure-related labor costs

Labor and other related

434

Total (1)

15,122

________________

(1)During the fourth quarter of 2023, the Company recognized $32.4 million of net charges in connection with the 2023 Restaurant Closures.

Description of the Business and Basis of Presentation	6 Months Ended
Description of the Business and Basis of Presentation	Jun. 30, 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. In April 2024, the SEC voluntarily stayed the final rule due to pending legal challenges. 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.

Long-term Debt, Net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt, net

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


	JUNE 30, 2024				DECEMBER 31, 2023
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior secured credit facility - revolving credit facility (1)	$	685,000	6.96	%	$	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)	(3,742)				(5,067)



Long-term debt, net	$	1,001,982			$	780,719

________________

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Segment Reporting (Income (Loss) from Operations Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Segment Reporting [Abstract]
Income from operations	$ 46,131	$ 89,446	$ 123,224	$ 210,079
Loss on extinguishment of debt	0	0	(135,797)	0
Interest expense, net	(14,802)	(12,961)	(28,418)	(25,405)
Income (loss) before provision for income taxes	$ 31,329	$ 76,485	$ (40,991)	$ 184,674

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: 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(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Convertible Senior Notes

6 Months Ended

Jun. 30, 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 its 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 twenty-six weeks ended June 30, 2024.

In connection with dividends paid during the twenty-six weeks ended June 30, 2024, the conversion rate for the Company’s remaining 2025 Notes decreased to approximately $10.94 per share, which represents 91.403 shares of common stock per $1,000 principal amount of the 2025 Notes, or a total of approximately 1.894 million shares.

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


(dollars in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Principal	$	20,724	$	104,786
Less: unamortized debt issuance costs (1)	(138)		(1,138)
Net carrying amount	$	20,586	$	103,648

________________

(1)During the twenty-six weeks ended June 30, 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				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Coupon interest	$	259	$	1,310	$	1,265	$	2,622
Debt issuance cost amortization	40		198		198		394
Total interest expense (1)	$	299	$	1,508	$	1,463	$	3,016

________________

Based on the daily closing prices of the Company’s stock during the quarter ended June 30, 2024, the remaining holders of the 2025 Notes are eligible to convert their notes during the third 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 twenty-six weeks ended June 30, 2024. The Company also recorded an $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 twenty-six weeks ended June 30, 2024, the strike price for the remaining warrants decreased to $15.32.

Stockholders' Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Dividends payable [Line Items]
Common stock, dividends, cash paid (in USD per share)		$ 0.24	$ 0.24		$ 0.48
Dividends, common stock, cash		$ 20,762	$ 21,075	$ 20,990	$ 41,837	$ 42,004
Common stock, dividends declared (in USD per share)		$ 0.24		$ 0.24	$ 0.48	$ 0.48
Subsequent event
Dividends payable [Line Items]
Common stock, dividends declared (in USD per share)	$ 0.24
Dividends payable, date to be paid	Sep. 04, 2024
Dividends payable, date of record	Aug. 20, 2024

Convertible Senior Notes (Convertible Notes Text) (Details) $ / shares in Units, shares in Thousands			3 Months Ended		6 Months Ended
	May 31, 2024 USD ($) $ / shares shares	Feb. 29, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Jun. 25, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 25, 2023 USD ($)	Dec. 31, 2023
Debt Instrument [Line Items]
Repayments of convertible senior notes					$ 2,335,000	$ 214,000
Loss on extinguishment of debt			$ 0	$ 0	(135,797,000)	$ 0
Issuance of common stock from repurchase of convertible senior notes, value					216,152,000
Additional paid-in capital
Debt Instrument [Line Items]
Issuance of common stock from repurchase of convertible senior notes, value					$ 216,078,000
Convertible debt \| 2025 Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		5.00%	5.00%		5.00%		5.00%
Issuance of common stock from repurchase of convertible senior notes (in shares) \| shares		7,500
Repayments of convertible senior notes		$ 3,300,000
2025 Notes repurchase amount		$ 83,600,000			$ 83,600,000
Loss on extinguishment of debt					135,800,000
Debt instrument, convertible, conversion price (in USD per share) \| $ / shares	$ 10.94
Debt instrument, convertible, conversion ratio	91.403
Debt instrument, convertible principal amount	$ 1,000
Debt conversion, converted instrument, shares to be issued (in shares) \| shares	1,894
Convertible debt \| 2025 Notes \| Additional paid-in capital
Debt Instrument [Line Items]
Issuance of common stock from repurchase of convertible senior notes, value					$ 216,100,000

Impairments and Exit Costs (Restructuring and Related Costs) (Details) - 2023 Closure Initiative
$ in Thousands

3 Months Ended

6 Months Ended

Dec. 31, 2023

USD ($)

Restaurants

Jun. 30, 2024

USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Total 2023 Closure Initiative charges

$ 32,400

$ 15,122

^[1]

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

11,714

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

2,974

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

Aussie Grill | U.S. segment

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of restaurants | Restaurants

Aussie Grill | International segment

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of restaurants | Restaurants

[1]	During the fourth quarter of 2023, the Company recognized $32.4 million of net charges in connection with the 2023 Restaurant Closures.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation


	THIRTEEN WEEKS ENDED						TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024			JUNE 25, 2023			JUNE 30, 2024			JUNE 25, 2023
Income (loss) before provision for income taxes	$	31,329		$	76,485		$	(40,991)		$	184,674
Provision for income taxes	$	1,698		$	6,483		$	11,668		$	21,244
Effective income tax rate	5.4		%	8.5		%	(28.5)		%	11.5		%

Commitments and Contingencies (Lease Guarantees) (Details) - Property lease guarantee - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 12.3
Guarantee obligations, maximum exposure at present value	9.8
Lease guarantee contingent liabilities	$ 2.3	$ 5.3

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of revenue

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


	THIRTEEN WEEKS ENDED
	JUNE 30, 2024				JUNE 25, 2023
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	562,904	$	8,076	$	576,989	$	8,219
Carrabba’s Italian Grill	174,576		752		176,666		758
Bonefish Grill	134,279		128		143,458		95
Fleming’s Prime Steakhouse & Wine Bar	88,390		—		92,851		—
Other	1,939		18		3,474		10
U.S. total	962,088		8,974		993,438		9,082
International
Outback Steakhouse - Brazil (1)	118,357		—		119,295		—
Other (1)(2)	23,120		3,142		24,597		3,486
International total	141,477		3,142		143,892		3,486
Total	$	1,103,565	$	12,116	$	1,137,330	$	12,568

	TWENTY-SIX WEEKS ENDED
	JUNE 30, 2024				JUNE 25, 2023
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	1,166,517	$	16,396	$	1,205,172	$	16,763
Carrabba’s Italian Grill	359,005		1,488		364,708		1,553
Bonefish Grill	278,782		288		301,147		266
Fleming’s Prime Steakhouse & Wine Bar	184,552		—		195,624		—
Other	4,128		56		7,356		25
U.S. total	1,992,984		18,228		2,074,007		18,607
International
Outback Steakhouse - Brazil (1)	243,194		—		241,311		—
Other (1)(2)	46,874		6,698		50,246		7,484
International total	290,068		6,698		291,557		7,484
Total	$	2,283,052	$	24,926	$	2,365,564	$	26,091

________________

Contract with customers, asset and liability

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


(dollars in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Other current assets, net
Deferred gift card sales commissions	$	12,650	$	18,081

Unearned revenue
Deferred gift card revenue	$	300,590	$	374,274
Deferred loyalty revenue	6,461		5,664
Deferred franchise fees - current	460		473
Other	1,504		1,466
Total Unearned revenue	$	309,015	$	381,877

Other long-term liabilities, net
Deferred franchise fees - non-current	$	3,896	$	4,036

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Balance, beginning of the period	$	13,520	$	13,403	$	18,081	$	17,755
Deferred gift card sales commissions amortization	(5,163)		(5,383)		(12,661)		(13,180)
Deferred gift card sales commissions capitalization	4,942		5,340		8,856		9,743
Other	(649)		(666)		(1,626)		(1,624)
Balance, end of the period	$	12,650	$	12,694	$	12,650	$	12,694

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


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(dollars in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Balance, beginning of the period	$	312,283	$	314,096	$	374,274	$	386,495
Gift card sales	59,336		65,338		105,945		118,343
Gift card redemptions	(66,854)		(70,175)		(169,324)		(188,458)
Gift card breakage	(4,175)		(4,317)		(10,305)		(11,438)
Balance, end of the period	$	300,590	$	304,942	$	300,590	$	304,942

Segment Reporting (Revenue, Depreciation and Operating Income by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 1,118,866	$ 1,152,694	$ 2,314,193	$ 2,397,440
Depreciation and amortization	49,525	47,565	98,807	93,867
Income (loss) from operations	46,131	89,446	123,224	210,079
Corporate, non-segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	0	0	0	0
Depreciation and amortization	2,214	2,064	4,267	4,284
Income (loss) from operations	(32,672)	(34,048)	(68,825)	(71,166)
U.S. segment \| Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	974,173	1,005,229	2,017,277	2,098,225
Depreciation and amortization	40,616	39,375	80,584	77,538
Income (loss) from operations	79,677	103,008	177,161	236,251
International segment \| Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	144,693	147,465	296,916	299,215
Depreciation and amortization	6,695	6,126	13,956	12,045
Income (loss) from operations	$ (874)	$ 20,486	$ 14,888	$ 44,994

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Revenues
Restaurant sales, franchise and other revenues	$ 1,118,866	$ 1,152,694	$ 2,314,193	$ 2,397,440
Costs and expenses
Food and beverage	336,063	351,226	693,892	735,440
Labor and other related	328,913	325,934	672,115	667,476
Other restaurant operating	280,821	273,338	571,093	556,265
Depreciation and amortization	49,525	47,565	98,807	93,867
General and administrative	61,152	63,358	127,928	129,162
Provision for impaired assets and restaurant closings	16,261	1,827	27,134	5,151
Total costs and expenses	1,072,735	1,063,248	2,190,969	2,187,361
Income from operations	46,131	89,446	123,224	210,079
Loss on extinguishment of debt	0	0	(135,797)	0
Interest expense, net	(14,802)	(12,961)	(28,418)	(25,405)
Income (loss) before provision for income taxes	31,329	76,485	(40,991)	184,674
Provision for income taxes	1,698	6,483	11,668	21,244
Net income (loss)	29,631	70,002	(52,659)	163,430
Less: net income attributable to noncontrolling interests	1,228	1,725	2,810	3,842
Net income (loss) attributable to Bloomin’ Brands	28,403	68,277	(55,469)	159,588
Other comprehensive income (loss):
Foreign currency translation adjustment	(9,858)	4,502	(11,789)	3,368
Net gain on derivatives, net of tax	330	0	1,487	0
Comprehensive income (loss)	20,103	74,504	(62,961)	166,798
Less: comprehensive income attributable to noncontrolling interests	1,228	1,725	2,810	3,842
Comprehensive income (loss) attributable to Bloomin’ Brands	$ 18,875	$ 72,779	$ (65,771)	$ 162,956
Earnings (loss) per share:
Basic (in USD per share)	$ 0.33	$ 0.77	$ (0.64)	$ 1.80
Diluted (in USD per share)	$ 0.32	$ 0.70	$ (0.64)	$ 1.63
Weighted average common shares outstanding:
Basic (in shares)	86,688	88,559	86,856	88,838
Diluted (in shares)	88,632	97,401	86,856	97,706
Restaurant sales
Revenues
Restaurant sales, franchise and other revenues	$ 1,103,565	$ 1,137,330	$ 2,283,052	$ 2,365,564
Franchise and other revenues
Revenues
Restaurant sales, franchise and other revenues	$ 15,301	$ 15,364	$ 31,141	$ 31,876

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Capitalized Contract Cost, Net, Current [Roll Forward]
Balance, beginning of the period	$ 13,520	$ 13,403	$ 18,081	$ 17,755
Deferred gift card sales commissions amortization	(5,163)	(5,383)	(12,661)	(13,180)
Deferred gift card sales commissions capitalization	4,942	5,340	8,856	9,743
Other	(649)	(666)	(1,626)	(1,624)
Balance, end of the period	$ 12,650	$ 12,694	$ 12,650	$ 12,694

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

1 Months Ended

3 Months Ended

6 Months Ended

Mar. 04, 2024

Feb. 13, 2024

Aug. 02, 2024

Jun. 30, 2024

Mar. 31, 2024

Jun. 25, 2023

Jun. 30, 2024

Jun. 25, 2023

Apr. 23, 2024

Mar. 01, 2024

Share Repurchase Program [Line Items]

Repurchase and retirement of common stock, including excise tax

$ 15,151,000

$ 15,570,000

$ 248,054,000

$ 36,232,000

Accumulated deficit

Share Repurchase Program [Line Items]

Repurchase and retirement of common stock, including excise tax

53,449,000

$ 15,564,000

242,283,000

$ 36,217,000

Additional paid-in capital

Share Repurchase Program [Line Items]

Repurchase and retirement of common stock, including excise tax

(38,319,000)

5,681,000

March 1, 2024

Share Repurchase Program [Line Items]

Stock repurchase program, authorized amount

$ 220,000,000.0

Repurchase and retirement of common stock, including excise tax

$ 220,000,000.0

44,000,000.0

Repurchase and retirement of common stock (in shares)

6,500

Initial shares delivered under ASR agreement percentage

80.00%

Accelerated share repurchases, settlement receipt

1,400

March 1, 2024 | Accumulated deficit

Share Repurchase Program [Line Items]

Repurchase and retirement of common stock, including excise tax

(38,300,000)

$ (176,000,000.0)

March 1, 2024 | Additional paid-in capital

Share Repurchase Program [Line Items]

Repurchase and retirement of common stock, including excise tax

38,300,000

44,000,000.0

Accelerated share repurchases, fees

$ 400,000

2023 share repurchase program

Share Repurchase Program [Line Items]

Stock repurchase program, authorized repurchase amount canceled

$ 57,500,000

2024 share repurchase program

Share Repurchase Program [Line Items]

Stock repurchase program, authorized amount

$ 350,000,000.0

Repurchase and retirement of common stock, including excise tax

^[1]

$ 59,000,000

Repurchase and retirement of common stock (in shares)

2,156

Stock repurchase program, remaining authorized repurchase amount

$ 115,000,000.0

115,000,000.0

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

$ 27.36

2024 share repurchase program | Subsequent event

Share Repurchase Program [Line Items]

Repurchase and retirement of common stock, including excise tax

$ 15,600,000

Repurchase and retirement of common stock (in shares)

823

2023 and 2024 share repurchase programs

Share Repurchase Program [Line Items]

Repurchase and retirement of common stock, including excise tax

$ 188,500,000

$ 247,500,000

^[2]

Repurchase and retirement of common stock (in shares)

6,948

9,104

^[2]

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

$ 27.13

$ 27.18

^[2]

[1]	Includes $44.0 million of share repurchases in connection with the ASR Agreement that settled during the thirteen weeks ended June 30, 2024.
[2]	Excludes $0.4 million of fees recorded in Accumulated deficit related to repurchases under the ASR Agreement. Subsequent to June 30, 2024, the Company repurchased 823 thousand shares of its common stock for $15.6 million under the 2024 Share Repurchase Program through August 2, 2024 under a Rule 10b5-1 plan.

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

6 Months Ended

Jun. 30, 2024

Jun. 25, 2023

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

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 twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively.

- Definition

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.

+ References

+ Details

Earnings (Loss) Per Share (Antidilutive Securities) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Stock options
Antidilutive securities excluded from computation of earnings (loss) per share [Line Items]
Antidilutive securities not included in the computation of earnings (loss) per share (in shares)	324	689	451	707
Nonvested restricted stock units
Antidilutive securities excluded from computation of earnings (loss) per share [Line Items]
Antidilutive securities not included in the computation of earnings (loss) per share (in shares)	55	21	199	70
Nonvested performance-based share units
Antidilutive securities excluded from computation of earnings (loss) per share [Line Items]
Antidilutive securities not included in the computation of earnings (loss) per share (in shares)	619	581	543	463

Fair Value Measurements (Carrying Value and Fair Value of Debt by Hierarchy Level) (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 685,000	$ 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	685,000	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	35,958	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	270,342	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