0001546417-25-000103 | 10-Q | XBRL Viewer

[1]	Includes $1.6 million of foreign currency translation gains on contingent consideration assets and indemnification liabilities, as discussed below.

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483475/205-20-45-4

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Leases

3 Months Ended

Mar. 30, 2025

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 SHEETS CLASSIFICATION	MARCH 30, 2025		DECEMBER 29, 2024
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,031,937	$	1,012,857
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	12,271		10,058
Total lease assets, net		$	1,044,208	$	1,022,915

Current operating lease liabilities	Current operating lease liabilities	$	161,188	$	158,806
Current finance lease liabilities	Accrued and other current liabilities	3,338		2,618
Non-current operating lease liabilities	Non-current operating lease liabilities	1,095,873		1,088,518
Non-current finance lease liabilities	Other long-term liabilities, net	10,694		8,359
Total lease liabilities		$	1,271,093	$	1,258,301

________________

(1)Net of accumulated amortization of $4.7 million and $4.0 million as of March 30, 2025 and December 29, 2024, 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
(dollars in thousands)			MARCH 30, 2025		MARCH 31, 2024
Operating lease cost (1)	Other restaurant operating		$	42,305	$	42,932
Variable lease cost	Other restaurant operating		1,192		1,054
Finance lease costs:
Amortization of leased assets	Depreciation and amortization		690		513
Interest on lease liabilities	Interest expense, net		239		175
Sublease revenue	Franchise and other revenues		(1,702)		(1,735)
Lease costs, net			$	42,724	$	42,939

________________

(1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.6 million and $3.4 million for the thirteen weeks ended March 30, 2025 and March 31, 2024, 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:


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	47,242	$	47,244

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 SHEETS CLASSIFICATION	MARCH 30, 2025		DECEMBER 29, 2024
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,031,937	$	1,012,857
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	12,271		10,058
Total lease assets, net		$	1,044,208	$	1,022,915

Current operating lease liabilities	Current operating lease liabilities	$	161,188	$	158,806
Current finance lease liabilities	Accrued and other current liabilities	3,338		2,618
Non-current operating lease liabilities	Non-current operating lease liabilities	1,095,873		1,088,518
Non-current finance lease liabilities	Other long-term liabilities, net	10,694		8,359
Total lease liabilities		$	1,271,093	$	1,258,301

________________

(1)Net of accumulated amortization of $4.7 million and $4.0 million as of March 30, 2025 and December 29, 2024, 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
(dollars in thousands)			MARCH 30, 2025		MARCH 31, 2024
Operating lease cost (1)	Other restaurant operating		$	42,305	$	42,932
Variable lease cost	Other restaurant operating		1,192		1,054
Finance lease costs:
Amortization of leased assets	Depreciation and amortization		690		513
Interest on lease liabilities	Interest expense, net		239		175
Sublease revenue	Franchise and other revenues		(1,702)		(1,735)
Lease costs, net			$	42,724	$	42,939

________________

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	47,242	$	47,244

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

Mar. 30, 2025

Dec. 29, 2024

Leases [Abstract]

Operating lease right-of-use assets

$ 1,031,937

$ 1,012,857

Finance lease right-of-use assets

^[1]

$ 12,271

$ 10,058

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

Property, fixtures and equipment, net

Total lease assets, net

$ 1,044,208

$ 1,022,915

Current operating lease liabilities

161,188

158,806

Current finance lease liabilities

$ 3,338

$ 2,618

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

Accrued and other current liabilities

Non-current operating lease liabilities

$ 1,095,873

$ 1,088,518

Non-current finance lease liabilities

$ 10,694

$ 8,359

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

Other long-term liabilities, net

Total lease liabilities

$ 1,271,093

$ 1,258,301

Accumulated amortization

$ 4,700

$ 4,000

[1]	Net of accumulated amortization of $4.7 million and $4.0 million as of March 30, 2025 and December 29, 2024, respectively.

Supplemental Balance Sheet Information

3 Months Ended

Mar. 30, 2025

Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information

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


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Prepaid expenses	$	28,329	$	23,102
Installment receivable from sale of business	120,214		—
Accounts receivable - gift cards, net	8,016		73,113
Accounts receivable - vendors, net	13,538		29,233
Accounts receivable - franchisees, net	3,061		2,975
Accounts receivable - other, net	9,443		9,280
Deferred gift card sales commissions	13,127		16,935


Other current assets, net	4,897		4,137
	$	200,625	$	158,775

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


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Company-owned life insurance	$	30,999	$	31,971
Deferred debt issuance costs - revolving credit facility (1)	10,176		10,743
Liquor licenses	22,533		22,422
Contingent consideration assets	31,493		—
Other assets	10,790		9,335
	$	105,991	$	74,471

________________

(1)Net of accumulated amortization of $1.2 million and $0.6 million as of March 30, 2025 and December 29, 2024, respectively.

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


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Accrued payroll and other compensation	$	50,961	$	64,522
Accrued insurance	16,334		19,527
Other current liabilities	89,065		94,265
	$	156,360	$	178,314

Other long-term liabilities, net, consisted of the following as of the periods indicated:


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Accrued insurance	$	36,499	$	33,519


Deferred compensation obligations	29,342		32,597
Other long-term liabilities (1)	38,797		27,304
	$	104,638	$	93,420

________________

(1)Includes indemnification liabilities in connection with the Brazil Sale Transaction. See Note 2 – Discontinued Operations for additional details.

Long-term debt, net, consisted of the following as of the periods indicated:


	MARCH 30, 2025				DECEMBER 29, 2024
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior secured credit facility - revolving credit facility (1)	$	600,000	6.22	%	$	710,000	6.52	%

2025 Notes (2)	20,724		5.00	%	20,724		5.00	%
2029 Notes	300,000		5.13	%	300,000		5.13	%
Long-term debt	920,724				1,030,724
Less: unamortized debt discount and issuance costs	(3,114)				(3,326)



Long-term debt, net	$	917,610			$	1,027,398

________________

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

(2)Obligations under the 2025 Notes, which matured on May 1, 2025, have been classified as long-term, reflecting the Company’s intent and ability to refinance these notes through borrowings on its existing revolving credit facility. On May 1, 2025, the 2025 Notes were settled primarily using borrowings from the revolving credit facility.

Debt Covenants - As of March 30, 2025 and December 29, 2024, the Company was in compliance with its debt covenants.

Fair Value Measurements

3 Months Ended

Mar. 30, 2025

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:


	CONSOLIDATED BALANCE SHEETS CLASSIFICATION	MEASUREMENT LEVEL	FAIR VALUE
(dollars in thousands)			MARCH 30, 2025		DECEMBER 29, 2024
Assets:
Short-term investments	Cash and cash equivalents	Level 1	$	4,982	$	11,868




Foreign currency forward contracts	Other current assets, net	Level 2	$	—	$	304


Liabilities:
Interest rate swaps	Accrued and other current liabilities	Level 2	$	951	$	579

Foreign currency forward contracts	Other current liabilities, net	Level 2	$	192	$	—
Interest rate swaps	Other long-term liabilities	Level 2	$	121	$	255

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


FINANCIAL INSTRUMENT						METHODS AND ASSUMPTIONS
Short-term investments						Carrying value approximates fair value because maturities are less than three months.
Derivative instruments						The Company’s derivative instruments include interest rate swaps and foreign currency forward contracts. Fair value measurements are based on the contractual terms of the derivatives and observable market-based inputs. 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. Foreign currency forwards are valued by comparing the contracted forward exchange rate to the current market forward exchange rate. Key inputs for the valuation of the foreign currency forwards are spot rates, foreign currency forward rates, and the interest rate curve of the domestic currency. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of March 30, 2025 and December 29, 2024, 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 the Company’s Consolidated Balance Sheets due to their short duration.

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


	MARCH 30, 2025				DECEMBER 29, 2024
(dollars in thousands)	CARRYING VALUE		FAIR VALUE LEVEL 2			CARRYING VALUE		FAIR VALUE LEVEL 2


Senior secured credit facility - revolving credit facility	$	600,000	$	600,000		$	710,000	$	710,000



2025 Notes	$	20,724	$	20,562		$	20,724	$	24,145
2029 Notes	$	300,000	$	259,005		$	300,000	$	270,132

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Supplemental Balance Sheet Information (Other Current Assets, Net) (Details) - USD ($) $ in Thousands	Mar. 30, 2025	Dec. 29, 2024	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Prepaid expenses	$ 28,329	$ 23,102
Installment receivable from sale of business	120,214	0
Deferred gift card sales commissions	13,127	16,935	$ 13,520	$ 18,081
Other current assets, net	4,897	4,137
Total other current assets, net	200,625	158,775
Accounts receivable - gift cards, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	8,016	73,113
Accounts receivable - vendors, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	13,538	29,233
Accounts receivable - franchisees, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	3,061	2,975
Accounts receivable - other, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 9,443	$ 9,280

Derivative Instruments and Hedging Activities (Non-Designated Hedges) (Details) - Mar. 30, 2025 R$ in Millions, $ in Millions	USD ($)	BRL (R$)
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 120.2	R$ 697.0

Convertible Senior Notes (Tables)

3 Months Ended

Mar. 30, 2025

Convertible Notes [Abstract]

Convertible senior notes balances

The following table includes the outstanding principal amount and carrying value of the Company’s remaining 5.00% convertible senior notes due in 2025 (the “2025 Notes”) as of the periods indicated:


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Principal	$	20,724	$	20,724
Less: unamortized debt issuance costs	(14)		(56)
Net carrying amount	$	20,710	$	20,668

Convertible senior notes interest expense

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025		MARCH 31, 2024
Coupon interest		$	259	$	1,006
Debt issuance cost amortization		42		158
Total interest expense (1)		$	301	$	1,164

________________

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

Stockholders' Equity (Other Comprehensive (Loss) Income) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 30, 2025

Mar. 31, 2024

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

$ 139,446

$ 412,003

Other comprehensive income (loss), net of tax

215,018

(774)

Balance at end of period

384,850

305,435

Accumulated other comprehensive loss

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

(212,793)

(178,304)

Other comprehensive income (loss), net of tax

215,018

(774)

Balance at end of period

2,225

(179,078)

Foreign currency translation adjustment

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

(212,172)

(177,689)

Other comprehensive income (loss), net of tax

^[1]

(2,353)

(1,931)

Reclassification from accumulated other comprehensive income, net of tax

217,548

Balance at end of period

3,023

(179,620)

Loss on derivatives, net of tax

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Balance at beginning of period

(621)

(615)

Change in fair value of derivatives, net of tax

(200)

1,435

Reclassification from accumulated other comprehensive income, net of tax

(278)

Balance at end of period

$ (798)

$ 542

[1]	Represents foreign currency translation adjustments primarily related to the Company’s equity method investment.

- 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
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+ Details

- Definition

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

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Discontinued Operations (Contingent Considerations Assets and Indemnifications (Details) - USD ($) $ in Thousands	Mar. 30, 2025	Dec. 29, 2024
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, contingent consideration, asset	$ 31,493	$ 0
Discontinued Operations, Held-for-Sale
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, contingent consideration, asset	31,500
Discontinued operation, amounts of material contingent liabilities remaining	7,500
Other assets, net \| Discontinued Operations, Held-for-Sale
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, contingent consideration, asset	29,300
Other long-term liabilities \| Discontinued Operations, Held-for-Sale
Income Statement and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation, amounts of material contingent liabilities remaining	$ 6,900

Description of the Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of Presentation - The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair statement of results 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. Unless otherwise noted, disclosures within these Notes to Consolidated Financial Statements relate solely to the Company’s continuing operations. 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 29, 2024.
Recently issued financial accounting standards not yet adopted	Recently Issued Financial Accounting Standards Not Yet Adopted - 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, and may be applied either prospectively for reporting periods after the effective date or retrospectively to prior periods presented. The Company is currently evaluating the impact ASU No. 2023-09 will have on its disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses,” (“ASU No. 2024-03”) which requires detailed disclosures in the notes to financial statements of expense categories within relevant income statement captions including purchases of inventory, employee compensation, depreciation and intangible asset amortization. ASU No. 2024-03 is effective for the Company beginning with the 2027 Form 10-K, with early adoption permitted, and may be applied either prospectively for reporting periods after the effective date or retrospectively to prior periods presented. The Company is currently evaluating the impact ASU No. 2024-03 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.
Reclassifications	Reclassifications - The Company reclassified certain immaterial amounts in prior period financial statements to conform to the current period’s presentation. These reclassifications had no effect on previously reported net income.

Revenue Recognition

3 Months Ended

Mar. 30, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

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


















	THIRTEEN WEEKS ENDED
	MARCH 30, 2025				MARCH 31, 2024
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	597,481	$	8,169	$	603,613	$	8,320
Carrabba’s Italian Grill	184,330		662		184,429		736
Bonefish Grill	135,991		104		144,503		160
Fleming’s Prime Steakhouse & Wine Bar	102,328		—		96,162		—
Other	—		—		2,189		38
U.S. total	1,020,130		8,935		1,030,896		9,254

International Franchise (1)	—		9,283		—		10,112
Other (2)	9,387		22		15,794		—

Total	$	1,029,517	$	18,240	$	1,046,690	$	19,366

________________

(1)The thirteen weeks ended March 30, 2025 include intercompany royalties from Brazil prior to the sale and royalties from Brazil after the sale.

(2)Includes Restaurant sales for Company-owned restaurants in Hong Kong and China.

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


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Other current assets, net
Deferred gift card sales commissions	$	13,127	$	16,935

Unearned revenue
Deferred gift card revenue	$	308,738	$	366,059
Deferred loyalty revenue	6,599		6,073
Deferred franchise fees - current	492		490
Other	1,842		1,477
Total Unearned revenue	$	317,671	$	374,099

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,010	$	3,901

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025		MARCH 31, 2024
Balance, beginning of the period		$	16,935	$	18,081
Deferred gift card sales commissions amortization		(6,897)		(7,498)
Deferred gift card sales commissions capitalization		3,973		3,914
Other		(884)		(977)
Balance, end of the period		$	13,127	$	13,520

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025		MARCH 31, 2024
Balance, beginning of the period		$	366,059	$	372,551
Gift card sales		46,526		45,161
Gift card redemptions		(97,594)		(101,016)
Gift card breakage		(6,253)		(6,062)
Balance, end of the period		$	308,738	$	310,634

- 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.

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-Paragraph 12
-Subparagraph (b)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2025	Mar. 30, 2025	Mar. 31, 2024
Dividends payable [Line Items]
Common stock, dividends, cash paid (in USD per share)			$ 0.15
Dividends, common stock, cash			$ 12,747
Common stock, dividends declared (in USD per share)		$ 0.15	$ 0.24
Subsequent event \| O 2025 Q1 Dividends
Dividends payable [Line Items]
Common stock, dividends declared (in USD per share)	$ 0.15

Equity Method Investment (Details) - USD ($) $ in Thousands		3 Months Ended
Equity Method Investment (Details) - USD ($) $ in Thousands	Dec. 30, 2024	Mar. 30, 2025	Mar. 31, 2024	Dec. 29, 2024
Schedule of Equity Method Investments [Line Items]
Equity method investment		$ 61,776		$ 0
Loss from equity method investment		$ 1,291	$ 0
Bold Hospitality Company, S.A.
Schedule of Equity Method Investments [Line Items]
Discontinued operation, equity method investment retained after disposal, ownership interest after disposal	33.00%

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 30, 2025

Stockholders' Equity Note [Abstract]

Dividends declared and paid

The Company declared and paid dividends per share during fiscal year 2025 as follows:




(dollars in thousands, except per share data)	DIVIDENDS PER SHARE		AMOUNT
First fiscal quarter	$	0.15	$	12,747

Schedule of accumulated other comprehensive loss

The following table is a rollforward of the components of Accumulated Other Comprehensive Income (Loss) for the periods indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025		MARCH 31, 2024
Foreign currency translation:
Balance, beginning of the period		$	(212,172)	$	(177,689)
Foreign currency translation adjustment (1)		(2,353)		(1,931)
Reclassification of foreign currency translation adjustments into earnings due to sale of business		217,548		—

Balance, end of the period		$	3,023	$	(179,620)
(Loss) gain on derivatives, net of tax:
Balance, beginning of the period		$	(621)	$	(615)
Change in fair value of derivatives, net of tax		(200)		1,435
Reclassification realized in Net income (loss), net of tax		23		(278)
Balance, end of the period		$	(798)	$	542
Accumulated other comprehensive income (loss):
Balance beginning of the period		$	(212,793)	$	(178,304)
Other comprehensive income (loss) attributable to Bloomin' Brands		215,018		(774)
Balance, end of the period		$	2,225	$	(179,078)

____________________

(1)Represents foreign currency translation adjustments primarily related to the Company’s equity method investment.

Stockholders' Equity (Share Repurchases) (Details) - 2024 share repurchase program - USD ($)	Mar. 30, 2025	Feb. 29, 2024
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount		$ 350,000,000.0
Stock repurchase program, remaining authorized repurchase amount	$ 96,800,000

Segment Reporting (Income from Operations Reconciliation - Table) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2025	Mar. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income (loss) from operations	$ 57,231	$ 70,917
Loss on extinguishment of debt	0	(135,797)
Interest expense, net	(11,187)	(13,676)
Income (loss) before provision for income taxes	46,044	(78,556)
Operating segments
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income (loss) from operations	96,674	107,173
Corporate
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income (loss) from operations	(39,768)	(35,739)
Other
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income (loss) from operations	$ 325	$ (517)

- Definition

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

+ References + Details

Segment Reporting (Reportable Segments) (Details)	Mar. 30, 2025 market
Segment Reporting [Abstract]
Franchised country count	12

Stock-based Compensation Plans (Tables)

3 Months Ended

Mar. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of nonvested performance-based units and restricted stock units activity

The following table presents a summary of the Company’s performance-based share units (“PSUs”) and restricted stock units (“RSUs”) activity:


			WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT				AGGREGATE INTRINSIC VALUE (1)
(in thousands, except per unit data)	PSUs	RSUs	PSUs		RSUs		PSUs		RSUs
Outstanding as of December 29, 2024	722	1,044	$	27.42	$	19.80	$	8,860	$	12,814
Granted (2)	312	727	$	7.75	$	7.83
Performance adjustment (3)	(229)	—	$	26.10	$	—
Vested	—	(184)	$	—	$	23.88
Forfeited	(172)	(129)	$	27.81	$	22.55
Outstanding as of March 30, 2025	633	1,458	$	18.12	$	13.06	$	4,692	$	10,801
Expected to vest as of March 30, 2025 (4)	312	1,458					$	2,309	$	10,801

________________

(1)Based on the $12.27 and $7.41 share price of the Company’s common stock on December 27, 2024 and March 28, 2025, the last trading day of the year ended December 29, 2024 and thirteen weeks ended March 30, 2025, respectively.

(2)The weighted average dividend yield was 6.40% and 6.46% for PSUs and RSUs, respectively. For PSU’s, a new performance structure was used for grants beginning in 2025. The new structure contains separate performance goals that are set at the beginning of each of the three annual performance periods and cliff vest after three years.

(3)Represents adjustment to 0% payout for PSUs granted during 2022.

(4)For PSUs, 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 2023, 2024 and 2025 PSU award agreements.

Schedule of unrecognized compensation cost, nonvested awards

The following represents unrecognized stock-based compensation expense and the remaining weighted average recognition period as of March 30, 2025:


	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED AVERAGE RECOGNITION PERIOD (in years)
Performance-based share units	$	2,349	2.9
Restricted stock units	$	14,925	2.3

Cover Page - $ / shares	3 Months Ended
Cover Page - $ / shares	Mar. 30, 2025	May 05, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2025
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		85,061,349
Amendment Flag	false
Entity Central Index Key	0001546417
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

Leases (Tables)

3 Months Ended

Mar. 30, 2025

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 SHEETS CLASSIFICATION	MARCH 30, 2025		DECEMBER 29, 2024
Operating lease right-of-use assets	Operating lease right-of-use assets	$	1,031,937	$	1,012,857
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	12,271		10,058
Total lease assets, net		$	1,044,208	$	1,022,915

Current operating lease liabilities	Current operating lease liabilities	$	161,188	$	158,806
Current finance lease liabilities	Accrued and other current liabilities	3,338		2,618
Non-current operating lease liabilities	Non-current operating lease liabilities	1,095,873		1,088,518
Non-current finance lease liabilities	Other long-term liabilities, net	10,694		8,359
Total lease liabilities		$	1,271,093	$	1,258,301

________________

(1)Net of accumulated amortization of $4.7 million and $4.0 million as of March 30, 2025 and December 29, 2024, 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
(dollars in thousands)			MARCH 30, 2025		MARCH 31, 2024
Operating lease cost (1)	Other restaurant operating		$	42,305	$	42,932
Variable lease cost	Other restaurant operating		1,192		1,054
Finance lease costs:
Amortization of leased assets	Depreciation and amortization		690		513
Interest on lease liabilities	Interest expense, net		239		175
Sublease revenue	Franchise and other revenues		(1,702)		(1,735)
Lease costs, net			$	42,724	$	42,939

________________

Cash flow, operating activities

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	47,242	$	47,244

Discontinued Operations

3 Months Ended

Mar. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On December 30, 2024 (the “Closing Date”), an indirect wholly owned subsidiary of the Company (the “Seller”) completed the sale of 67% of the ownership interest in its business in Brazil (the “Disposal Group”) to a fund managed by an affiliate of Vinci Partners Investments Ltd. (the “Buyer”) (the “Brazil Sale Transaction”). Following the closing, the Brazil restaurants began operating as unconsolidated franchisees.

The aggregate consideration paid to the Seller consists of 67% of the enterprise valuation of the Disposal Group in the amount of R$2.06 billion Brazilian Reais, which equals R$1.4 billion Brazilian Reais (approximately $225.3 million in U.S. Dollars based on the exchange rate on the Closing Date), subject to customary adjustments, and withholding for Brazilian taxes (the “Purchase Price”). On December 30, 2024 the Company received cash proceeds, net of withheld income taxes, of $103.9 million, in U.S. dollars based on the exchange rate on the Closing Date, representing 52% of the Purchase Price. The proceeds were applied to the Company’s revolving credit facility during the thirteen weeks ended March 30, 2025. The second installment payment, representing 48% of the Purchase Price, is due on the first anniversary of the Closing Date (based on the exchange rate on the date of payment) and will generate interest income based on the interbank deposit rate in Brazil until paid. During the thirteen weeks ended March 30, 2025 the Company recorded a pretax gain on the sale of the Disposal Group of $2.9 million within Net (loss) income from discontinued operations, net of tax in its Consolidated Statements of Operations and Comprehensive Income (Loss).

The sale represents a strategic shift to a primarily franchised model for the Company’s international operations. The assets and liabilities of the Disposal Group were classified as held for sale on the Company’s Consolidated Balance Sheet as of December 29, 2024. For the thirteen weeks ended March 30, 2025 and March 31, 2024, all sales, direct costs and expenses and income taxes attributable to restaurants classified as discontinued operations have been aggregated to a single caption titled (Loss) income from discontinued operations, net of tax in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for all periods presented.

As of the Closing Date, the fair value of the Company’s retained interest was $59.9 million based on the proportional enterprise valuation of the Disposal Group, adjusted for debt used by the Buyer to fund a portion of the Purchase Price and to be pushed down to the operating entity subsequent to the second installment payment. See Note 3 - Equity Method Investment for additional details regarding the Company’s retained interest in its Brazil operations.

, in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) includes the following for the periods indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024



Revenues	$	—	$	132,810






Operating costs and expenses	—		126,574
Gain on sale of Brazil business (1)	2,903		—


Income from operations	2,903		6,236


Provision for income taxes	3,157		3,328
(Loss) income from discontinued operations, net of tax	$	(254)	$	2,908

____________________

(1)Includes $1.6 million of foreign currency translation gains on contingent consideration assets and indemnification liabilities, as discussed below.

Contingent Consideration Assets and Indemnification Liabilities - During the thirteen weeks ended March 30, 2025, the Company recognized contingent consideration assets of $29.3 million and indemnification liabilities of $6.9 million within Other assets, net and Other long-term liabilities, net, respectively, on the Company’s Consolidated Balance Sheet in connection with the Brazil Sale Transaction. As of March 30, 2025, the Company’s balance of contingent consideration assets and indemnification liabilities, which are denominated in Brazilian Reais, increased to $31.5 million and $7.5 million, respectively, as a result of fluctuations in foreign exchange rates. All future activity related to contingent consideration assets and indemnification liabilities, including foreign exchange gains and losses, will also be reflected in discontinued operations.

Discontinued Operations

Segment Reporting (Individual Segment Income from Operations to Segment Income from Operations) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 30, 2025

Mar. 31, 2024

Segment reporting information [Line Items]

Revenues

$ 1,049,594

$ 1,069,073

Food and beverage

313,304

315,521

Labor and other related

315,250

314,718

Other restaurant operating

258,135

254,868

Total segment expenses

992,363

998,156

Income (loss) from operations

57,231

70,917

Operating segments

Segment reporting information [Line Items]

Revenues

1,040,186

1,053,216

Total segment expenses

943,512

946,043

Income (loss) from operations

96,674

107,173

Operating segments | U.S. segment

Segment reporting information [Line Items]

Revenues

1,030,903

1,043,104

Food and beverage

310,312

311,549

Labor and other related

312,705

311,199

Other restaurant operating

253,609

246,172

Other

^[1]

66,607

76,700

Total segment expenses

943,233

945,620

Income (loss) from operations

87,670

97,484

Operating segments | International franchise segment

Segment reporting information [Line Items]

Revenues

9,283

10,112

Total segment expenses

^[2]

279

423

Income (loss) from operations

$ 9,004

$ 9,689

[1]	Includes depreciation and amortization, general and administrative and impairment expense.
[2]	Includes general and administrative expense.

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

3 Months Ended

Mar. 30, 2025

Mar. 31, 2024

Disaggregation of Revenue [Line Items]

Revenues

$ 1,049,594

$ 1,069,073

Restaurant sales

Disaggregation of Revenue [Line Items]

Revenues

1,029,517

1,046,690

Restaurant sales | U.S. segment

Disaggregation of Revenue [Line Items]

Revenues

1,020,130

1,030,896

Restaurant sales | U.S. segment | Outback Steakhouse

Disaggregation of Revenue [Line Items]

Revenues

597,481

603,613

Restaurant sales | U.S. segment | Carrabba’s Italian Grill

Disaggregation of Revenue [Line Items]

Revenues

184,330

184,429

Restaurant sales | U.S. segment | Bonefish Grill

Disaggregation of Revenue [Line Items]

Revenues

135,991

144,503

Restaurant sales | U.S. segment | Fleming’s Prime Steakhouse & Wine Bar

Disaggregation of Revenue [Line Items]

Revenues

102,328

96,162

Restaurant sales | U.S. segment | Other - U.S.

Disaggregation of Revenue [Line Items]

Revenues

2,189

Restaurant sales | International franchise segment

Disaggregation of Revenue [Line Items]

Revenues

Restaurant sales | International franchise segment | Other - international

Disaggregation of Revenue [Line Items]

Revenues

^[1]

9,387

15,794

Franchise revenues

Disaggregation of Revenue [Line Items]

Revenues

18,240

19,366

Franchise revenues | U.S. segment

Disaggregation of Revenue [Line Items]

Revenues

8,935

9,254

Franchise revenues | U.S. segment | Outback Steakhouse

Disaggregation of Revenue [Line Items]

Revenues

8,169

8,320

Franchise revenues | U.S. segment | Carrabba’s Italian Grill

Disaggregation of Revenue [Line Items]

Revenues

662

736

Franchise revenues | U.S. segment | Bonefish Grill

Disaggregation of Revenue [Line Items]

Revenues

104

160

Franchise revenues | U.S. segment | Fleming’s Prime Steakhouse & Wine Bar

Disaggregation of Revenue [Line Items]

Revenues

Franchise revenues | U.S. segment | Other - U.S.

Disaggregation of Revenue [Line Items]

Revenues

Franchise revenues | International franchise segment

Disaggregation of Revenue [Line Items]

Revenues

^[2]

9,283

10,112

Franchise revenues | International franchise segment | Other - international

Disaggregation of Revenue [Line Items]

Revenues

^[1]

$ 22

$ 0

[1]	Includes Restaurant sales for Company-owned restaurants in Hong Kong and China.
[2]	he thirteen weeks ended March 30, 2025 include intercompany royalties from Brazil prior to the sale and royalties from Brazil after the sale.

Segment Reporting (Revenue by Segment - Table) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2025	Mar. 31, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 1,049,594	$ 1,069,073
Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,040,186	1,053,216
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	9,408	15,857
U.S. segment \| Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,030,903	1,043,104
International franchise segment \| Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 9,283	$ 10,112

- 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 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Convertible Senior Notes (Convertible Notes Text) (Details) - USD ($) $ in Thousands		3 Months Ended
	May 01, 2025	Mar. 30, 2025	Mar. 31, 2024	Dec. 29, 2024	May 08, 2020
Debt Instrument [Line Items]
Repayments of convertible debt		$ 0	$ 2,335
Convertible debt \| 2025 Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		5.00%		5.00%	5.00%
Convertible debt \| 2025 Notes \| Subsequent event
Debt Instrument [Line Items]
Repayments of convertible debt	$ 20,700

- 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/exampleRef
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+ Details

Convertible Senior Notes (Warrant Transactions) (Details)	Mar. 26, 2025 $ / shares
Convertible debt \| 2025 Notes
Debt Instrument [Line Items]
Class of warrant or right, exercise price of warrants or rights (in USD per share)	$ 14.60

- 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

Impairments and Exit Costs (Tables)

3 Months Ended

Mar. 30, 2025

Restructuring Costs and Asset Impairment Charges [Abstract]

Provision for impaired assets and restaurant closings

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 31, 2024
Impairment losses
U.S.	$	1,852
Other	—

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

________________

(1)Primarily related to the closure of 36 predominantly older, underperforming U.S. restaurants (the “2023 Restaurant Closures”). Activity for the thirteen weeks ended March 30, 2025 is immaterial.

Fair Value Measurements (Carrying Value and Fair Value of Debt by Hierarchy Level) (Details) - USD ($) $ in Thousands	Mar. 30, 2025	Dec. 29, 2024
Secured debt \| Senior secured 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	$ 600,000	$ 710,000
Secured debt \| Senior secured credit facility \| Carrying value measurement \| Revolving credit facility
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	600,000	710,000
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	20,562	24,145
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	20,724
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	259,005	270,132
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

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The remaining Swap Transactions have an aggregate notional amount of $275.0 million with the following terms:


NOTIONAL AMOUNT		WEIGHTED AVERAGE FIXED INTEREST RATE (1)	EFFECTIVE DATE	TERMINATION DATE

$	100,000,000	4.34%	December 29, 2023	December 31, 2025
175,000,000		4.40%	March 29, 2024	March 31, 2026
$	275,000,000	4.38%

____________________

(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)	CONSOLIDATED BALANCE SHEETS CLASSIFICATION	MARCH 30, 2025		DECEMBER 29, 2024




Interest rate swaps - liability	Accrued and other current liabilities	$	951	$	579
Interest rate swaps - liability	Other long-term liabilities, net	121		255
Total fair value of derivative instruments - liabilities (1)		$	1,072	$	834

____________________

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

Schedule of foreign exchange contracts, statement of operations

The following table summarizes the effects of the Company’s foreign exchange forward contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the period indicated:

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION

THIRTEEN WEEKS ENDED

(dollars in thousands)

MARCH 30, 2025

Loss on foreign currency forward contracts (1)

General and administrative

10,250

____________________

(1)The loss on foreign currency forward contracts is materially offset by the gains on foreign currency exchange related to the installment receivable from the Brazil Sale Transaction.

- 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

Income Taxes (Tables)

3 Months Ended

Mar. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025			MARCH 31, 2024
Income (loss) before provision for income taxes		$	46,044		$	(78,556)
Provision for income taxes		$	903		$	6,642
Effective income tax rate		2.0		%	(8.5)		%

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 30, 2025

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
(in thousands, except per share data)		MARCH 30, 2025		MARCH 31, 2024
Net income (loss) attributable to Bloomin’ Brands		$	42,152	$	(83,872)
Net (loss) income from discontinued operations, net of tax		(254)		2,908
Net income (loss) attributable to Bloomin’ Brands from continuing operations		$	42,406	$	(86,780)





Basic weighted average common shares outstanding		84,902		87,024

Effect of dilutive securities:



Stock-based compensation awards		228		—


Diluted weighted average common shares outstanding		85,130		87,024

Basic earnings (loss) per share:
Continuing operations		$	0.50	$	(1.00)
Discontinued operations		—		0.03
Net basic earnings (loss) per share		$	0.50	$	(0.96)

Diluted earnings (loss) per share:
Continuing operations		$	0.50	$	(1.00)
Discontinued operations		—		0.03
Net diluted earnings (loss) per share		$	0.50	$	(0.96)



Antidilutive stock-based compensation awards		2,151		1,095

Segment Reporting (Total Assets by Segment) (Details) - USD ($) $ in Thousands	Mar. 30, 2025	Dec. 29, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,305,370	$ 3,384,805
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,757,622	2,838,493
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	466,923	306,560
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	80,825	16,262
Other \| Discontinued operations
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	0	223,490
U.S. segment \| Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,653,142	2,735,251
International franchise segment \| Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 104,480	$ 103,242

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Income Taxes (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Feb. 29, 2024	Mar. 30, 2025	Mar. 31, 2024
Income Tax Holiday [Line Items]
Effective income tax rate reconciliation, increase (decrease) from prior year income taxes		10.50%
Blended federal and state statutory income tax rate		26.00%	26.00%
2025 Notes \| Convertible debt
Income Tax Holiday [Line Items]
2025 Notes repurchase amount	$ 83.6

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 30, 2025	Dec. 29, 2024
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)	84,987,054	84,854,768
Common stock, outstanding (in shares)	84,987,054	84,854,768

Supplemental Balance Sheet Information (Other Assets, Net) (Details) - USD ($)
$ in Thousands

Mar. 30, 2025

Dec. 29, 2024

Supplemental Balance Sheet Information [Abstract]

Company-owned life insurance

$ 30,999

$ 31,971

Deferred debt issuance costs - revolving credit facility

^[1]

10,176

10,743

Liquor licenses

22,533

22,422

Contingent consideration assets

31,493

Other assets

10,790

9,335

Other assets, net

105,991

74,471

Accumulated amortization, deferred financing fees

$ 1,200

$ 600

[1]	Net of accumulated amortization of $1.2 million and $0.6 million as of March 30, 2025 and December 29, 2024, respectively.

Impairments and Exit Costs

3 Months Ended

Mar. 30, 2025

Restructuring Costs and Asset Impairment Charges [Abstract]

Impairments and Exit Costs

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 31, 2024
Impairment losses
U.S.	$	1,852
Other	—

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

________________

Revenue Recognition (Contract Assets and Liabilities Summary) (Details) - USD ($) $ in Thousands	Mar. 30, 2025	Dec. 29, 2024	Mar. 31, 2024	Dec. 31, 2023
Revenue Recognition [Line Items]
Deferred gift card sales commissions	$ 13,127	$ 16,935	$ 13,520	$ 18,081
Unearned revenue	317,671	374,099
Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	308,738	366,059	$ 310,634	$ 372,551
Other current assets, net
Revenue Recognition [Line Items]
Deferred gift card sales commissions	13,127	16,935
Unearned revenue
Revenue Recognition [Line Items]
Unearned revenue	317,671	374,099
Unearned revenue \| Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	308,738	366,059
Unearned revenue \| Deferred loyalty revenue
Revenue Recognition [Line Items]
Unearned revenue	6,599	6,073
Unearned revenue \| Deferred franchise fees - current
Revenue Recognition [Line Items]
Unearned revenue	492	490
Unearned revenue \| Other
Revenue Recognition [Line Items]
Unearned revenue	1,842	1,477
Other long-term liabilities, net \| Deferred franchise fees - current
Revenue Recognition [Line Items]
Deferred franchise fees - non-current	$ 4,010	$ 3,901

Commitments and Contingencies (Lease Guarantees) (Details) - Property lease guarantee - USD ($) $ in Millions	Mar. 30, 2025	Dec. 29, 2024
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 11.6
Guarantee obligations, maximum exposure at present value	9.4
Lease guarantee contingent liabilities	$ 1.8	$ 1.6

- 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

Stock-based Compensation Plans (Unrecognized Stock Compensation Expense and the Remaining Weighted-Average Vesting Period) (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2025 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	$ 2,349
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	2 years 10 months 24 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock-based awards other than options	$ 14,925
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition	2 years 3 months 18 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Income Taxes (Change in Effective Rate) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income (loss) before provision for income taxes	$ 46,044	$ (78,556)
Provision for income taxes	$ 903	$ 6,642
Effective income tax rate	2.00%	(8.50%)

- Definition

+ References + Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Matters - The Company recorded reserves of $2.2 million and $2.3 million for certain of its outstanding legal proceedings as of March 30, 2025 and December 29, 2024, respectively, within Accrued and other current liabilities on its Consolidated Balance Sheets. While the Company believes that additional losses beyond these accruals are reasonably possible, it cannot estimate a possible loss contingency or range of reasonably possible loss contingencies beyond these accruals. Lease Guarantees - The Company assigned its interest, and is contingently liable, under certain real estate leases. These leases have varying terms, the latest of which expires in 2032. As of March 30, 2025, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was $11.6 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of March 30, 2025 was $9.4 million. In the event of default, the indemnity clauses in the Company’s purchase and sale agreements generally govern its ability to pursue and recover damages incurred. As of March 30, 2025 and December 29, 2024, the Company’s recorded contingent lease liability was $1.8 million and $1.6 million, respectively.

Derivative Instruments and Hedging Activities (Designated Hedges - Text) (Details)		3 Months Ended
	Mar. 05, 2024 USD ($) counterparty	Mar. 30, 2025 USD ($)	Dec. 29, 2024 USD ($)
Credit Agreement \| Secured debt \| Adjusted term SOFR option
Derivative [Line Items]
Debt instrument, basis spread on variable rate	0.10%
Revolving credit facility \| Secured debt \| Minimum \| Secured overnight financing rate (SOFR)
Derivative [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Revolving credit facility \| Secured debt \| Maximum \| Secured overnight financing rate (SOFR)
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	$ 275,000,000.0
Derivative, embedded floor interest rate	0.10%
Derivative, net liability position, aggregate fair value		$ 1,100,000	$ 800,000
Derivative, termination value		1,100,000	$ 800,000
Interest rate swap \| Designated as hedging instrument \| Interest income
Derivative [Line Items]
Cash flow hedge loss to be reclassified over the next 12 months		$ 1,100,000
Interest Rate Swap One Year Tenor \| Designated as hedging instrument
Derivative [Line Items]
Derivative, term of contract	1 year
Interest Rate Swap Two Year Tenor \| Designated as hedging instrument
Derivative [Line Items]
Derivative, term of contract	2 years

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. 31, 2023

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)

(82,290)

(83,872)

1,582

Other comprehensive income (loss), net of tax

(774)

Cash dividends declared, per common share

(21,075)

Repurchase and retirement of common stock (in shares)

(6,948,000)

Repurchase and retirement of common stock

(232,903)

$ (69)

(44,000)

(188,834)

Stock-based compensation

2,448

Common stock issued under stock plans (in shares)

^[1]

590,000

Common stock issued under stock plans

^[1]

(2,397)

$ 6

(2,403)

Distributions to noncontrolling interests

(2,043)

Contributions from noncontrolling interests

330

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

7,489,000

Issuance of common stock from repurchase of convertible senior notes

216,152

$ 74

216,078

Retirement of convertible senior note hedges (in shares)

(289,000)

Retirement of convertible senior note hedges

118,197

$ (3)

126,543

(8,343)

Retirement of warrants

(102,213)

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. 29, 2024

84,854,768

84,855,000

Balance at beginning of period at Dec. 29, 2024

$ 139,446

$ 849

1,273,288

(925,834)

(212,793)

3,936

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

Net income (loss)

43,596

42,152

1,444

Other comprehensive income (loss), net of tax

215,018

Cash dividends declared, per common share

(12,747)

Stock-based compensation

1,229

Common stock issued under stock plans (in shares)

^[1]

132,000

Common stock issued under stock plans

^[1]

(565)

$ 1

(566)

Distributions to noncontrolling interests

(1,800)

Contributions from noncontrolling interests

$ 673

673

Balance at end of period (in shares) at Mar. 30, 2025

84,987,054

84,987,000

Balance at end of period at Mar. 30, 2025

$ 384,850

$ 850

$ 1,261,204

$ (883,682)

$ 2,225

$ 4,253

[1]	Net of shares withheld for employee taxes.

Discontinued Operations (Narrative) (Details)
$ in Thousands, R$ in Millions

3 Months Ended

Dec. 30, 2025

Dec. 30, 2024

USD ($)

Nov. 06, 2024

BRL (R$)

Mar. 30, 2025

USD ($)

Mar. 31, 2024

USD ($)

Discontinued Operations, Held-for-Sale

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

Gain on sale of Brazil business

^[1]

$ 2,903

$ 0

Retained interest, fair value disclosure

$ 59,900

Brazil Disposal Group

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

Disposal group, including discontinued operation, amount sold, percentage

67.00%

Disposal group, including discontinued operation, consideration, gross | R$

R$ 2,060

Disposal group, including discontinued operation, consideration

225,300

R$ 1,400

Proceeds from sales of business, affiliate and productive assets

$ 103,900

Disposal group, including discontinued operation, percentage of installment to be paid

52.00%

Brazil Disposal Group | Discontinued Operations, Held-for-Sale

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

Gain on sale of Brazil business

$ 2,900

Brazil Disposal Group | Forecast

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

Disposal group, including discontinued operation, percentage of installment to be paid

48.00%

[1]	Includes $1.6 million of foreign currency translation gains on contingent consideration assets and indemnification liabilities, as discussed below.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 30, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 42,152	$ (83,872)

- 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 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 65
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+ Details

Convertible Senior Notes (Convertible Senior Notes Balances) (Details) - 2025 Notes - Convertible debt - USD ($) $ in Thousands	Mar. 30, 2025	Dec. 29, 2024
Debt Instrument [Line Items]
Principal	$ 20,724	$ 20,724
Less: unamortized debt issuance costs	(14)	(56)
Net carrying amount	$ 20,710	$ 20,668

- 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

Supplemental Balance Sheet Information (Accrued and Other Current Liabilities) (Details) - USD ($) $ in Thousands	Mar. 30, 2025	Dec. 29, 2024
Supplemental Balance Sheet Information [Abstract]
Accrued payroll and other compensation	$ 50,961	$ 64,522
Accrued insurance	16,334	19,527
Other current liabilities	89,065	94,265
Accrued and other current liabilities	$ 156,360	$ 178,314

Equity Method Investment	3 Months Ended
Equity Method Investment	Mar. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment Subsequent to the Brazil Sale Transaction, the Company retained a 33% interest in the franchisee of the Company’s restaurants in Brazil, which is accounted for using the equity method of accounting. To ensure timely reporting, the Company records the results of the equity method investment in Brazil on a calendar basis one-month lag. As of March 30, 2025, the carrying value of the Company’s equity method investment was $61.8 million and is recorded in Equity method investment on its Consolidated Balance Sheet. The Company’s proportionate share of net loss from its equity interest was $1.3 million for the quarter ended March 30, 2025 and is recorded within Loss from equity method investment, net of tax in the Consolidated Statements of Operations and Comprehensive Income (Loss).

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

Mar. 30, 2025

Dec. 29, 2024

Derivative [Line Items]

Derivative, interest rate swaps, liabilities, fair value

^[1]

$ 1,072

$ 834

Accrued and other current liabilities

Derivative [Line Items]

Derivative, interest rate swaps, liabilities, fair value

951

579

Other long-term liabilities

Derivative [Line Items]

Derivative, interest rate swaps, liabilities, fair value

$ 121

$ 255

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

Discontinued Operations (Tables)

3 Months Ended

Mar. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations income statement details

(Loss) income from discontinued operations, net of tax, in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) includes the following for the periods indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024



Revenues	$	—	$	132,810






Operating costs and expenses	—		126,574
Gain on sale of Brazil business (1)	2,903		—


Income from operations	2,903		6,236


Provision for income taxes	3,157		3,328
(Loss) income from discontinued operations, net of tax	$	(254)	$	2,908

____________________

(1)Includes $1.6 million of foreign currency translation gains on contingent consideration assets and indemnification liabilities, as discussed below.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Derivative Instruments and Hedging Activities (Effect of Foreign Exchange Forward Contracts) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 30, 2025

Mar. 31, 2024

Derivative [Line Items]

Loss on foreign currency forward contracts

$ 10,250

$ 0

General and administrative expense

Derivative [Line Items]

Loss on foreign currency forward contracts

^[1]

$ 10,250

[1]	The loss on foreign currency forward contracts is materially offset by the gains on foreign currency exchange related to the installment receivable from the Brazil Sale Transaction.

Earnings (Loss) Per Share

3 Months Ended

Mar. 30, 2025

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
(in thousands, except per share data)		MARCH 30, 2025		MARCH 31, 2024
Net income (loss) attributable to Bloomin’ Brands		$	42,152	$	(83,872)
Net (loss) income from discontinued operations, net of tax		(254)		2,908
Net income (loss) attributable to Bloomin’ Brands from continuing operations		$	42,406	$	(86,780)





Basic weighted average common shares outstanding		84,902		87,024

Effect of dilutive securities:



Stock-based compensation awards		228		—


Diluted weighted average common shares outstanding		85,130		87,024

Basic earnings (loss) per share:
Continuing operations		$	0.50	$	(1.00)
Discontinued operations		—		0.03
Net basic earnings (loss) per share		$	0.50	$	(0.96)

Diluted earnings (loss) per share:
Continuing operations		$	0.50	$	(1.00)
Discontinued operations		—		0.03
Net diluted earnings (loss) per share		$	0.50	$	(0.96)



Antidilutive stock-based compensation awards		2,151		1,095

Commitments and Contingencies (Litigation and Other Matters) (Details) - USD ($) $ in Millions	Mar. 30, 2025	Dec. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability	$ 2.2	$ 2.3

Segment Reporting (Tables)

3 Months Ended

Mar. 30, 2025

Segment Reporting [Abstract]

Summary of reporting segments

The following is a summary of reportable segments:

REPORTABLE SEGMENT

CONCEPT

GEOGRAPHIC LOCATION

U.S. (1)

Outback Steakhouse

United States of America

Carrabba’s Italian Grill

Bonefish Grill

Fleming’s Prime Steakhouse & Wine Bar

International Franchise

Outback Steakhouse

12 Franchise Markets

Carrabba’s Italian Grill (Abbraccio)

_________________

(1)Includes franchise locations.

Reconciliation of revenue from segments to consolidated

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024
Revenues
U.S.	$	1,030,903	$	1,043,104
International Franchise	9,283		10,112
Total segment revenues	1,040,186		1,053,216
All other revenues	9,408		15,857
Total revenues	$	1,049,594	$	1,069,073

Reconciliation of individual segment income from operations to total segment income from operations

The following table presents segment operating income and significant segment expense information for the periods indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024

U.S.
Total revenues	$	1,030,903	$	1,043,104
Less:
Food and beverage	310,312		311,549
Labor and other related	312,705		311,199
Other restaurant operating	253,609		246,172
Other (1)	66,607		76,700
Total segment expenses	943,233		945,620
Income from operations	$	87,670	$	97,484





International Franchise
Total revenues	$	9,283	$	10,112
Less:
Total segment expenses (2)	279		423
Income from operations	$	9,004	$	9,689





Total segment
Total revenues	$	1,040,186	$	1,053,216
Less:







Total segment expenses	943,512		946,043
Total segment income from operations	$	96,674	$	107,173

_________________

(1)Includes depreciation and amortization, general and administrative and impairment expense.

(2)Includes general and administrative expense.

Reconciliation of operating profit from segments to consolidated

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024



Total segment income from operations	$	96,674	$	107,173
Unallocated corporate operating expense	(39,768)		(35,739)
Other income (loss) from operations	325		(517)
Total income from operations	57,231		70,917
Loss on extinguishment of debt	—		(135,797)


Interest expense, net	(11,187)		(13,676)
Income (loss) before provision for income taxes	$	46,044	$	(78,556)

Reconciliation of segment depreciation and amortization and capital expenditures

The following table is a summary of depreciation and amortization and capital expenditures by segment for the periods indicated:


	THIRTEEN WEEKS ENDED
	DEPRECIATION AND AMORTIZATION				CAPITAL EXPENDITURES
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024		MARCH 30, 2025		MARCH 31, 2024
U.S.	$	41,613	$	39,968	$	42,301	$	48,589
Corporate	2,084		2,053		6,353		2,296
Other	250		679		—		332
Total	$	43,947	$	42,700	$	48,654	$	51,217

Schedule of segment total assets

The following table sets forth Total assets by segment as of the periods indicated:


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Assets
U.S.	$	2,653,142	$	2,735,251
International Franchise	104,480		103,242
Total segment assets	$	2,757,622	$	2,838,493
Corporate	466,923		306,560
Other	80,825		16,262
Assets of discontinued operations held for sale	—		223,490
Total assets	$	3,305,370	$	3,384,805

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

3 Months Ended

Mar. 30, 2025

Mar. 28, 2025

Dec. 27, 2024

Common stock

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

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

$ 7.41

$ 12.27

Performance-based share units

Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]

Outstanding as of December 29, 2024 (in shares)

722

Granted (in shares)

312

Performance adjustment (in shares)

^[1]

(229)

Vested (in shares)

Forfeited (in shares)

(172)

Outstanding as of March 30, 025 (in shares)

633

Expected to vest as of March 30, 2025 (in shares)

^[2]

312

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

Outstanding as of December 29, 2024 (in USD per share)

$ 27.42

Granted (in USD per share)

^[3]

7.75

Performance adjustment (in USD per share)

^[1]

26.10

Vested (in USD per share)

Forfeited (in USD per share)

27.81

Outstanding as of March 30, 2025 (in USD per share)

$ 18.12

Aggregate intrinsic value as of December 29, 2024

^[4]

$ 8,860

Aggregate intrinsic value as of March 30, 2025

4,692

Aggregate intrinsic value, expected to vest as of March 30, 2025

^[2]

$ 2,309

Dividend yield

6.40%

Share-based compensation arrangement by share-based payment award, cliff vesting period

3 years

Performance-based share units | 2022 PSU grant

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

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

0.00%

Restricted stock units

Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]

Outstanding as of December 29, 2024 (in shares)

1,044

Granted (in shares)

727

Performance adjustment (in shares)

Vested (in shares)

(184)

Forfeited (in shares)

(129)

Outstanding as of March 30, 025 (in shares)

1,458

Expected to vest as of March 30, 2025 (in shares)

1,458

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

Outstanding as of December 29, 2024 (in USD per share)

$ 19.80

Granted (in USD per share)

^[3]

7.83

Performance adjustment (in USD per share)

Vested (in USD per share)

23.88

Forfeited (in USD per share)

22.55

Outstanding as of March 30, 2025 (in USD per share)

$ 13.06

Aggregate intrinsic value as of December 29, 2024

^[4]

$ 12,814

Aggregate intrinsic value as of March 30, 2025

10,801

Aggregate intrinsic value, expected to vest as of March 30, 2025

$ 10,801

Dividend yield

6.46%

[1]	Represents adjustment to 0% payout for PSUs granted during 2022.
[2]	For PSUs, 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 2023, 2024 and 2025 PSU award agreements.
[3]	The weighted average dividend yield was 6.40% and 6.46% for PSUs and RSUs, respectively. For PSU’s, a new performance structure was used for grants beginning in 2025. The new structure contains separate performance goals that are set at the beginning of each of the three annual performance periods and cliff vest after three years.
[4]	Based on the $12.27 and $7.41 share price of the Company’s common stock on December 27, 2024 and March 28, 2025, the last trading day of the year ended December 29, 2024 and thirteen weeks ended March 30, 2025, respectively.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 30, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in USD per share)	$ 0.15	$ 0.24

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 30, 2025

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 that include one and two-year tenors. The remaining Swap Transactions have an aggregate notional amount of $275.0 million with the following terms:


NOTIONAL AMOUNT		WEIGHTED AVERAGE FIXED INTEREST RATE (1)	EFFECTIVE DATE	TERMINATION DATE

$	100,000,000	4.34%	December 29, 2023	December 31, 2025
175,000,000		4.40%	March 29, 2024	March 31, 2026
$	275,000,000	4.38%

____________________

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

In connection with the remaining Swap Transactions, the Company effectively converted $275.0 million of its outstanding indebtedness from 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 $1.1 million of interest expense will be reclassified from Accumulated Other Comprehensive Income (Loss) to Interest expense, net over the next 12 months related to the 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)	CONSOLIDATED BALANCE SHEETS CLASSIFICATION	MARCH 30, 2025		DECEMBER 29, 2024




Interest rate swaps - liability	Accrued and other current liabilities	$	951	$	579
Interest rate swaps - liability	Other long-term liabilities, net	121		255
Total fair value of derivative instruments - liabilities (1)		$	1,072	$	834

____________________

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

By utilizing the interest rate swaps, the Company is exposed to credit-related losses in the event that the counterparty fails to perform under the terms of the derivative contract. To mitigate this risk, the Company enters into derivative contracts with major financial institutions based upon credit ratings and other factors. The Company continually assesses the creditworthiness of its counterparties. As of March 30, 2025, all counterparties to the Swap Transactions performed in accordance with their contractual obligations.

As of March 30, 2025 and December 29, 2024, the fair value of the Company’s Swap Transactions was in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk, of $1.1 million and $0.8 million, respectively. As of March 30, 2025 and December 29, 2024, the Company has not posted any collateral related to the Swap Transactions.

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. If the Company had breached any of these provisions as of March 30, 2025 and December 29, 2024, it could have been required to settle its obligations under the Swap Transactions at their termination value of $1.1 million and $0.8 million, respectively.

Non-Designated Hedges

During the fourth quarter of 2024, the Company entered into foreign currency forward contracts to partially offset the foreign currency exchange gains and losses generated by the Brazilian Reais rate risk associated with the purchase price installment payments from the Brazil Sale Transaction. As of March 30, 2025, the Company had R$697.0 million Brazilian Reais (approximately $120.2 million U.S. Dollars) of outstanding notional amounts related to its foreign currency forward contracts. The liability and asset related to the foreign exchange forward contracts as of March 30, 2025 and December 29, 2024 are not material. As of March 30, 2025 and December 29, 2024, the Company has not posted any collateral related to the foreign currency forward contracts.

The following table summarizes the effects of the Company’s foreign exchange forward contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the period indicated:

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION

THIRTEEN WEEKS ENDED

(dollars in thousands)

MARCH 30, 2025

Loss on foreign currency forward contracts (1)

General and administrative

10,250

____________________

(1)The loss on foreign currency forward contracts is materially offset by the gains on foreign currency exchange related to the installment receivable from the Brazil Sale Transaction.

The Company’s interest rate swaps and foreign currency forward contracts are subject to master netting arrangements. As of March 30, 2025, the Company elected not to offset derivative positions in the balance sheet with the same counterparty under the same agreement.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 30, 2025	Dec. 29, 2024
Current assets
Cash and cash equivalents	$ 57,691	$ 70,056
Inventories	60,565	68,699
Other current assets, net	200,625	158,775
Current assets of discontinued operations held for sale	0	22,989
Total current assets	318,881	320,519
Property, fixtures and equipment, net	951,544	948,521
Operating lease right-of-use assets	1,031,937	1,012,857
Goodwill	213,323	213,323
Intangible assets, net	428,135	429,091
Deferred income tax assets, net	193,783	185,522
Equity method investment	61,776	0
Other assets, net	105,991	74,471
Non-current assets of discontinued operations held for sale	0	200,501
Total assets	3,305,370	3,384,805
Current liabilities
Accounts payable	143,246	153,161
Current operating lease liabilities	161,188	158,806
Accrued and other current liabilities	156,360	178,314
Unearned revenue	317,671	374,099
Current liabilities of discontinued operations held for sale	0	87,956
Total current liabilities	778,465	952,336
Non-current operating lease liabilities	1,095,873	1,088,518
Deferred income tax liabilities, net	23,934	33,822
Long-term debt, net	917,610	1,027,398
Other long-term liabilities, net	104,638	93,420
Non-current liabilities of discontinued operations held for sale	0	49,865
Total liabilities	2,920,520	3,245,359
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 March 30, 2025 and December 29, 2024	0	0
Common stock, $0.01 par value, 475,000,000 shares authorized; 84,987,054 and 84,854,768 shares issued and outstanding as of March 30, 2025 and December 29, 2024, respectively	850	849
Additional paid-in capital	1,261,204	1,273,288
Accumulated deficit	(883,682)	(925,834)
Accumulated other comprehensive income (loss)	2,225	(212,793)
Total Bloomin’ Brands stockholders’ equity	380,597	135,510
Noncontrolling interests	4,253	3,936
Total stockholders’ equity	384,850	139,446
Total liabilities and stockholders’ equity	$ 3,305,370	$ 3,384,805

Supplemental Balance Sheet Information (Tables)

3 Months Ended

Mar. 30, 2025

Supplemental Balance Sheet Information [Abstract]

Schedule of other current assets

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


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Prepaid expenses	$	28,329	$	23,102
Installment receivable from sale of business	120,214		—
Accounts receivable - gift cards, net	8,016		73,113
Accounts receivable - vendors, net	13,538		29,233
Accounts receivable - franchisees, net	3,061		2,975
Accounts receivable - other, net	9,443		9,280
Deferred gift card sales commissions	13,127		16,935


Other current assets, net	4,897		4,137
	$	200,625	$	158,775

Schedule of other assets

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


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Company-owned life insurance	$	30,999	$	31,971
Deferred debt issuance costs - revolving credit facility (1)	10,176		10,743
Liquor licenses	22,533		22,422
Contingent consideration assets	31,493		—
Other assets	10,790		9,335
	$	105,991	$	74,471

________________

(1)Net of accumulated amortization of $1.2 million and $0.6 million as of March 30, 2025 and December 29, 2024, respectively.

Schedule of accrued and other current liabilities

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


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Accrued payroll and other compensation	$	50,961	$	64,522
Accrued insurance	16,334		19,527
Other current liabilities	89,065		94,265
	$	156,360	$	178,314

Schedule of other long-term liabilities

Other long-term liabilities, net, consisted of the following as of the periods indicated:


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Accrued insurance	$	36,499	$	33,519


Deferred compensation obligations	29,342		32,597
Other long-term liabilities (1)	38,797		27,304
	$	104,638	$	93,420

________________

(1)Includes indemnification liabilities in connection with the Brazil Sale Transaction. See Note 2 – Discontinued Operations for additional details.

Schedule of long-term debt, net

Long-term debt, net, consisted of the following as of the periods indicated:


	MARCH 30, 2025				DECEMBER 29, 2024
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior secured credit facility - revolving credit facility (1)	$	600,000	6.22	%	$	710,000	6.52	%

2025 Notes (2)	20,724		5.00	%	20,724		5.00	%
2029 Notes	300,000		5.13	%	300,000		5.13	%
Long-term debt	920,724				1,030,724
Less: unamortized debt discount and issuance costs	(3,114)				(3,326)



Long-term debt, net	$	917,610			$	1,027,398

________________

(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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: 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 3: 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 4: 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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: 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 9: 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 10: 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

Leases (Other Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2025	Mar. 31, 2024
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$ 47,242	$ 47,244

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2025	Mar. 31, 2024
Contract With Customer, Liability, Current [Roll Forward]
Balance, beginning of the period	$ 374,099
Balance, end of the period	317,671
Deferred gift card revenue
Contract With Customer, Liability, Current [Roll Forward]
Balance, beginning of the period	366,059	$ 372,551
Gift card sales	46,526	45,161
Gift card redemptions	(97,594)	(101,016)
Gift card breakage	(6,253)	(6,062)
Balance, end of the period	$ 308,738	$ 310,634

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

3 Months Ended

Mar. 30, 2025

Mar. 31, 2024

Cash flows provided by operating activities:

Net income (loss)

$ 43,596

$ (82,290)

Net (loss) income from discontinued operations, net of tax

(254)

2,908

Net income (loss) from continuing operations

43,850

(85,198)

Adjustments to reconcile Net income (loss) from continuing operations to cash provided by operating activities of continuing operations:

Depreciation and amortization

43,947

42,700

Amortization of debt discounts and issuance costs

779

734

Amortization of deferred gift card sales commissions

6,897

7,498

Provision for impaired assets and restaurant closings

350

10,873

^[1]

Stock-based compensation expense

1,229

2,448

Deferred income tax expense

2,292

1,077

Loss on extinguishment of debt

135,797

Loss on foreign currency forward contracts

10,250

Loss from equity method investment, net of tax

1,291

Foreign currency translation gain on installment receivable from sale of business

(7,922)

Interest income on installment receivable from sale of business

(3,420)

Other, net

662

(2,114)

Change in assets and liabilities

(29,365)

(46,936)

Net cash provided by operating activities of continuing operations

70,840

66,879

Net cash provided by operating activities of discontinued operations

2,625

6,907

Net cash provided by operating activities

73,465

73,786

Cash flows provided by (used in) investing activities:

Capital expenditures

(45,771)

(53,768)

Payments on foreign currency forward contracts

(9,885)

Cash received from sale, net of tax withheld and cash left in business

95,863

Other investments, net

1,149

287

Net cash provided by (used in) investing activities of continuing operations

41,356

(53,481)

Net cash used in investing activities of discontinued operations

(1,623)

(11,104)

Net cash provided by (used in) investing activities

39,733

(64,585)

Cash flows (used in) provided by financing activities:

Proceeds from borrowings on revolving credit facilities

385,000

550,000

Repayments of borrowings on revolving credit facilities

(495,000)

(296,000)

Repayments of long-term debt and finance lease obligations

(636)

(440)

Principal settlements and repurchase of convertible senior notes

(2,335)

Proceeds from retirement of convertible senior note hedges

118,197

Payments for retirement of warrants

(102,213)

Payment of taxes from share-based compensation, net

(565)

(2,397)

Distributions to noncontrolling interests

(1,800)

(2,043)

Contributions from noncontrolling interests

673

330

Purchase of noncontrolling interests

(100)

Repurchase of common stock

(232,903)

Cash dividends paid on common stock

(12,747)

(21,075)

Net cash (used in) provided by financing activities of continuing operations

(125,175)

9,021

Net cash used in financing activities of discontinued operations

(65)

(263)

Net cash (used in) provided by financing activities

(125,240)

8,758

Effect of exchange rate changes on cash and cash equivalents

(323)

(668)

Net (decrease) increase in cash and cash equivalents

(12,365)

17,291

Cash and cash equivalents as of the beginning of the period

70,056

114,373

Cash and cash equivalents as of the end of the period

57,691

131,664

Supplemental disclosures of cash flow information:

Cash paid for interest

10,537

10,011

Cash paid for income taxes, net of refunds

15,802

3,189

Supplemental disclosures of non-cash investing and financing activities:

Leased assets obtained in exchange for new operating lease liabilities

36,008

25,679

Leased assets obtained in exchange for new finance lease liabilities

3,692

Capital expenditures included in current liabilities

23,620

36,909

Shares issued on settlement of convertible senior notes

216,152

Shares received and retired on exercise of call option under bond hedge upon settlement of convertible senior notes

$ 0

$ (8,346)

[1]	Primarily related to the closure of 36 predominantly older, underperforming U.S. restaurants (the “2023 Restaurant Closures”). Activity for the thirteen weeks ended March 30, 2025 is immaterial.

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net income (loss) attributable to Bloomin’ Brands	$ 42,152	$ (83,872)
Net (loss) income from discontinued operations, net of tax	(254)	2,908
Net income (loss) attributable to Bloomin’ Brands from continuing operations	$ 42,406	$ (86,780)
Basic weighted average common shares outstanding	84,902	87,024
Effect of dilutive securities:
Stock-based compensation awards (in shares)	228	0
Diluted weighted average common shares outstanding (in shares)	85,130	87,024
Basic earnings (loss) per share:
Continuing operations (in USD per share)	$ 0.50	$ (1.00)
Discontinued operations (in USD per share)	0	0.03
Net basic earnings (loss) per share (in USD per share)	0.50	(0.96)
Diluted earnings (loss) per share:
Continuing operations (in USD per share)	0.50	(1.00)
Discontinued operations (in USD per share)	0	0.03
Net diluted earnings (loss) per share (in USD per share)	$ 0.50	$ (0.96)
Antidilutive stock-based compensation awards (in shares)	2,151	1,095

Fair Value Measurements (Tables)

3 Months Ended

Mar. 30, 2025

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:


	CONSOLIDATED BALANCE SHEETS CLASSIFICATION	MEASUREMENT LEVEL	FAIR VALUE
(dollars in thousands)			MARCH 30, 2025		DECEMBER 29, 2024
Assets:
Short-term investments	Cash and cash equivalents	Level 1	$	4,982	$	11,868




Foreign currency forward contracts	Other current assets, net	Level 2	$	—	$	304


Liabilities:
Interest rate swaps	Accrued and other current liabilities	Level 2	$	951	$	579

Foreign currency forward contracts	Other current liabilities, net	Level 2	$	192	$	—
Interest rate swaps	Other long-term liabilities	Level 2	$	121	$	255

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
Short-term investments						Carrying value approximates fair value because maturities are less than three months.
Derivative instruments						The Company’s derivative instruments include interest rate swaps and foreign currency forward contracts. Fair value measurements are based on the contractual terms of the derivatives and observable market-based inputs. 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. Foreign currency forwards are valued by comparing the contracted forward exchange rate to the current market forward exchange rate. Key inputs for the valuation of the foreign currency forwards are spot rates, foreign currency forward rates, and the interest rate curve of the domestic currency. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of March 30, 2025 and December 29, 2024, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

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

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


	MARCH 30, 2025				DECEMBER 29, 2024
(dollars in thousands)	CARRYING VALUE		FAIR VALUE LEVEL 2			CARRYING VALUE		FAIR VALUE LEVEL 2


Senior secured credit facility - revolving credit facility	$	600,000	$	600,000		$	710,000	$	710,000



2025 Notes	$	20,724	$	20,562		$	20,724	$	24,145
2029 Notes	$	300,000	$	259,005		$	300,000	$	270,132

Revenue Recognition (Tables)

3 Months Ended

Mar. 30, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of revenue

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


















	THIRTEEN WEEKS ENDED
	MARCH 30, 2025				MARCH 31, 2024
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	597,481	$	8,169	$	603,613	$	8,320
Carrabba’s Italian Grill	184,330		662		184,429		736
Bonefish Grill	135,991		104		144,503		160
Fleming’s Prime Steakhouse & Wine Bar	102,328		—		96,162		—
Other	—		—		2,189		38
U.S. total	1,020,130		8,935		1,030,896		9,254

International Franchise (1)	—		9,283		—		10,112
Other (2)	9,387		22		15,794		—

Total	$	1,029,517	$	18,240	$	1,046,690	$	19,366

________________

(1)The thirteen weeks ended March 30, 2025 include intercompany royalties from Brazil prior to the sale and royalties from Brazil after the sale.

(2)Includes Restaurant sales for Company-owned restaurants in Hong Kong and China.

Contract with customers, asset and liability

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


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Other current assets, net
Deferred gift card sales commissions	$	13,127	$	16,935

Unearned revenue
Deferred gift card revenue	$	308,738	$	366,059
Deferred loyalty revenue	6,599		6,073
Deferred franchise fees - current	492		490
Other	1,842		1,477
Total Unearned revenue	$	317,671	$	374,099

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,010	$	3,901

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025		MARCH 31, 2024
Balance, beginning of the period		$	16,935	$	18,081
Deferred gift card sales commissions amortization		(6,897)		(7,498)
Deferred gift card sales commissions capitalization		3,973		3,914
Other		(884)		(977)
Balance, end of the period		$	13,127	$	13,520

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025		MARCH 31, 2024
Balance, beginning of the period		$	366,059	$	372,551
Gift card sales		46,526		45,161
Gift card redemptions		(97,594)		(101,016)
Gift card breakage		(6,253)		(6,062)
Balance, end of the period		$	308,738	$	310,634

Stockholders' Equity

3 Months Ended

Mar. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases - In February 2024, the Company’s Board of Directors (the “Board”) approved a $350.0 million share repurchase authorization (the “2024 Share Repurchase Program”). As of March 30, 2025, $96.8 million remained available for repurchase.

Dividends - The Company declared and paid dividends per share during fiscal year 2025 as follows:




(dollars in thousands, except per share data)	DIVIDENDS PER SHARE		AMOUNT
First fiscal quarter	$	0.15	$	12,747

In April 2025, the Board declared a quarterly cash dividend of $0.15 per share, payable on June 4, 2025 to shareholders of record at the close of business on May 20, 2025.

Accumulated Other Comprehensive Income (Loss) - The following table is a rollforward of the components of Accumulated Other Comprehensive Income (Loss) for the periods indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025		MARCH 31, 2024
Foreign currency translation:
Balance, beginning of the period		$	(212,172)	$	(177,689)
Foreign currency translation adjustment (1)		(2,353)		(1,931)
Reclassification of foreign currency translation adjustments into earnings due to sale of business		217,548		—

Balance, end of the period		$	3,023	$	(179,620)
(Loss) gain on derivatives, net of tax:
Balance, beginning of the period		$	(621)	$	(615)
Change in fair value of derivatives, net of tax		(200)		1,435
Reclassification realized in Net income (loss), net of tax		23		(278)
Balance, end of the period		$	(798)	$	542
Accumulated other comprehensive income (loss):
Balance beginning of the period		$	(212,793)	$	(178,304)
Other comprehensive income (loss) attributable to Bloomin' Brands		215,018		(774)
Balance, end of the period		$	2,225	$	(179,078)

____________________

(1)Represents foreign currency translation adjustments primarily related to the Company’s equity method investment.

- 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147478448/946-505-50-6

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
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-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
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-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

Convertible Senior Notes

3 Months Ended

Mar. 30, 2025

Convertible Notes [Abstract]

Convertible Senior Notes


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Principal	$	20,724	$	20,724
Less: unamortized debt issuance costs	(14)		(56)
Net carrying amount	$	20,710	$	20,668

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025		MARCH 31, 2024
Coupon interest		$	259	$	1,006
Debt issuance cost amortization		42		158
Total interest expense (1)		$	301	$	1,164

________________

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

The 2025 Notes matured on May 1, 2025, and were settled in cash for $20.7 million, excluding accrued interest. In connection with the maturity of the 2025 Notes, the related convertible note hedges entered into with certain purchasers of the 2025 Notes and/or their respective affiliates and other financial institutions expired.

The warrants remain proportional to the 2025 Notes that matured May 1, 2025 and 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. The warrants expire on various dates following the maturity of the 2025 Notes through November 21, 2025, unless the Company terminates the warrants prior to their scheduled expiration. In connection with dividends paid during thirteen weeks ended March 30, 2025, the strike price for the remaining warrants decreased to $14.60.

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

3 Months Ended

Mar. 30, 2025

Mar. 31, 2024

Revenues

Revenues

$ 1,049,594

$ 1,069,073

Costs and expenses

Food and beverage

313,304

315,521

Labor and other related

315,250

314,718

Other restaurant operating

258,135

254,868

Depreciation and amortization

43,947

42,700

General and administrative

61,377

59,476

Provision for impaired assets and restaurant closings

350

10,873

^[1]

Total costs and expenses

992,363

998,156

Income from operations

57,231

70,917

Loss on extinguishment of debt

(135,797)

Interest expense, net

(11,187)

(13,676)

Income (loss) before provision for income taxes

46,044

(78,556)

Provision for income taxes

903

6,642

Loss from equity method investment, net of tax

(1,291)

Net income (loss) from continuing operations

43,850

(85,198)

Net (loss) income from discontinued operations, net of tax

(254)

2,908

Net income (loss)

43,596

(82,290)

Less: net income attributable to noncontrolling interests

1,444

1,582

Net income (loss) attributable to Bloomin’ Brands

42,152

(83,872)

Other comprehensive income (loss):

Foreign currency translation adjustment

(2,353)

(1,931)

Reclassification of foreign currency translation adjustments into earnings due to sale of business

217,548

Net (loss) gain on derivatives, net of tax

(177)

1,157

Comprehensive income (loss)

258,614

(83,064)

Less: comprehensive income attributable to noncontrolling interests

1,444

1,582

Comprehensive income (loss) attributable to Bloomin’ Brands

$ 257,170

$ (84,646)

Basic earnings (loss) per share:

Continuing operations (in USD per share)

$ 0.50

$ (1.00)

Discontinued operations (in USD per share)

0.03

Net basic earnings (loss) per share (in USD per share)

0.50

(0.96)

Diluted earnings (loss) per share:

Continuing operations (in USD per share)

0.50

(1.00)

Discontinued operations (in USD per share)

0.03

Net diluted earnings (loss) per share (in USD per share)

$ 0.50

$ (0.96)

Weighted average common shares outstanding:

Basic (in shares)

84,902

87,024

Diluted (in shares)

85,130

87,024

Restaurant sales

Revenues

Revenues

$ 1,029,517

$ 1,046,690

Franchise and other revenues

Revenues

Revenues

$ 20,077

$ 22,383

[1]	Primarily related to the closure of 36 predominantly older, underperforming U.S. restaurants (the “2023 Restaurant Closures”). Activity for the thirteen weeks ended March 30, 2025 is immaterial.

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2025	Mar. 31, 2024
Capitalized Contract Cost, Net, Current [Roll Forward]
Balance, beginning of the period	$ 16,935	$ 18,081
Deferred gift card sales commissions amortization	(6,897)	(7,498)
Deferred gift card sales commissions capitalization	3,973	3,914
Other	(884)	(977)
Balance, end of the period	$ 13,127	$ 13,520

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

3 Months Ended

Mar. 30, 2025

Mar. 31, 2024

Schedule of Lease Costs [Line Items]

Operating lease cost

^[1]

$ 42,305

$ 42,932

Variable lease cost

1,192

1,054

Finance lease costs:

Amortization of leased assets

690

513

Interest on lease liabilities

239

175

Sublease revenue

(1,702)

(1,735)

Lease costs, net

42,724

42,939

General and administrative expense

Schedule of Lease Costs [Line Items]

Operating lease cost

$ 3,600

$ 3,400

[1]	Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.6 million and $3.4 million for the thirteen weeks ended March 30, 2025 and March 31, 2024, respectively, which is included in General and administrative expense.

Supplemental Balance Sheet Information (Other Long-term Liabilities, Net) (Details) - USD ($) $ in Thousands	Mar. 30, 2025	Dec. 29, 2024
Supplemental Balance Sheet Information [Abstract]
Accrued insurance	$ 36,499	$ 33,519
Deferred compensation obligations	29,342	32,597
Other long-term liabilities (1)	38,797	27,304
Other long-term liabilities, net	$ 104,638	$ 93,420

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

3 Months Ended

Mar. 30, 2025

Mar. 31, 2024

Debt Instrument [Line Items]

Coupon interest

$ 259

$ 1,006

Debt issuance cost amortization

158

Total interest expense

^[1]

$ 301

$ 1,164

Debt instrument, effective interest rate

5.85%

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

- 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

Supplemental Balance Sheet Information (Long-term Debt, Net) (Details) - USD ($)
$ in Thousands

Mar. 30, 2025

Dec. 29, 2024

May 08, 2020

Debt Instrument [Line Items]

Long-term debt

$ 920,724

$ 1,030,724

Less: unamortized debt discount and issuance costs

(3,114)

(3,326)

Long-term debt, net

917,610

1,027,398

Secured debt | Revolving credit facility | Senior secured credit facility

Debt Instrument [Line Items]

Long-term debt

^[1]

$ 600,000

$ 710,000

Debt instrument, effective interest rate

^[1]

6.22%

6.52%

Convertible debt | 2025 Notes

Debt Instrument [Line Items]

Long-term debt

$ 20,724

^[2]

$ 20,724

Debt instrument, effective interest rate

5.85%

Debt instrument, interest rate, stated percentage

5.00%

Unsecured debt | 2029 Notes

Debt Instrument [Line Items]

Long-term debt

$ 300,000

Debt instrument, interest rate, stated percentage

5.13%

[1]	Interest rate represents the weighted average interest rate as of the respective periods.
[2]	Obligations under the 2025 Notes, which matured on May 1, 2025, have been classified as long-term, reflecting the Company’s intent and ability to refinance these notes through borrowings on its existing revolving credit facility. On May 1, 2025, the 2025 Notes were settled primarily using borrowings from the revolving credit facility.

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

Mar. 05, 2024

Dec. 05, 2023

Interest rate swap

Derivative [Line Items]

Derivative, notional amount

$ 275,000,000.0

Derivative, average fixed interest rate

^[1]

4.38%

Interest Rate Swap December 2023 to December 2025

Derivative [Line Items]

Derivative, notional amount

$ 100,000,000

Derivative, average fixed interest rate

^[1]

4.34%

Interest Rate Swap March 2024 to March 2026

Derivative [Line Items]

Derivative, notional amount

$ 175,000,000

Derivative, average fixed interest rate

^[1]

4.40%

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

Description of the Business and Basis of Presentation	3 Months Ended
Description of the Business and Basis of Presentation	Mar. 30, 2025
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 includes 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 are operated under franchise agreements. Basis of Presentation - The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair statement of results 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. Unless otherwise noted, disclosures within these Notes to Consolidated Financial Statements relate solely to the Company’s continuing operations. 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 29, 2024. Recently Issued Financial Accounting Standards Not Yet Adopted - 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, and may be applied either prospectively for reporting periods after the effective date or retrospectively to prior periods presented. The Company is currently evaluating the impact ASU No. 2023-09 will have on its disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses,” (“ASU No. 2024-03”) which requires detailed disclosures in the notes to financial statements of expense categories within relevant income statement captions including purchases of inventory, employee compensation, depreciation and intangible asset amortization. ASU No. 2024-03 is effective for the Company beginning with the 2027 Form 10-K, with early adoption permitted, and may be applied either prospectively for reporting periods after the effective date or retrospectively to prior periods presented. The Company is currently evaluating the impact ASU No. 2024-03 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. Reclassifications - The Company reclassified certain immaterial amounts in prior period financial statements to conform to the current period’s presentation. These reclassifications had no effect on previously reported net income.

Segment Reporting

3 Months Ended

Mar. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

The following is a summary of reportable segments:

REPORTABLE SEGMENT

CONCEPT

GEOGRAPHIC LOCATION

U.S. (1)

Outback Steakhouse

United States of America

Carrabba’s Italian Grill

Bonefish Grill

Fleming’s Prime Steakhouse & Wine Bar

International Franchise

Outback Steakhouse

12 Franchise Markets

Carrabba’s Italian Grill (Abbraccio)

_________________

(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 29, 2024. Revenues for all segments include only transactions with customers and exclude intersegment revenues. There were no material transactions among reportable segments. Excluded from Income from operations for U.S. are certain legal and corporate costs not directly related to the performance of the segment, most stock-based compensation expenses, a portion of insurance expenses and certain bonus expenses. The below segment disclosures have been recast to include amounts that relate solely to the Company’s continuing operations. In the tables below, “other” includes amounts related to the Company’s equity method investment in Brazil and its Hong Kong subsidiary.

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


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024
Revenues
U.S.	$	1,030,903	$	1,043,104
International Franchise	9,283		10,112
Total segment revenues	1,040,186		1,053,216
All other revenues	9,408		15,857
Total revenues	$	1,049,594	$	1,069,073

The following table presents segment operating income and significant segment expense information for the periods indicated:


	THIRTEEN WEEKS ENDED
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024

U.S.
Total revenues	$	1,030,903	$	1,043,104
Less:
Food and beverage	310,312		311,549
Labor and other related	312,705		311,199
Other restaurant operating	253,609		246,172
Other (1)	66,607		76,700
Total segment expenses	943,233		945,620
Income from operations	$	87,670	$	97,484





International Franchise
Total revenues	$	9,283	$	10,112
Less:
Total segment expenses (2)	279		423
Income from operations	$	9,004	$	9,689





Total segment
Total revenues	$	1,040,186	$	1,053,216
Less:







Total segment expenses	943,512		946,043
Total segment income from operations	$	96,674	$	107,173

_________________

(1)Includes depreciation and amortization, general and administrative and impairment expense.

(2)Includes general and administrative expense.

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
(dollars in thousands)	MARCH 30, 2025		MARCH 31, 2024



Total segment income from operations	$	96,674	$	107,173
Unallocated corporate operating expense	(39,768)		(35,739)
Other income (loss) from operations	325		(517)
Total income from operations	57,231		70,917
Loss on extinguishment of debt	—		(135,797)


Interest expense, net	(11,187)		(13,676)
Income (loss) before provision for income taxes	$	46,044	$	(78,556)

The following table sets forth Total assets by segment as of the periods indicated:


(dollars in thousands)	MARCH 30, 2025		DECEMBER 29, 2024
Assets
U.S.	$	2,653,142	$	2,735,251
International Franchise	104,480		103,242
Total segment assets	$	2,757,622	$	2,838,493
Corporate	466,923		306,560
Other	80,825		16,262
Assets of discontinued operations held for sale	—		223,490
Total assets	$	3,305,370	$	3,384,805

- 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/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
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+ Details

Segment Reporting (Depreciation and Amortization and Capital Expenditures by Segment - Table) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2025	Mar. 31, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	$ 43,947	$ 42,700
Capital expenditures	48,654	51,217
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	2,084	2,053
Capital expenditures	6,353	2,296
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	250	679
Capital expenditures	0	332
U.S. segment \| Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	41,613	39,968
Capital expenditures	$ 42,301	$ 48,589

Stock-based Compensation Plans

3 Months Ended

Mar. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Plans

The following table presents a summary of the Company’s performance-based share units (“PSUs”) and restricted stock units (“RSUs”) activity:


			WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT				AGGREGATE INTRINSIC VALUE (1)
(in thousands, except per unit data)	PSUs	RSUs	PSUs		RSUs		PSUs		RSUs
Outstanding as of December 29, 2024	722	1,044	$	27.42	$	19.80	$	8,860	$	12,814
Granted (2)	312	727	$	7.75	$	7.83
Performance adjustment (3)	(229)	—	$	26.10	$	—
Vested	—	(184)	$	—	$	23.88
Forfeited	(172)	(129)	$	27.81	$	22.55
Outstanding as of March 30, 2025	633	1,458	$	18.12	$	13.06	$	4,692	$	10,801
Expected to vest as of March 30, 2025 (4)	312	1,458					$	2,309	$	10,801

________________

(3)Represents adjustment to 0% payout for PSUs granted during 2022.

The following represents unrecognized stock-based compensation expense and the remaining weighted average recognition period as of March 30, 2025:


	UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands)		REMAINING WEIGHTED AVERAGE RECOGNITION PERIOD (in years)
Performance-based share units	$	2,349	2.9
Restricted stock units	$	14,925	2.3

Income Taxes

3 Months Ended

Mar. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED
(dollars in thousands)		MARCH 30, 2025			MARCH 31, 2024
Income (loss) before provision for income taxes		$	46,044		$	(78,556)
Provision for income taxes		$	903		$	6,642
Effective income tax rate		2.0		%	(8.5)		%

The effective income tax rate for the thirteen weeks ended March 30, 2025 increased by 10.5 percentage points as compared to the thirteen weeks ended March 31, 2024. This increase was primarily due to impact of the non-deductible losses associated with the repurchase of $83.6 million of the outstanding 2025 Notes (the “Second 2025 Notes Partial Repurchase”) recorded in the thirteen weeks ended March 31, 2024 which, relative to a pre-tax book loss, resulted in a negative effective income tax rate. The increase was partially offset by the benefit of FICA tax credits on certain employees’ tips in 2025 relative to forecasted pretax book income.

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 (loss) before provision for income taxes.

The effective income tax rate for the thirteen weeks ended March 30, 2025 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.

The effective income tax rate for the thirteen weeks ended March 31, 2024 was lower than the Company’s blended federal and state statutory rate of approximately 26% primarily due to the impact of nondeductible losses associated with the Second 2025 Notes Partial Repurchase, partially offset by the benefit of FICA tax credits on certain tipped wages which, relative to a pre-tax book loss during the quarter, resulted in a negative effective income tax rate.

- Definition

The entire disclosure for income tax.

+ References

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-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Fair Value Measurements (Fair Value Measurements on a Recurring Basis - Table) (Details) - USD ($) $ in Thousands	Mar. 30, 2025	Dec. 29, 2024
Liabilities:
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, inputs, level 1 \| Fair value, measurements, recurring
Assets:
Cash and cash equivalents, fair value disclosure	$ 4,982	$ 11,868
Fair value, inputs, level 2 \| Fair value, measurements, recurring \| Interest rate swap
Liabilities:
Derivative instruments - interest rate swaps, current liabilities	951	579
Derivative instruments - interest rate swaps, other long-term liabilities	121	255
Fair value, inputs, level 2 \| Fair value, measurements, recurring \| Foreign Exchange Forward
Assets:
Foreign currency contract, asset, fair value disclosure	0	304
Liabilities:
Foreign currency contract, liability, fair value disclosure	$ 192	$ 0

Impairments and Exit Costs (Details)
$ in Thousands

3 Months Ended

Mar. 30, 2025

USD ($)

Mar. 31, 2024

USD ($)

Dec. 29, 2024

restaurant

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

Provision for impaired assets and restaurant closings

$ 350

$ 10,873

^[1]

U.S. segment | 2023 Closure Initiative

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

Number of restaurants | restaurant

Provision for impaired assets and restaurant closings

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

Impairment losses

1,852

Restaurant closure charges

9,021

Provision for impaired assets and restaurant closings | Other

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

Impairment losses

Restaurant closure charges

(63)

Provision for impaired assets and restaurant closings | U.S. segment

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

Impairment losses

1,852

Restaurant closure charges

$ 9,084

[1]	Primarily related to the closure of 36 predominantly older, underperforming U.S. restaurants (the “2023 Restaurant Closures”). Activity for the thirteen weeks ended March 30, 2025 is immaterial.