(Mark One) | |||||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||
For the quarterly period ended | |||||||||||
or | |||||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||
For the transition period from ______ to ______ |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
$ | The (Nasdaq Global Select Market) |
Page No. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | ||||||||||
(UNAUDITED) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Inventories | |||||||||||
Other current assets, net | |||||||||||
Total current assets | |||||||||||
Property, fixtures and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Deferred income tax assets, net | |||||||||||
Other assets, net | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Current operating lease liabilities | |||||||||||
Accrued and other current liabilities | |||||||||||
Unearned revenue | |||||||||||
Total current liabilities | |||||||||||
Non-current operating lease liabilities | |||||||||||
Long-term debt, net | |||||||||||
Other long-term liabilities, net | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 15) | |||||||||||
Stockholders’ equity | |||||||||||
Bloomin’ Brands stockholders’ equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Bloomin’ Brands stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ | |||||||||
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Restaurant sales | $ | $ | $ | $ | |||||||||||||||||||
Franchise and other revenues | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Food and beverage | |||||||||||||||||||||||
Labor and other related | |||||||||||||||||||||||
Other restaurant operating | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Provision for impaired assets and restaurant closings | ( | ( | |||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Loss on extinguishment and modification of debt | ( | ||||||||||||||||||||||
Loss on fair value adjustment of derivatives, net | ( | ||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income before (benefit) provision for income taxes | |||||||||||||||||||||||
(Benefit) provision for income taxes | ( | ||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Less: net income attributable to noncontrolling interests | |||||||||||||||||||||||
Net income attributable to Bloomin’ Brands | $ | $ | $ | $ | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Foreign currency translation adjustment | ( | ||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | |||||||||||||||||||||||
Reclassification of adjustments for loss on derivatives included in Net income, net of tax | |||||||||||||||||||||||
Impact of terminated interest rate swaps included in Net income, net of tax | |||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | |||||||||||||||||||||||
Comprehensive income attributable to Bloomin’ Brands | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | ACCUM- ULATED DEFICIT | ACCUMULATED OTHER COMPREHENSIVE LOSS | NON-CONTROLLING INTERESTS | TOTAL | ||||||||||||||||||||||||||||||||||||
SHARES | AMOUNT | ||||||||||||||||||||||||||||||||||||||||
Balance, June 25, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Cash dividends declared, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase and retirement of common stock, including excise tax of $ | ( | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans (1) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, September 24, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Balance, December 25, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Cash dividends declared, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase and retirement of common stock, including excise tax of $ | ( | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans (1) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, September 24, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
(CONTINUED...) |
BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | ACCUM- ULATED DEFICIT | ACCUMULATED OTHER COMPREHENSIVE LOSS | NON-CONTROLLING INTERESTS | TOTAL | ||||||||||||||||||||||||||||||||||||
SHARES | AMOUNT | ||||||||||||||||||||||||||||||||||||||||
Balance, June 26, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Cash dividends declared, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase and retirement of common stock | ( | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans (1) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, September 25, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Balance, December 26, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Cash dividends declared, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase and retirement of common stock | ( | ( | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans (1) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests, net of tax of $ | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Retirement of convertible senior note hedges | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Retirement of warrants | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock from repurchase of convertible senior notes | — | — | — | ||||||||||||||||||||||||||||||||||||||
Balance, September 25, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
THIRTY-NINE WEEKS ENDED | |||||||||||
SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | ||||||||||
Cash flows provided by operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile Net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of debt discounts and issuance costs | |||||||||||
Amortization of deferred gift card sales commissions | |||||||||||
Provision for impaired assets and restaurant closings | ( | ||||||||||
Non-cash interest expense from terminated interest rate swaps | |||||||||||
Non-cash operating lease costs | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income tax (benefit) expense | ( | ||||||||||
Loss on extinguishment and modification of debt | |||||||||||
Loss on fair value adjustment of derivatives, net | |||||||||||
Other, net | ( | ||||||||||
Change in assets and liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows used in investing activities: | |||||||||||
Proceeds received from company-owned life insurance | |||||||||||
Capital expenditures | ( | ( | |||||||||
Other investments, net | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows used in financing activities: | |||||||||||
Repayments of long-term debt and finance lease obligations | ( | ( | |||||||||
Proceeds from borrowings on revolving credit facilities | |||||||||||
Repayments of borrowings on revolving credit facilities | ( | ( | |||||||||
Financing fees | ( | ||||||||||
Principal settlements and repurchase of convertible senior notes | ( | ( | |||||||||
Proceeds from retirement of convertible senior note hedges | |||||||||||
Payments for retirement of warrants | ( | ||||||||||
Proceeds from share-based compensation, net | |||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Contributions from noncontrolling interests | |||||||||||
Purchase of noncontrolling interests | ( | ( | |||||||||
Payments for partner equity plan | ( | ||||||||||
Repurchase of common stock | ( | ( | |||||||||
Cash dividends paid on common stock | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | |||||||||||
Net increase in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash as of the beginning of the period | |||||||||||
Cash, cash equivalents and restricted cash as of the end of the period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes, net of refunds | $ | $ | |||||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | $ | |||||||||
Leased assets obtained in exchange for new finance lease liabilities | $ | $ | |||||||||
Increase in liabilities from the acquisition of property, fixtures and equipment | $ | $ | |||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Restaurant sales | $ | $ | $ | $ | |||||||||||||||||||
Franchise and other revenues | |||||||||||||||||||||||
Franchise revenues | |||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||
Total Franchise and other revenues | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
THIRTEEN WEEKS ENDED | |||||||||||||||||||||||
SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | ||||||||||||||||||||||
(dollars in thousands) | RESTAURANT SALES | FRANCHISE REVENUES | RESTAURANT SALES | FRANCHISE REVENUES | |||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | $ | $ | $ | $ | |||||||||||||||||||
Carrabba’s Italian Grill | |||||||||||||||||||||||
Bonefish Grill | |||||||||||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
U.S. total | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil (1) | |||||||||||||||||||||||
Other (1)(2) | |||||||||||||||||||||||
International total | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||||
SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | ||||||||||||||||||||||
(dollars in thousands) | RESTAURANT SALES | FRANCHISE REVENUES | RESTAURANT SALES | FRANCHISE REVENUES | |||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | $ | $ | $ | $ | |||||||||||||||||||
Carrabba’s Italian Grill | |||||||||||||||||||||||
Bonefish Grill | |||||||||||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
U.S. total | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil (1) | |||||||||||||||||||||||
Other (1)(2) | |||||||||||||||||||||||
International total | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
(dollars in thousands) | SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | |||||||||
Other current assets, net | |||||||||||
Deferred gift card sales commissions | $ | $ | |||||||||
Unearned revenue | |||||||||||
Deferred gift card revenue | $ | $ | |||||||||
Deferred loyalty revenue | |||||||||||
Deferred franchise fees - current | |||||||||||
Other | |||||||||||
Total Unearned revenue | $ | $ | |||||||||
Other long-term liabilities, net | |||||||||||
Deferred franchise fees - non-current | $ | $ |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Balance, beginning of the period | $ | $ | $ | $ | |||||||||||||||||||
Deferred gift card sales commissions amortization | ( | ( | ( | ( | |||||||||||||||||||
Deferred gift card sales commissions capitalization | |||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Balance, end of the period | $ | $ | $ | $ |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Balance, beginning of the period | $ | $ | $ | $ | |||||||||||||||||||
Gift card sales | |||||||||||||||||||||||
Gift card redemptions | ( | ( | ( | ( | |||||||||||||||||||
Gift card breakage | ( | ( | ( | ( | |||||||||||||||||||
Balance, end of the period | $ | $ | $ | $ |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(in thousands, except per share data) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Net income attributable to Bloomin’ Brands | $ | $ | $ | $ | |||||||||||||||||||
Basic weighted average common shares outstanding | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Stock options | |||||||||||||||||||||||
Nonvested restricted stock units | |||||||||||||||||||||||
Nonvested performance-based share units | |||||||||||||||||||||||
Convertible senior notes (1) | |||||||||||||||||||||||
Warrants (1) | |||||||||||||||||||||||
Diluted weighted average common shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | |||||||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(shares in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Stock options | |||||||||||||||||||||||
Nonvested restricted stock units | |||||||||||||||||||||||
Nonvested performance-based share units | |||||||||||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Performance-based share units (1) | $ | $ | $ | $ | |||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
Stock options | |||||||||||||||||||||||
Total stock-based compensation expense, net | $ | $ | $ | $ | |||||||||||||||||||
(in thousands, except per unit data) | PERFORMANCE-BASED SHARE UNITS | WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT | AGGREGATE INTRINSIC VALUE (1) | ||||||||||||||
Outstanding as of December 25, 2022 | $ | $ | |||||||||||||||
Granted | $ | ||||||||||||||||
Performance adjustment (2) | $ | ||||||||||||||||
Vested | ( | $ | |||||||||||||||
Forfeited | ( | $ | |||||||||||||||
Outstanding as of September 24, 2023 | $ | $ | |||||||||||||||
Expected to vest as of September 24, 2023 (3) | $ |
THIRTY-NINE WEEKS ENDED | |||||||||||
SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | ||||||||||
Assumptions: | |||||||||||
Risk-free interest rate (1) | % | % | |||||||||
Dividend yield (2) | % | % | |||||||||
Volatility (3) | % | % | |||||||||
Grant date fair value per unit (4) | $ | $ |
UNRECOGNIZED COMPENSATION EXPENSE (dollars in thousands) | REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years) | ||||||||||
Performance-based share units | $ | ||||||||||
Restricted stock units | $ |
(dollars in thousands) | SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | |||||||||
Prepaid expenses | $ | $ | |||||||||
Accounts receivable - gift cards, net | |||||||||||
Accounts receivable - vendors, net | |||||||||||
Accounts receivable - franchisees, net | |||||||||||
Accounts receivable - other, net | |||||||||||
Deferred gift card sales commissions | |||||||||||
Other current assets, net | |||||||||||
$ | $ |
(dollars in thousands) | SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | |||||||||
Land | $ | $ | |||||||||
Buildings | |||||||||||
Furniture and fixtures | |||||||||||
Equipment | |||||||||||
Construction in progress | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
$ | $ | ||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | |||||||||
Accrued payroll and other compensation | $ | $ | |||||||||
Accrued insurance | |||||||||||
Other current liabilities (1) | |||||||||||
$ | $ | ||||||||||
SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | ||||||||||||||||||||||
(dollars in thousands) | OUTSTANDING BALANCE | INTEREST RATE | OUTSTANDING BALANCE | INTEREST RATE | |||||||||||||||||||
Senior secured credit facility - revolving credit facility (1) | $ | % | $ | % | |||||||||||||||||||
2025 Notes | % | % | |||||||||||||||||||||
2029 Notes | % | % | |||||||||||||||||||||
Less: unamortized debt discount and issuance costs | ( | ( | |||||||||||||||||||||
Long-term debt, net | $ | $ | |||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | |||||||||
Principal | $ | $ | |||||||||
Less: debt issuance costs | ( | ( | |||||||||
Net carrying amount | $ | $ |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Coupon interest | $ | $ | $ | $ | |||||||||||||||||||
Debt issuance cost amortization | |||||||||||||||||||||||
Total interest expense (1) | $ | $ | $ | $ |
(in thousands, except per share data) | NUMBER OF SHARES | AVERAGE REPURCHASE PRICE PER SHARE | AMOUNT | ||||||||||||||
First fiscal quarter | $ | $ | |||||||||||||||
Second fiscal quarter | $ | ||||||||||||||||
Third fiscal quarter | $ | ||||||||||||||||
Total common stock repurchases (1) | $ | $ |
(dollars in thousands, except per share data) | DIVIDENDS PER SHARE | AMOUNT | |||||||||
First fiscal quarter | $ | $ | |||||||||
Second fiscal quarter | |||||||||||
Third fiscal quarter | |||||||||||
Total cash dividends declared and paid | $ | $ | |||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Foreign currency translation adjustment | $ | $ | ( | $ | $ | ||||||||||||||||||
Unrealized gain on derivatives, net of tax | |||||||||||||||||||||||
Reclassification of adjustments for loss on derivatives included in Net income, net of tax | |||||||||||||||||||||||
Impact of terminated interest rate swaps included in Net income, net of tax | |||||||||||||||||||||||
Total gain on derivatives, net of tax | |||||||||||||||||||||||
Other comprehensive income (loss) attributable to Bloomin’ Brands | $ | $ | ( | $ | $ | ||||||||||||||||||
(dollars in thousands) | CONSOLIDATED BALANCE SHEET CLASSIFICATION | SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | ||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | $ | ||||||||||||||
Property, fixtures and equipment, net | |||||||||||||||||
Total lease assets, net | $ | $ | |||||||||||||||
Current operating lease liabilities | $ | $ | |||||||||||||||
Accrued and other current liabilities | |||||||||||||||||
Non-current operating lease liabilities (2) | Non-current operating lease liabilities | ||||||||||||||||
Other long-term liabilities, net | |||||||||||||||||
Total lease liabilities | $ | $ |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME CLASSIFICATION | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||||||||
Operating lease cost (1) | Other restaurant operating | $ | $ | $ | $ | ||||||||||||||||||||||||
Variable lease cost | Other restaurant operating | ||||||||||||||||||||||||||||
Finance lease costs: | |||||||||||||||||||||||||||||
Amortization of leased assets | Depreciation and amortization | ||||||||||||||||||||||||||||
Interest on lease liabilities | Interest expense, net | ||||||||||||||||||||||||||||
Sublease revenue | Franchise and other revenues | ( | ( | ( | ( | ||||||||||||||||||||||||
Lease costs, net | $ | $ | $ | $ |
THIRTY-NINE WEEKS ENDED | |||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||
Cash flows from operating activities: | |||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | |||||||||
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 |
SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | ||||||||||||||||||||||
(dollars in thousands) | TOTAL | LEVEL 1 | TOTAL | LEVEL 1 | |||||||||||||||||||
Assets (1): | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Fixed income funds | $ | $ | $ | $ | |||||||||||||||||||
Money market funds | |||||||||||||||||||||||
Total asset recurring fair value measurements | $ | $ | $ | $ | |||||||||||||||||||
SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | ||||||||||||||||||||||
(dollars in thousands) | CARRYING VALUE | FAIR VALUE LEVEL 2 | CARRYING VALUE | FAIR VALUE LEVEL 2 | |||||||||||||||||||
Senior secured credit facility - revolving credit facility | $ | $ | $ | $ | |||||||||||||||||||
2025 Notes | $ | $ | $ | $ | |||||||||||||||||||
2029 Notes | $ | $ | $ | $ |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Income before (benefit) provision for income taxes | $ | $ | $ | $ | |||||||||||||||||||
(Benefit) provision for income taxes | $ | ( | $ | $ | $ | ||||||||||||||||||
Effective income tax rate | ( | % | % | % | % |
REPORTABLE SEGMENT (1) | CONCEPT | GEOGRAPHIC LOCATION | ||||||||||||
U.S. | Outback Steakhouse | United States of America | ||||||||||||
Carrabba’s Italian Grill | ||||||||||||||
Bonefish Grill | ||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | ||||||||||||||
International | Outback Steakhouse | Brazil, Hong Kong/China | ||||||||||||
Carrabba’s Italian Grill (Abbraccio) | Brazil |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
U.S. | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
U.S. | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Total depreciation and amortization | $ | $ | $ | $ | |||||||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Segment income from operations | |||||||||||||||||||||||
U.S. | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total segment income from operations | |||||||||||||||||||||||
Unallocated corporate operating expense | ( | ( | ( | ( | |||||||||||||||||||
Total income from operations | |||||||||||||||||||||||
Loss on extinguishment and modification of debt | ( | ||||||||||||||||||||||
Loss on fair value adjustment of derivatives, net | ( | ||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income before (benefit) provision for income taxes | $ | $ | $ | $ |
Number of restaurants (at end of the period): | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||
U.S. | |||||||||||
Outback Steakhouse | |||||||||||
Company-owned | 557 | 564 | |||||||||
Franchised | 127 | 128 | |||||||||
Total | 684 | 692 | |||||||||
Carrabba’s Italian Grill | |||||||||||
Company-owned | 199 | 199 | |||||||||
Franchised | 19 | 19 | |||||||||
Total | 218 | 218 | |||||||||
Bonefish Grill | |||||||||||
Company-owned | 170 | 173 | |||||||||
Franchised | 5 | 7 | |||||||||
Total | 175 | 180 | |||||||||
Fleming’s Prime Steakhouse & Wine Bar | |||||||||||
Company-owned | 64 | 64 | |||||||||
Aussie Grill | |||||||||||
Company-owned | 7 | 5 | |||||||||
U.S. total | 1,148 | 1,159 | |||||||||
International | |||||||||||
Company-owned | |||||||||||
Outback Steakhouse - Brazil (1) | 153 | 137 | |||||||||
Other (1)(2) | 37 | 33 | |||||||||
Franchised | |||||||||||
Outback Steakhouse - South Korea | 92 | 83 | |||||||||
Other (2) | 47 | 50 | |||||||||
International total | 329 | 303 | |||||||||
System-wide total | 1,477 | 1,462 | |||||||||
System-wide total - Company-owned | 1,187 | 1,175 | |||||||||
System-wide total - Franchised | 290 | 287 | |||||||||
Number of kitchens (at end of the period) (1): | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||
U.S. | |||||||||||
Company-owned | 1 | 1 | |||||||||
International | |||||||||||
Franchised - South Korea | 6 | 45 | |||||||||
System-wide total | 7 | 46 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Restaurant sales | 98.6 | % | 98.5 | % | 98.6 | % | 98.5 | % | |||||||||||||||
Franchise and other revenues | 1.4 | 1.5 | 1.4 | 1.5 | |||||||||||||||||||
Total revenues | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Food and beverage (1) | 30.2 | 32.0 | 30.8 | 32.3 | |||||||||||||||||||
Labor and other related (1) | 29.5 | 29.1 | 28.6 | 28.2 | |||||||||||||||||||
Other restaurant operating (1) | 26.4 | 25.8 | 24.4 | 24.2 | |||||||||||||||||||
Depreciation and amortization | 4.4 | 4.0 | 4.1 | 3.8 | |||||||||||||||||||
General and administrative | 5.8 | 5.3 | 5.5 | 5.2 | |||||||||||||||||||
Provision for impaired assets and restaurant closings | (0.6) | 0.2 | (*) | 0.1 | |||||||||||||||||||
Total costs and expenses | 94.6 | 95.1 | 92.3 | 92.6 | |||||||||||||||||||
Income from operations | 5.4 | 4.9 | 7.7 | 7.4 | |||||||||||||||||||
Loss on extinguishment and modification of debt | — | — | — | (3.1) | |||||||||||||||||||
Loss on fair value adjustment of derivatives, net | — | — | — | (0.5) | |||||||||||||||||||
Interest expense, net | (1.2) | (1.2) | (1.1) | (1.3) | |||||||||||||||||||
Income before (benefit) provision for income taxes | 4.2 | 3.7 | 6.6 | 2.5 | |||||||||||||||||||
(Benefit) provision for income taxes | (*) | 0.6 | 0.6 | 1.0 | |||||||||||||||||||
Net income | 4.2 | 3.1 | 6.0 | 1.5 | |||||||||||||||||||
Less: net income attributable to noncontrolling interests | 0.1 | 0.1 | 0.1 | 0.2 | |||||||||||||||||||
Net income attributable to Bloomin’ Brands | 4.1 | % | 3.0 | % | 5.9 | % | 1.3 | % | |||||||||||||||
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||
For the periods ended September 25, 2022 | $ | 1,040.4 | $ | 3,272.9 | |||||||
Change from: | |||||||||||
Restaurant openings | 14.9 | 52.5 | |||||||||
Brazil value added tax exemptions (1) | 10.9 | 30.1 | |||||||||
Effect of foreign currency translation | 8.4 | 9.5 | |||||||||
Restaurant closures | (10.0) | (21.5) | |||||||||
Comparable restaurant sales | (0.2) | 86.5 | |||||||||
For the periods ended September 24, 2023 | $ | 1,064.4 | $ | 3,430.0 | |||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | ||||||||||||||||||||
Average restaurant unit volumes (weekly): | |||||||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | $ | 72,072 | $ | 72,834 | $ | 78,325 | $ | 77,106 | |||||||||||||||
Carrabba’s Italian Grill | $ | 64,067 | $ | 62,010 | $ | 68,348 | $ | 65,309 | |||||||||||||||
Bonefish Grill | $ | 58,111 | $ | 57,998 | $ | 64,343 | $ | 62,811 | |||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | $ | 92,452 | $ | 97,053 | $ | 108,066 | $ | 109,112 | |||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil (1) | $ | 64,554 | $ | 60,711 | $ | 62,030 | $ | 58,722 | |||||||||||||||
Operating weeks: | |||||||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | 7,269 | 7,331 | 21,947 | 21,968 | |||||||||||||||||||
Carrabba’s Italian Grill | 2,587 | 2,576 | 7,761 | 7,741 | |||||||||||||||||||
Bonefish Grill | 2,210 | 2,253 | 6,676 | 6,807 | |||||||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | 832 | 832 | 2,522 | 2,496 | |||||||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil | 1,982 | 1,745 | 5,661 | 4,971 | |||||||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | ||||||||||||||||||||
Year over year percentage change: | |||||||||||||||||||||||
Comparable restaurant sales (restaurants open 18 months or more): | |||||||||||||||||||||||
U.S. (1) | |||||||||||||||||||||||
Outback Steakhouse | (1.1) | % | 2.3 | % | 1.6 | % | 3.4 | % | |||||||||||||||
Carrabba’s Italian Grill | 3.0 | % | 0.7 | % | 4.4 | % | 3.6 | % | |||||||||||||||
Bonefish Grill | (0.5) | % | (0.9) | % | 2.2 | % | 5.9 | % | |||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | (4.1) | % | 1.3 | % | (0.9) | % | 15.7 | % | |||||||||||||||
Combined U.S. | (0.5) | % | 1.4 | % | 1.9 | % | 4.8 | % | |||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil (2) | 4.1 | % | 30.1 | % | 7.3 | % | 48.7 | % | |||||||||||||||
Traffic: | |||||||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | (6.1) | % | (6.8) | % | (4.3) | % | (5.5) | % | |||||||||||||||
Carrabba’s Italian Grill | (0.1) | % | (8.4) | % | 0.3 | % | (4.4) | % | |||||||||||||||
Bonefish Grill | (5.7) | % | (8.3) | % | (3.1) | % | (3.3) | % | |||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | (4.4) | % | (4.8) | % | (2.1) | % | 5.8 | % | |||||||||||||||
Combined U.S. | (4.7) | % | (7.2) | % | (3.1) | % | (4.7) | % | |||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil | (1.0) | % | 16.7 | % | (1.0) | % | 32.1 | % | |||||||||||||||
Average check per person (3): | |||||||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | 5.0 | % | 9.1 | % | 5.9 | % | 8.9 | % | |||||||||||||||
Carrabba’s Italian Grill | 3.1 | % | 9.1 | % | 4.1 | % | 8.0 | % | |||||||||||||||
Bonefish Grill | 5.2 | % | 7.4 | % | 5.3 | % | 9.2 | % | |||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | 0.3 | % | 6.1 | % | 1.2 | % | 9.9 | % | |||||||||||||||
Combined U.S. | 4.2 | % | 8.6 | % | 5.0 | % | 9.5 | % | |||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil | 5.1 | % | 13.1 | % | 8.3 | % | 16.5 | % | |||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Franchise revenues | $ | 11.8 | $ | 11.8 | $ | 37.9 | $ | 37.8 | |||||||||||||||
Other revenues | 3.6 | 3.6 | 9.4 | 10.8 | |||||||||||||||||||
Franchise and other revenues | $ | 15.4 | $ | 15.4 | $ | 47.3 | $ | 48.6 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | |||||||||||||||||||||||||||||
Food and beverage | $ | 321.9 | $ | 332.9 | $ | 1,057.3 | $ | 1,056.8 | |||||||||||||||||||||||||||
% of Restaurant sales | 30.2 | % | 32.0 | % | (1.8) | % | 30.8 | % | 32.3 | % | (1.5) | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | |||||||||||||||||||||||||||||
Labor and other related | $ | 314.4 | $ | 303.2 | $ | 981.9 | $ | 924.5 | |||||||||||||||||||||||||||
% of Restaurant sales | 29.5 | % | 29.1 | % | 0.4 | % | 28.6 | % | 28.2 | % | 0.4 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | |||||||||||||||||||||||||||||
Other restaurant operating | $ | 281.1 | $ | 267.9 | $ | 837.3 | $ | 790.6 | |||||||||||||||||||||||||||
% of Restaurant sales | 26.4 | % | 25.8 | % | 0.6 | % | 24.4 | % | 24.2 | % | 0.2 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | |||||||||||||||||||||||||||||
Depreciation and amortization | $ | 48.0 | $ | 42.2 | $ | 5.8 | $ | 141.9 | $ | 125.2 | $ | 16.7 | |||||||||||||||||||||||
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||
For the periods ended September 25, 2022 | $ | 56.1 | $ | 174.0 | |||||||
Change from: | |||||||||||
Employee stock-based compensation | 2.4 | 0.7 | |||||||||
Severance | 1.7 | 1.7 | |||||||||
Legal and professional fees | 1.7 | 5.3 | |||||||||
Travel and entertainment | 1.1 | 2.8 | |||||||||
Incentive compensation | (2.6) | 1.1 | |||||||||
Compensation, benefits and payroll tax | (0.2) | 3.2 | |||||||||
Other | 2.0 | 2.6 | |||||||||
For the periods ended September 24, 2023 | $ | 62.2 | $ | 191.4 | |||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | |||||||||||||||||||||||||||||
Provision for impaired assets and restaurant closings | $ | (6.0) | $ | 2.1 | $ | (8.1) | $ | (0.9) | $ | 4.1 | $ | (5.0) |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | |||||||||||||||||||||||||||||
Income from operations | $ | 58.2 | $ | 51.3 | $ | 6.9 | $ | 268.3 | $ | 246.3 | $ | 22.0 | |||||||||||||||||||||||
% of Total revenues | 5.4 | % | 4.9 | % | 0.5 | % | 7.7 | % | 7.4 | % | 0.3 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | CHANGE | |||||||||||||||||||||||||||||
Income before (benefit) provision for income taxes | $ | 45.4 | $ | 38.6 | $ | 6.8 | $ | 230.0 | $ | 82.1 | $ | 147.9 | |||||||||||||||||||||||
(Benefit) provision for income taxes | $ | (0.1) | $ | 5.6 | $ | (5.7) | $ | 21.2 | $ | 33.0 | $ | (11.8) | |||||||||||||||||||||||
Effective income tax rate | (0.1) | % | 14.4 | % | (14.5) | % | 9.2 | % | 40.2 | % | (31.0) | % |
REPORTABLE SEGMENT (1) | CONCEPT | GEOGRAPHIC LOCATION | ||||||||||||
U.S. | Outback Steakhouse | United States of America | ||||||||||||
Carrabba’s Italian Grill | ||||||||||||||
Bonefish Grill | ||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | ||||||||||||||
International | Outback Steakhouse | Brazil, Hong Kong/China | ||||||||||||
Carrabba’s Italian Grill (Abbraccio) | Brazil |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Restaurant sales | $ | 901,138 | $ | 910,679 | $ | 2,975,145 | $ | 2,920,241 | |||||||||||||||
Franchise and other revenues | 11,834 | 11,842 | 36,052 | 37,314 | |||||||||||||||||||
Total revenues | $ | 912,972 | $ | 922,521 | $ | 3,011,197 | $ | 2,957,555 | |||||||||||||||
Income from operations | $ | 68,014 | $ | 68,501 | $ | 304,265 | $ | 305,347 | |||||||||||||||
Operating income margin | 7.4 | % | 7.4 | % | 10.1 | % | 10.3 | % | |||||||||||||||
Restaurant-level operating income | $ | 114,869 | $ | 115,498 | $ | 457,533 | $ | 442,517 | |||||||||||||||
Restaurant-level operating margin | 12.7 | % | 12.7 | % | 15.4 | % | 15.2 | % | |||||||||||||||
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||
For the periods ended September 25, 2022 | $ | 910.7 | $ | 2,920.2 | |||||||
Change from: | |||||||||||
Restaurant closures | (10.0) | (21.5) | |||||||||
Comparable restaurant sales | (4.4) | 52.2 | |||||||||
Restaurant openings | 4.8 | 24.2 | |||||||||
For the periods ended September 24, 2023 | $ | 901.1 | $ | 2,975.1 | |||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Restaurant sales | $ | 163,275 | $ | 129,696 | $ | 454,832 | $ | 352,627 | |||||||||||||||
Franchise and other revenues | 3,586 | 3,546 | 11,244 | 11,278 | |||||||||||||||||||
Total revenues | $ | 166,861 | $ | 133,242 | $ | 466,076 | $ | 363,905 | |||||||||||||||
Income from operations | $ | 22,034 | $ | 15,849 | $ | 67,028 | $ | 38,859 | |||||||||||||||
Operating income margin | 13.2 | % | 11.9 | % | 14.4 | % | 10.7 | % | |||||||||||||||
Restaurant-level operating income | $ | 32,404 | $ | 24,013 | $ | 96,092 | $ | 62,881 | |||||||||||||||
Restaurant-level operating margin | 19.8 | % | 18.5 | % | 21.1 | % | 17.8 | % | |||||||||||||||
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||
For the periods ended September 25, 2022 | $ | 129.7 | $ | 352.7 | |||||||
Change from: | |||||||||||
Brazil value added tax exemptions (1) | 10.9 | 30.1 | |||||||||
Restaurant openings | 10.1 | 28.3 | |||||||||
Effect of foreign currency translation | 8.4 | 9.5 | |||||||||
Comparable restaurant sales | 4.2 | 34.3 | |||||||||
For the periods ended September 24, 2023 | $ | 163.3 | $ | 454.9 | |||||||
Consolidated | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Income from operations | $ | 58,216 | $ | 51,309 | $ | 268,295 | $ | 246,284 | |||||||||||||||
Operating income margin | 5.4 | % | 4.9 | % | 7.7 | % | 7.4 | % | |||||||||||||||
Less: | |||||||||||||||||||||||
Franchise and other revenues | 15,420 | 15,388 | 47,296 | 48,592 | |||||||||||||||||||
Plus: | |||||||||||||||||||||||
Depreciation and amortization | 47,998 | 42,171 | 141,865 | 125,203 | |||||||||||||||||||
General and administrative | 62,246 | 56,089 | 191,408 | 174,009 | |||||||||||||||||||
Provision for impaired assets and restaurant closings | (6,008) | 2,067 | (857) | 4,099 | |||||||||||||||||||
Restaurant-level operating income | $ | 147,032 | $ | 136,248 | $ | 553,415 | $ | 501,003 | |||||||||||||||
Restaurant-level operating margin | 13.8 | % | 13.1 | % | 16.1 | % | 15.3 | % | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Partner compensation program changes | 1,894 | — | 1,894 | — | |||||||||||||||||||
Total restaurant-level operating income adjustments | 1,894 | — | 1,894 | — | |||||||||||||||||||
Adjusted restaurant-level operating income | $ | 148,926 | $ | 136,248 | $ | 555,309 | $ | 501,003 | |||||||||||||||
Adjusted restaurant-level operating margin | 14.0 | % | 13.1 | % | 16.2 | % | 15.3 | % |
U.S. | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Income from operations | $ | 68,014 | $ | 68,501 | $ | 304,265 | $ | 305,347 | |||||||||||||||
Operating income margin | 7.4 | % | 7.4 | % | 10.1 | % | 10.3 | % | |||||||||||||||
Less: | |||||||||||||||||||||||
Franchise and other revenues | 11,834 | 11,842 | 36,052 | 37,314 | |||||||||||||||||||
Plus: | |||||||||||||||||||||||
Depreciation and amortization | 39,829 | 34,432 | 117,368 | 102,735 | |||||||||||||||||||
General and administrative | 24,868 | 22,339 | 72,809 | 69,432 | |||||||||||||||||||
Provision for impaired assets and restaurant closings | (6,008) | 2,068 | (857) | 2,317 | |||||||||||||||||||
Restaurant-level operating income | $ | 114,869 | $ | 115,498 | $ | 457,533 | $ | 442,517 | |||||||||||||||
Restaurant-level operating margin | 12.7 | % | 12.7 | % | 15.4 | % | 15.2 | % | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Partner compensation program changes | 1,894 | — | 1,894 | — | |||||||||||||||||||
Total restaurant-level operating income adjustments | 1,894 | — | 1,894 | — | |||||||||||||||||||
Adjusted restaurant-level operating income | $ | 116,763 | $ | 115,498 | $ | 459,427 | $ | 442,517 | |||||||||||||||
Adjusted restaurant-level operating margin | 13.0 | % | 12.7 | % | 15.4 | % | 15.2 | % |
International | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Income from operations | $ | 22,034 | $ | 15,849 | $ | 67,028 | $ | 38,859 | |||||||||||||||
Operating income margin | 13.2 | % | 11.9 | % | 14.4 | % | 10.7 | % | |||||||||||||||
Less: | |||||||||||||||||||||||
Franchise and other revenues | 3,586 | 3,546 | 11,244 | 11,278 | |||||||||||||||||||
Plus: | |||||||||||||||||||||||
Depreciation and amortization | 6,231 | 5,882 | 18,275 | 17,438 | |||||||||||||||||||
General and administrative | 7,725 | 5,828 | 22,033 | 16,087 | |||||||||||||||||||
Provision for impaired assets and restaurant closings | — | — | — | 1,775 | |||||||||||||||||||
Restaurant-level operating income | $ | 32,404 | $ | 24,013 | $ | 96,092 | $ | 62,881 | |||||||||||||||
Restaurant-level operating margin | 19.8 | % | 18.5 | % | 21.1 | % | 17.8 | % | |||||||||||||||
Total restaurant-level operating income adjustments | — | — | — | — | |||||||||||||||||||
Adjusted restaurant-level operating income | $ | 32,404 | $ | 24,013 | $ | 96,092 | $ | 62,881 | |||||||||||||||
Adjusted restaurant-level operating margin | 19.8 | % | 18.5 | % | 21.1 | % | 17.8 | % |
THIRTEEN WEEKS ENDED | |||||||||||||||||||||||
SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | ||||||||||||||||||||||
REPORTED | ADJUSTED (1) | REPORTED | ADJUSTED | ||||||||||||||||||||
Restaurant sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Food and beverage | 30.2 | % | 30.2 | % | 32.0 | % | 32.0 | % | |||||||||||||||
Labor and other related | 29.5 | % | 29.4 | % | 29.1 | % | 29.1 | % | |||||||||||||||
Other restaurant operating | 26.4 | % | 26.4 | % | 25.8 | % | 25.8 | % | |||||||||||||||
Restaurant-level operating margin | 13.8 | % | 14.0 | % | 13.1 | % | 13.1 | % | |||||||||||||||
THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||||
SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | ||||||||||||||||||||||
REPORTED | ADJUSTED (1) | REPORTED | ADJUSTED | ||||||||||||||||||||
Restaurant sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Food and beverage | 30.8 | % | 30.8 | % | 32.3 | % | 32.3 | % | |||||||||||||||
Labor and other related | 28.6 | % | 28.6 | % | 28.2 | % | 28.2 | % | |||||||||||||||
Other restaurant operating | 24.4 | % | 24.4 | % | 24.2 | % | 24.2 | % | |||||||||||||||
Restaurant-level operating margin | 16.1 | % | 16.2 | % | 15.3 | % | 15.3 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Income from operations | $ | 58,216 | $ | 51,309 | $ | 268,295 | $ | 246,284 | |||||||||||||||
Operating income margin | 5.4 | % | 4.9 | % | 7.7 | % | 7.4 | % | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Total restaurant-level operating income adjustments (1) | 1,894 | — | 1,894 | — | |||||||||||||||||||
Restaurant and asset impairments and closing costs (2) | (6,586) | — | (6,586) | — | |||||||||||||||||||
Other (3) | 3,436 | — | 3,436 | — | |||||||||||||||||||
Total income from operations adjustments | (1,256) | — | (1,256) | — | |||||||||||||||||||
Adjusted income from operations | $ | 56,960 | $ | 51,309 | $ | 267,039 | $ | 246,284 | |||||||||||||||
Adjusted operating income margin | 5.3 | % | 4.9 | % | 7.7 | % | 7.4 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(in thousands, except per share data) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
Net income attributable to Bloomin’ Brands | $ | 44,528 | $ | 31,986 | $ | 204,116 | $ | 43,862 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Income from operations adjustments (1) | (1,256) | — | (1,256) | — | |||||||||||||||||||
Loss on extinguishment and modification of debt (2) | — | — | — | 107,630 | |||||||||||||||||||
Loss on fair value adjustment of derivatives, net (2) | — | — | — | 17,685 | |||||||||||||||||||
Total adjustments, before income taxes | (1,256) | — | (1,256) | 125,315 | |||||||||||||||||||
Adjustment to provision for income taxes (3) | (2,650) | — | (2,650) | 1,322 | |||||||||||||||||||
Net adjustments | (3,906) | — | (3,906) | 126,637 | |||||||||||||||||||
Adjusted net income | $ | 40,622 | $ | 31,986 | $ | 200,210 | $ | 170,499 | |||||||||||||||
Diluted earnings per share | $ | 0.45 | $ | 0.34 | $ | 2.08 | $ | 0.44 | |||||||||||||||
Adjusted diluted earnings per share (4) | $ | 0.44 | $ | 0.35 | $ | 2.15 | $ | 1.84 | |||||||||||||||
Diluted weighted average common shares outstanding | 98,548 | 94,736 | 97,987 | 99,609 | |||||||||||||||||||
Adjusted diluted weighted average common shares outstanding (4) | 93,181 | 91,046 | 92,920 | 92,877 | |||||||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | $ | 119 | $ | 119 | $ | 386 | $ | 377 | |||||||||||||||
Carrabba’s Italian Grill | 11 | 12 | 36 | 37 | |||||||||||||||||||
Bonefish Grill | 2 | 3 | 7 | 9 | |||||||||||||||||||
U.S. total | 132 | 134 | 429 | 423 | |||||||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - South Korea | 84 | 77 | 254 | 220 | |||||||||||||||||||
Other (1) | 26 | 24 | 78 | 86 | |||||||||||||||||||
International total | 110 | 101 | 332 | 306 | |||||||||||||||||||
Total franchise sales (2) | $ | 242 | $ | 235 | $ | 761 | $ | 729 | |||||||||||||||
SENIOR SECURED CREDIT FACILITY | TOTAL CREDIT FACILITIES | ||||||||||||||||||||||
(dollars in thousands) | REVOLVING CREDIT FACILITY | 2025 NOTES | 2029 NOTES | ||||||||||||||||||||
Balance as of December 25, 2022 | $ | 430,000 | $ | 105,000 | $ | 300,000 | $ | 835,000 | |||||||||||||||
2023 new debt | 728,000 | — | — | 728,000 | |||||||||||||||||||
2023 payments | (768,000) | (214) | — | (768,214) | |||||||||||||||||||
Balance as of September 24, 2023 | $ | 390,000 | $ | 104,786 | $ | 300,000 | $ | 794,786 | |||||||||||||||
Interest rates, as of September 24, 2023 (1) | 6.93 | % | 5.00 | % | 5.13 | % | |||||||||||||||||
Principal maturity date | April 2026 | May 2025 | April 2029 |
(dollars in thousands) | DIVIDENDS PAID | SHARE REPURCHASES | TOTAL | ||||||||||||||
Fiscal year 2022 | $ | 49,736 | $ | 109,999 | $ | 159,735 | |||||||||||
First fiscal quarter 2023 | 21,014 | 20,645 | 41,659 | ||||||||||||||
Second fiscal quarter 2023 | 20,990 | 15,539 | 36,529 | ||||||||||||||
Third fiscal quarter 2023 | 20,901 | 15,956 | 36,857 | ||||||||||||||
Total (1) | $ | 112,641 | $ | 162,139 | $ | 274,780 | |||||||||||
THIRTY-NINE WEEKS ENDED | |||||||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | SEPTEMBER 25, 2022 | |||||||||
Net cash provided by operating activities | $ | 373,553 | $ | 292,579 | |||||||
Net cash used in investing activities | (225,535) | (121,455) | |||||||||
Net cash used in financing activities | (147,505) | (170,760) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,331 | 1,400 | |||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 1,844 | $ | 1,764 | |||||||
(dollars in thousands) | SEPTEMBER 24, 2023 | DECEMBER 25, 2022 | |||||||||
Current assets | $ | 261,125 | $ | 346,577 | |||||||
Current liabilities | 919,821 | 978,867 | |||||||||
Working capital (deficit) | $ | (658,696) | $ | (632,290) | |||||||
REPORTING PERIOD | TOTAL NUMBER OF SHARES PURCHASED | AVERAGE PRICE PAID PER SHARE | TOTAL NUMBER OF SHARES PURCHASED AS PART OF PUBLICLY ANNOUNCED PLANS OR PROGRAMS | APPROXIMATE DOLLAR VALUE OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS (1) | ||||||||||||||||||||||
June 26, 2023 through July 23, 2023 | 209,996 | $ | 27.02 | 209,996 | $ | 98,143,201 | ||||||||||||||||||||
July 24, 2023 through August 20, 2023 | 95,577 | $ | 27.23 | 95,577 | $ | 95,540,716 | ||||||||||||||||||||
August 21, 2023 through September 24, 2023 | 284,763 | $ | 26.97 | 284,763 | $ | 87,861,050 | ||||||||||||||||||||
Total | 590,336 | 590,336 | ||||||||||||||||||||||||
EXHIBIT NUMBER | DESCRIPTION OF EXHIBITS | FILINGS REFERENCED FOR INCORPORATION BY REFERENCE | ||||||||||||
31.1 | Filed herewith | |||||||||||||
31.2 | Filed herewith | |||||||||||||
32.1 | Furnished herewith | |||||||||||||
32.2 | Furnished herewith | |||||||||||||
101.INS | Inline XBRL Instance Document | Filed herewith | ||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith | ||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | Filed herewith | ||||||||||||
(1) These certifications are not deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. These certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference. |
Date: | November 3, 2023 | BLOOMIN’ BRANDS, INC. | |||||||||
(Registrant) | |||||||||||
By: /s/ Philip Pace | |||||||||||
Philip Pace Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) |
Date: | November 3, 2023 | /s/ David J. Deno | ||||||
David J. Deno | ||||||||
Chief Executive Officer (Principal Executive Officer) |
Date: | November 3, 2023 | /s/ Christopher Meyer | ||||||
Christopher Meyer | ||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Date: | November 3, 2023 | /s/ David J. Deno | ||||||
David J. Deno | ||||||||
Chief Executive Officer (Principal Executive Officer) |
Date: | November 3, 2023 | /s/ Christopher Meyer | ||||||
Christopher Meyer | ||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 24, 2023 |
Dec. 25, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 475,000,000 | 475,000,000 |
Common stock, issued (in shares) | 87,171,373 | 87,696,200 |
Common stock, outstanding (in shares) | 87,171,373 | 87,696,200 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 24, 2023 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Cash dividends declared per common share (in USD per share) | $ 0.24 | $ 0.72 | $ 0.42 |
Excise tax on share repurchases | $ 45 | $ 93 | |
Additional paid-in capital | |||
Deferred tax effect of purchase of noncontrolling interests | $ 254 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Cash flows provided by operating activities: | ||
Net income | $ 208,861 | $ 49,064 |
Adjustments to reconcile Net income to cash provided by operating activities: | ||
Depreciation and amortization | 141,865 | 125,203 |
Amortization of debt discounts and issuance costs | 2,305 | 2,779 |
Amortization of deferred gift card sales commissions | 17,891 | 18,213 |
Provision for impaired assets and restaurant closings | (857) | 4,099 |
Non-cash interest expense from terminated interest rate swaps | 0 | 10,014 |
Non-cash operating lease costs | 64,845 | 62,539 |
Stock-based compensation expense | 12,453 | 11,815 |
Deferred income tax (benefit) expense | (3,610) | 6,604 |
Loss on extinguishment and modification of debt | 0 | 107,630 |
Loss on fair value adjustment of derivatives, net | 0 | 17,685 |
Other, net | (3,067) | 5,381 |
Change in assets and liabilities | (67,133) | (128,447) |
Net cash provided by operating activities | 373,553 | 292,579 |
Cash flows used in investing activities: | ||
Proceeds received from company-owned life insurance | 0 | 14,598 |
Capital expenditures | (227,086) | (137,260) |
Other investments, net | 1,551 | 1,207 |
Net cash used in investing activities | (225,535) | (121,455) |
Cash flows used in financing activities: | ||
Repayments of long-term debt and finance lease obligations | (1,302) | (196,076) |
Proceeds from borrowings on revolving credit facilities | 728,000 | 929,500 |
Repayments of borrowings on revolving credit facilities | (768,000) | (589,500) |
Financing fees | 0 | (1,205) |
Principal settlements and repurchase of convertible senior notes | (214) | (196,919) |
Proceeds from retirement of convertible senior note hedges | 0 | 131,869 |
Payments for retirement of warrants | 0 | (114,825) |
Proceeds from share-based compensation, net | 13,878 | 2,494 |
Distributions to noncontrolling interests | (5,946) | (6,631) |
Contributions from noncontrolling interests | 1,431 | 602 |
Purchase of noncontrolling interests | (100) | (4,904) |
Payments for partner equity plan | 0 | (7,813) |
Repurchase of common stock | (52,347) | (79,900) |
Cash dividends paid on common stock | (62,905) | (37,452) |
Net cash used in financing activities | (147,505) | (170,760) |
Effect of exchange rate changes on cash and cash equivalents | 1,331 | 1,400 |
Net increase in cash, cash equivalents and restricted cash | 1,844 | 1,764 |
Cash, cash equivalents and restricted cash as of the beginning of the period | 84,735 | 89,057 |
Cash, cash equivalents and restricted cash as of the end of the period | 86,579 | 90,821 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 30,486 | 23,050 |
Cash paid for income taxes, net of refunds | 22,244 | 25,354 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Leased assets obtained in exchange for new operating lease liabilities | 70,305 | 44,556 |
Leased assets obtained in exchange for new finance lease liabilities | 5,435 | 2,417 |
Increase in liabilities from the acquisition of property, fixtures and equipment | $ 15,486 | $ 14,961 |
Description of the Business and Basis of Presentation |
9 Months Ended |
---|---|
Sep. 24, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business and Basis of Presentation | Description of the Business and Basis of Presentation Description of the Business - Bloomin’ Brands (“Bloomin’ Brands” or the “Company”) owns and operates casual, upscale casual and fine dining restaurants. The Company’s restaurant portfolio has four concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants in which the Company has no direct investment are operated under franchise agreements. Basis of Presentation - The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 25, 2022. Recently Issued Financial Accounting Standards Not Yet Adopted - Recent accounting guidance not discussed herein is not applicable, did not have or is not expected to have a material impact to the Company. Reclassifications - The Company reclassified certain items in the accompanying consolidated financial statements for prior periods to be comparable with the classification for the current period, including, but not limited to, finance lease liabilities presented within other liabilities that were formerly presented within long-term debt, the separate presentation of current operating lease liabilities on the face of the Consolidated Balance Sheets and the presentation of certain items within the Condensed Consolidated Statements of Cash Flows. These reclassifications had no effect on previously reported net income.
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Revenue Recognition |
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Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
The following tables include the disaggregation of Restaurant sales and franchise revenues, by restaurant concept and major international market, for the periods indicated:
________________ (1)Restaurant sales in Brazil increased $10.9 million and $30.1 million during the thirteen and thirty-nine weeks ended September 24, 2023, respectively, in connection with value added tax exemptions resulting from tax legislation. See Note 14 - Income Taxes for details regarding the Brazil tax legislation. (2)Includes Restaurant sales for Company-owned Outback Steakhouse restaurants outside of Brazil and Abbraccio restaurants in Brazil. Franchise revenues primarily include revenues from franchised Outback Steakhouse restaurants. 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:
The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
The following table is a rollforward of unearned gift card revenue for the periods indicated:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table presents the computation of basic and diluted earnings per share for the periods indicated:
_____________ (1)During the thirty-nine weeks ended September 25, 2022, the Company repurchased $125.0 million of the convertible notes due in 2025 and settled the corresponding portion of the related warrants (the “2025 Notes Partial Repurchase”). Share-based compensation-related weighted average securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows for the periods indicated:
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Stock-based Compensation Plans |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Plans | Stock-based Compensation Plans The Company recognized stock-based compensation expense, net of capitalized expense, as follows for the periods indicated:
(1)The thirteen and thirty-nine weeks ended September 25, 2022 include a cumulative life-to-date adjustment to decrease expense for PSUs granted in fiscal year 2020 based on revised Company projections of performance criteria set forth in the award agreements. In February 2023, the Company granted performance-based share units (“PSUs”) subject to final payout modification by a Relative Total Shareholder Return (“Relative TSR”) modifier. This Relative TSR modifier can adjust the final payout outcome by 75%, 100% or 125% of the achieved performance metric, with the overall payout capped at 200% of the annual target grant. These PSUs have a three-year cliff vesting period and their fair value was estimated using the Monte Carlo simulation model. The following table presents a summary of the Company’s PSU activity:
________________ (1)Based on the $20.96 and $24.30 share price of the Company’s common stock on December 23, 2022 and September 22, 2023, the last trading day of the year ended December 25, 2022 and the thirty-nine weeks ended September 24, 2023, respectively. (2)Represents adjustment to 148% payout for PSUs granted during 2020. (3)Estimated number of units to be issued upon the vesting of outstanding PSU awards based on Company performance projections of performance criteria set forth in the 2021, 2022 and 2023 PSU award agreements. Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:
________________ (1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit. (2)Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term. (3)Based on the historical volatility of the Company’s stock over the last seven years. (4)Represents a premium above the grant date per share value of the Company’s common stock for the Relative TSR modifier of 2.7% and 7.9% during the thirty-nine weeks ended September 24, 2023 and September 25, 2022, respectively. The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of September 24, 2023:
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Other Current Assets, Net |
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Other Current Assets, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets, Net | Other Current Assets, Net Other current assets, net, consisted of the following as of the periods indicated:
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Property, Fixtures and Equipment, Net |
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Fixtures and Equipment, Net | Property, Fixtures and Equipment, Net Property, fixtures and equipment, net, consisted of the following as of the periods indicated:
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Goodwill and Intangible Assets, Net |
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Sep. 24, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Annual Goodwill and Intangible Assets Impairment Assessment - The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during its second fiscal quarter. The Company’s 2023 assessment was quantitative and the 2022 assessment was qualitative. In connection with these assessments, the Company did not record any impairment charges. |
Accrued and Other Current Liabilities |
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Accrued and Other Current Liabilities | Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following as of the periods indicated:
________________ (1)During 2023, other current liabilities increased primarily due to increased accrued advertising and the timing of accrued property tax and interest payments.
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Long-term Debt, Net |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Net | Long-term Debt, Net Following is a summary of outstanding Long-term debt, net, as of the periods indicated:
(1)Interest rate represents the weighted average interest rate as of the respective periods. Debt Covenants - As of September 24, 2023 and December 25, 2022, the Company was in compliance with its debt covenants.
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Convertible Senior Notes |
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Convertible Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes | Convertible Senior Notes 2025 Notes - In connection with dividends paid during the thirty-nine weeks ended September 24, 2023, the conversion rate for the Company’s remaining convertible senior notes due 2025 (the “2025 Notes”) decreased to approximately $11.26 per share, which represents 88.783 shares of common stock per $1,000 principal amount of the 2025 Notes, or a total of approximately 9.303 million shares. The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the periods indicated:
Following is a summary of interest expense for the 2025 Notes by component for the periods indicated:
________________ (1)The effective rate of the 2025 Notes over their expected life is 5.85%. The decrease in interest expense during the thirty-nine weeks ended September 24, 2023 relates to the 2025 Notes Partial Repurchase in May 2022. Based on the daily closing prices of the Company’s stock during the quarter ended September 24, 2023, the remaining holders of the 2025 Notes are eligible to convert their notes during the fourth quarter of 2023.
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Stockholders' Equity |
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Equity, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Share Repurchases - On February 7, 2023, the Company’s Board of Directors (the “Board”) approved a share repurchase program (the “2023 Share Repurchase Program”) under which the Company is authorized to repurchase up to $125.0 million of its outstanding common stock. The 2023 Share Repurchase Program will expire on August 7, 2024. As of September 24, 2023, $87.9 million remained available for repurchase under the 2023 Share Repurchase Program. Following is a summary of the shares repurchased during fiscal year 2023:
________________ (1)Excludes excise tax on share repurchases. Subsequent to September 24, 2023, the Company repurchased 365 thousand shares of its common stock for $8.6 million through October 31, 2023 under a Rule 10b5-1 plan. Dividends - The Company declared and paid dividends per share during fiscal year 2023 as follows:
In October 2023, the Board declared a quarterly cash dividend of $0.24 per share, payable on November 29, 2023 to shareholders of record at the close of business on November 14, 2023. Accumulated Other Comprehensive Loss (“AOCL”) - AOCL consisted of foreign currency translation adjustments as of September 24, 2023 and December 25, 2022. Following are the components of Other comprehensive income (loss) attributable to Bloomin’ Brands for the periods indicated:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 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:
________________ (1)Net of accumulated amortization of $4.1 million and $3.6 million as of September 24, 2023 and December 25, 2022, respectively. (2)Excludes immaterial COVID-19-related deferred rent accruals. Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
________________ (1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.1 million for the thirteen weeks ended September 24, 2023 and September 25, 2022 and $9.1 million for the thirty-nine weeks ended September 24, 2023 and September 25, 2022, 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:
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Leases | 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:
________________ (1)Net of accumulated amortization of $4.1 million and $3.6 million as of September 24, 2023 and December 25, 2022, respectively. (2)Excludes immaterial COVID-19-related deferred rent accruals. Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
________________ (1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.1 million for the thirteen weeks ended September 24, 2023 and September 25, 2022 and $9.1 million for the thirty-nine weeks ended September 24, 2023 and September 25, 2022, 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:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 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:
Fair Value Measurements on a Recurring Basis - The following table summarizes the Company’s financial assets measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
________________ (1)Carrying value approximates fair value because maturities are less than three months. Interim Disclosures about Fair Value of Financial Instruments - The Company’s financial instruments consist of cash equivalents, accounts receivable, accounts payable and long-term debt. The fair values of cash equivalents, accounts receivable and accounts payable approximate their carrying amounts reported on its Consolidated Balance Sheets due to their short duration. Debt is carried at amortized cost; however, the Company estimates the fair value of debt for disclosure purposes. The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes
The effective income tax rates for the thirteen and thirty-nine weeks ended September 24, 2023 decreased by 14.5 and 31.0 percentage points, respectively, as compared to the thirteen and thirty-nine weeks ended September 25, 2022. These decreases were primarily due to the 2023 benefits of Brazil tax legislation, which includes a temporary reduction in the Brazilian income tax rate from 34% to 0%, and the 2023 income tax exemption on Brazil state value added tax (“VAT”) benefits, as further discussed below. The decrease for the thirty-nine weeks ended September 24, 2023 was further impacted by the 2022 non-deductible losses associated with the 2025 Notes Partial Repurchase. In September 2022, the Company’s Brazilian subsidiary received a preliminary injunction authorizing it to benefit from the exemptions enacted by Law 14,148/2021 which provides for emergency and temporary actions that grant certain industries a 100% exemption from income tax (IRPJ and CSLL) and federal value added taxes (PIS and COFINS) for a five-year period. The injunction was issued as part of an ongoing lawsuit initiated by the Company’s Brazilian subsidiary due to the uncertainty regarding the restaurant industry’s eligibility for the exemptions under this legislation. In May 2023, Brazil enacted tax legislation that prospectively limits the Company’s ability to benefit from the 100% exemption from income tax (IRPJ and CSLL) and federal value added taxes (PIS and COFINS) for the full five-year period (the “May 2023 Brazil tax legislation”). As a result of this legislation, the Company expects to be subject to PIS and COFINS and CSLL beginning in the fourth quarter of 2023 and IRPJ beginning in 2024. During the thirteen weeks ended September 24, 2023, the Company recorded an income tax benefit of approximately $2.9 million from a refund of prior year income tax in Brazil resulting from a recent ruling by the Brazilian Superior Court of Justice regarding a federal income tax exemption on certain state VAT benefits. In the U.S., a restaurant company employer may claim a credit against its federal income taxes for FICA taxes paid on certain tipped wages (the “FICA tax credit”). The level of FICA tax credits is primarily driven by U.S. Restaurant sales and is not impacted by costs incurred that may reduce Income before (benefit) provision for income taxes. The effective income tax rates for the thirteen and thirty-nine weeks ended September 24, 2023 were lower than the Company’s blended federal and state statutory rate of approximately 26% primarily due to the benefit of FICA tax credits on certain tipped wages, benefits of Brazil tax legislation that include a temporary reduction in the Brazilian income tax rate from 34% to 0%, and the income tax exemption on Brazil state VAT benefits. The effective income tax rate for the thirteen weeks ended September 25, 2022 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 thirty-nine weeks ended September 25, 2022 was higher than the statutory rate primarily due to the non-deductible losses associated with the 2025 Notes Partial Repurchase recorded during the thirty-nine weeks ended September 25, 2022.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 24, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Other Matters - The Company is subject to legal proceedings, claims and liabilities, such as liquor liability, slip and fall cases, wage and hour and other employment-related litigation, which arise in the ordinary course of business. A reserve is recorded when it is both: (i) probable that a loss has occurred and (ii) the amount of loss can be reasonably estimated. There may be instances in which an exposure to loss exceeds the recorded reserve. The Company evaluates, on a quarterly basis, developments in legal proceedings that could cause an increase or decrease in the amount of the reserve that has been previously recorded, or a revision to the disclosed estimated range of possible losses, as applicable. The Company’s legal proceedings range from cases brought by a single plaintiff to threatened class actions with many putative class members. While some matters pending against the Company specify the damages claimed by the plaintiff or class, many seek unspecified amounts or are at very early stages of the legal process. Even when the amount of damages claimed against the Company are stated, the claimed amount may be exaggerated, unsupported or unrelated to possible outcomes, and as such, are not meaningful indicators of the Company’s potential liability or financial exposure. As a result, some matters have not yet progressed sufficiently through discovery or development of important factual information and legal issues to enable the Company to estimate an amount of loss or a range of possible loss. The Company intends to defend itself in legal matters. Some of these matters may be covered, at least in part, by insurance if they exceed specified retention or deductible amounts. However, it is possible that claims may be denied by the Company’s insurance carriers, the Company may be required by its insurance carriers to contribute to the payment of claims, or the Company’s insurance coverage may not continue to be available on acceptable terms or in sufficient amounts. The Company records receivables from third party insurers when recovery has been determined to be probable. The Company believes that the ultimate determination of liability in connection with legal claims pending against the Company, if any, in excess of amounts already provided for such matters in the consolidated financial statements, will not have a material adverse effect on its business, annual results of operations, liquidity or financial position. However, it is possible that the Company’s business, results of operations, liquidity, or financial condition could be materially affected in a particular future reporting period by the unfavorable resolution of one or more matters or contingencies during such period. The Company recorded reserves of $18.9 million and $15.1 million for certain of its outstanding legal proceedings as of September 24, 2023 and December 25, 2022, respectively, within Accrued and other current liabilities on its Consolidated Balance Sheets. While the Company believes that additional losses beyond these accruals are reasonably possible, it cannot estimate a possible loss contingency or range of reasonably possible loss contingencies beyond these accruals. Lease Guarantees - The Company assigned its interest, and is contingently liable, under certain real estate leases. These leases have varying terms, the latest of which expires in 2032. As of September 24, 2023, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was approximately $20.5 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of September 24, 2023 was approximately $15.3 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 September 24, 2023 and December 25, 2022, the Company’s recorded contingent lease liability was $5.4 million and $6.2 million, respectively.
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Segment Reporting |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The following is a summary of reporting segments:
_________________ (1)Includes franchise locations. Segment accounting policies are the same as those described in Note 2 - Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 25, 2022. Revenues for all segments include only transactions with customers and exclude intersegment revenues. Excluded from Income from operations for U.S. and international are certain legal and corporate costs not directly related to the performance of the segments, most stock-based compensation expenses, a portion of insurance expenses and certain bonus expenses. The following table is a summary of revenues by segment for the periods indicated:
The following table is a summary of Depreciation and amortization expense by segment for the periods indicated:
The following table is a reconciliation of segment income from operations to Income before (benefit) provision for income taxes for the periods indicated:
|
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Pay vs Performance Disclosure | ||||
Net income attributable to Bloomin’ Brands | $ 44,528 | $ 31,986 | $ 204,116 | $ 43,862 |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Sep. 24, 2023 | |
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 |
Description of the Business and Basis of Presentation (Policies) |
9 Months Ended |
---|---|
Sep. 24, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of Presentation - The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments necessary for fair financial statement presentation for the periods presented have been included and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 25, 2022. |
Recently issued financial accounting standards not yet adopted | Recently Issued Financial Accounting Standards Not Yet Adopted - Recent accounting guidance not discussed herein is not applicable, did not have or is not expected to have a material impact to the Company. |
Reclassifications | Reclassifications - The Company reclassified certain items in the accompanying consolidated financial statements for prior periods to be comparable with the classification for the current period, including, but not limited to, finance lease liabilities presented within other liabilities that were formerly presented within long-term debt, the separate presentation of current operating lease liabilities on the face of the Consolidated Balance Sheets and the presentation of certain items within the Condensed Consolidated Statements of Cash Flows. These reclassifications had no effect on previously reported net income. |
Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of principal transactions, revenue | The following table includes the categories of revenue included in the Company’s Consolidated Statements of Operations and Comprehensive Income for the periods indicated:
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Disaggregation of revenue | The following tables include the disaggregation of Restaurant sales and franchise revenues, by restaurant concept and major international market, for the periods indicated:
________________ (1)Restaurant sales in Brazil increased $10.9 million and $30.1 million during the thirteen and thirty-nine weeks ended September 24, 2023, respectively, in connection with value added tax exemptions resulting from tax legislation. See Note 14 - Income Taxes for details regarding the Brazil tax legislation. (2)Includes Restaurant sales for Company-owned Outback Steakhouse restaurants outside of Brazil and Abbraccio restaurants in Brazil. Franchise revenues primarily include revenues from franchised Outback Steakhouse restaurants.
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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:
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Deferred gift card sales commissions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with customers, asset and liability | The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
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Unearned revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with customers, asset and liability | The following table is a rollforward of unearned gift card revenue for the periods indicated:
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share, basic and diluted | The following table presents the computation of basic and diluted earnings per share for the periods indicated:
_____________ (1)During the thirty-nine weeks ended September 25, 2022, the Company repurchased $125.0 million of the convertible notes due in 2025 and settled the corresponding portion of the related warrants (the “2025 Notes Partial Repurchase”).
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Schedule of antidilutive securities excluded from computation of earnings per share | Share-based compensation-related weighted average securities outstanding not included in the computation of earnings per share because their effect was antidilutive were as follows for the periods indicated:
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Stock-based Compensation Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of compensation cost for stock-based payment arrangements, allocation of share-based compensation costs by plan | The Company recognized stock-based compensation expense, net of capitalized expense, as follows for the periods indicated:
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Schedule of nonvested performance-based units activity | The following table presents a summary of the Company’s PSU activity:
________________ (1)Based on the $20.96 and $24.30 share price of the Company’s common stock on December 23, 2022 and September 22, 2023, the last trading day of the year ended December 25, 2022 and the thirty-nine weeks ended September 24, 2023, respectively. (2)Represents adjustment to 148% payout for PSUs granted during 2020. (3)Estimated number of units to be issued upon the vesting of outstanding PSU awards based on Company performance projections of performance criteria set forth in the 2021, 2022 and 2023 PSU award agreements.
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Monte Carlo schedule of assumptions used to calculate far value of PSUs | Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:
________________ (1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit. (2)Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term. (3)Based on the historical volatility of the Company’s stock over the last seven years. (4)Represents a premium above the grant date per share value of the Company’s common stock for the Relative TSR modifier of 2.7% and 7.9% during the thirty-nine weeks ended September 24, 2023 and September 25, 2022, respectively.
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Schedule of unrecognized compensation cost, nonvested awards | The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of September 24, 2023:
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Other Current Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other current assets | Other current assets, net, consisted of the following as of the periods indicated:
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Property, Plant, and Equipment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property, fixtures and equipment | Property, fixtures and equipment, net, consisted of the following as of the periods indicated:
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Accrued and Other Current Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accrued and other current liabilities | Accrued and other current liabilities consisted of the following as of the periods indicated:
________________ (1)During 2023, other current liabilities increased primarily due to increased accrued advertising and the timing of accrued property tax and interest payments.
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Long-term Debt, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt, net | Following is a summary of outstanding Long-term debt, net, as of the periods indicated:
(1)Interest rate represents the weighted average interest rate as of the respective periods.
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Convertible Senior Notes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible senior notes balances | The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the periods indicated:
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Convertible senior notes interest expense | Following is a summary of interest expense for the 2025 Notes by component for the periods indicated:
________________ (1)The effective rate of the 2025 Notes over their expected life is 5.85%. The decrease in interest expense during the thirty-nine weeks ended September 24, 2023 relates to the 2025 Notes Partial Repurchase in May 2022.
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of repurchases of common stock | Following is a summary of the shares repurchased during fiscal year 2023:
________________ (1)Excludes excise tax on share repurchases. Subsequent to September 24, 2023, the Company repurchased 365 thousand shares of its common stock for $8.6 million through October 31, 2023 under a Rule 10b5-1 plan.
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Dividends declared and paid | The Company declared and paid dividends per share during fiscal year 2023 as follows:
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Other comprehensive income (loss) | Following are the components of Other comprehensive income (loss) attributable to Bloomin’ Brands for the periods indicated:
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities, lessee | The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:
________________ (1)Net of accumulated amortization of $4.1 million and $3.6 million as of September 24, 2023 and December 25, 2022, respectively. (2)Excludes immaterial COVID-19-related deferred rent accruals.
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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 for the periods indicated:
________________ (1)Excludes rent expense for office facilities and Company-owned closed or subleased properties of $3.1 million for the thirteen weeks ended September 24, 2023 and September 25, 2022 and $9.1 million for the thirty-nine weeks ended September 24, 2023 and September 25, 2022, which is included in General and administrative expense.
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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:
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Schedule of assets measured at fair value on a recurring basis | The following table summarizes the Company’s financial assets measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
________________ (1)Carrying value approximates fair value because maturities are less than three months.
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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:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of effective income tax rate reconciliation |
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information, by segment | The following is a summary of reporting segments:
_________________ (1)Includes franchise locations.
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Reconciliation of revenue from segments to consolidated | The following table is a summary of revenues by segment for the periods indicated:
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Reconciliation of segment depreciation and amortization | The following table is a summary of Depreciation and amortization expense by segment for the periods indicated:
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Reconciliation of operating profit from segments to consolidated | The following table is a reconciliation of segment income from operations to Income before (benefit) provision for income taxes for the periods indicated:
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Description of the Business and Basis of Presentation (Description of the Business) (Details) |
Sep. 24, 2023
restaurantConcept
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restaurant concepts in portfolio | 4 |
Revenue Recognition (Principal Revenue Transactions) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Restaurant sales, franchise and other revenues | $ 1,079,833 | $ 1,055,763 | $ 3,477,273 | $ 3,321,460 |
Restaurant sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Restaurant sales, franchise and other revenues | 1,064,413 | 1,040,375 | 3,429,977 | 3,272,868 |
Franchise and other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Restaurant sales, franchise and other revenues | 15,420 | 15,388 | 47,296 | 48,592 |
Franchise revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Restaurant sales, franchise and other revenues | 11,820 | 11,826 | 37,911 | 37,828 |
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Restaurant sales, franchise and other revenues | $ 3,600 | $ 3,562 | $ 9,385 | $ 10,764 |
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | $ 1,079,833 | $ 1,055,763 | $ 3,477,273 | $ 3,321,460 | ||||||
U.S. segment | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 912,972 | 922,521 | 3,011,197 | 2,957,555 | ||||||
International segment | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 166,861 | 133,242 | 466,076 | 363,905 | ||||||
Restaurant sales | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 1,064,413 | 1,040,375 | 3,429,977 | 3,272,868 | ||||||
Restaurant sales | U.S. segment | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 901,138 | 910,679 | 2,975,145 | 2,920,241 | ||||||
Restaurant sales | International segment | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 163,275 | 129,696 | 454,832 | 352,627 | ||||||
Restaurant sales | International segment | BRAZIL | Brazilian tax legislation | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 10,900 | 30,100 | ||||||||
Restaurant sales | Outback Steakhouse | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 526,960 | 536,793 | 1,732,132 | 1,705,749 | ||||||
Restaurant sales | Carrabba’s Italian Grill | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 165,742 | 159,728 | 530,450 | 505,546 | ||||||
Restaurant sales | Bonefish Grill | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 128,425 | 130,669 | 429,572 | 427,557 | ||||||
Restaurant sales | Fleming’s Prime Steakhouse & Wine Bar | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 76,919 | 80,748 | 272,543 | 272,343 | ||||||
Restaurant sales | Other - U.S. | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 3,092 | 2,741 | 10,448 | 9,046 | ||||||
Restaurant sales | Outback Steakhouse - Brazil | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 138,187 | [1] | 105,932 | 379,498 | [1] | 291,880 | ||||
Restaurant sales | Other - international | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | [2] | 25,088 | [1] | 23,764 | 75,334 | [1] | 60,747 | |||
Franchise revenues | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 11,820 | 11,826 | 37,911 | 37,828 | ||||||
Franchise revenues | U.S. segment | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 8,324 | 8,365 | 26,931 | 26,801 | ||||||
Franchise revenues | International segment | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 3,496 | 3,461 | 10,980 | 11,027 | ||||||
Franchise revenues | Outback Steakhouse | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 7,517 | 7,447 | 24,280 | 24,062 | ||||||
Franchise revenues | Carrabba’s Italian Grill | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 704 | 738 | 2,257 | 2,196 | ||||||
Franchise revenues | Bonefish Grill | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 87 | 163 | 353 | 513 | ||||||
Franchise revenues | Fleming’s Prime Steakhouse & Wine Bar | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 0 | 0 | 0 | 0 | ||||||
Franchise revenues | Other - U.S. | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 16 | 17 | 41 | 30 | ||||||
Franchise revenues | Outback Steakhouse - Brazil | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | 0 | 0 | 0 | 0 | ||||||
Franchise revenues | Other - international | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Restaurant sales, franchise and other revenues | [2] | $ 3,496 | $ 3,461 | $ 10,980 | $ 11,027 | |||||
|
Revenue Recognition (Contract Assets and Liabilities Summary) (Details) - USD ($) $ in Thousands |
Sep. 24, 2023 |
Jun. 25, 2023 |
Dec. 25, 2022 |
Sep. 25, 2022 |
Jun. 26, 2022 |
Dec. 26, 2021 |
---|---|---|---|---|---|---|
Revenue Recognition [Line Items] | ||||||
Deferred gift card sales commissions, current | $ 11,141 | $ 12,694 | $ 17,755 | $ 10,798 | $ 12,338 | $ 17,793 |
Unearned revenue | 294,062 | 394,215 | ||||
Deferred gift card revenue | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 285,263 | $ 304,942 | 386,495 | $ 283,559 | $ 303,544 | $ 387,945 |
Deferred gift card sales commissions | ||||||
Revenue Recognition [Line Items] | ||||||
Deferred gift card sales commissions, current | 11,141 | 17,755 | ||||
Unearned revenue | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 294,062 | 394,215 | ||||
Unearned revenue | Deferred gift card revenue | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 285,263 | 386,495 | ||||
Unearned revenue | Deferred loyalty revenue | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 5,752 | 5,628 | ||||
Unearned revenue | Deferred franchise fees | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 475 | 460 | ||||
Unearned revenue | Other | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 2,572 | 1,632 | ||||
Other long-term liabilities, net | Deferred franchise fees | ||||||
Revenue Recognition [Line Items] | ||||||
Deferred franchise fees - non-current | $ 4,087 | $ 4,126 |
Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Capitalized Contract Cost, Net, Current [Roll Forward] | ||||
Balance, beginning of the period | $ 12,694 | $ 12,338 | $ 17,755 | $ 17,793 |
Deferred gift card sales commissions amortization | (4,711) | (4,755) | (17,891) | (18,213) |
Deferred gift card sales commissions capitalization | 3,766 | 3,836 | 13,509 | 13,441 |
Other | (608) | (621) | (2,232) | (2,223) |
Balance, end of the period | $ 11,141 | $ 10,798 | $ 11,141 | $ 10,798 |
Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Revenue Recognition [Line Items] | ||||
Balance, beginning of the period | $ 394,215 | |||
Balance, end of the period | $ 294,062 | 294,062 | ||
Deferred gift card revenue | ||||
Revenue Recognition [Line Items] | ||||
Balance, beginning of the period | 304,942 | $ 303,544 | 386,495 | $ 387,945 |
Gift card sales | 44,374 | 46,692 | 162,717 | 162,146 |
Gift card redemptions | (60,412) | (63,041) | (248,870) | (252,091) |
Gift card breakage | (3,641) | (3,636) | (15,079) | (14,441) |
Balance, end of the period | $ 285,263 | $ 283,559 | $ 285,263 | $ 283,559 |
Earnings Per Share (Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
||||
Schedule of earnings per share, basic and diluted [Line Items] | |||||||
Net income attributable to Bloomin’ Brands | $ 44,528,000 | $ 31,986,000 | $ 204,116,000 | $ 43,862,000 | |||
Basic weighted average common shares outstanding | 88,707 | 89,192 | 88,794 | 89,149 | |||
Effect of dilutive securities: | |||||||
Convertible senior notes (in shares) | 5,367 | 3,690 | 5,067 | 6,732 | [1] | ||
Warrants (in shares) | 3,800 | 1,564 | 3,407 | 3,204 | [1] | ||
Diluted weighted average common shares outstanding (in shares) | 98,548 | 94,736 | 97,987 | 99,609 | |||
Basic earnings per share (in USD per share) | $ 0.50 | $ 0.36 | $ 2.30 | $ 0.49 | |||
Diluted earnings per share (in USD per share) | $ 0.45 | $ 0.34 | $ 2.08 | $ 0.44 | |||
2025 Notes | Convertible debt | |||||||
Effect of dilutive securities: | |||||||
2025 Notes repurchase amount | $ 125,000,000 | ||||||
Stock options | |||||||
Effect of dilutive securities: | |||||||
Dilutive shares (in shares) | 474 | 173 | 423 | 261 | |||
Nonvested restricted stock units | |||||||
Effect of dilutive securities: | |||||||
Dilutive shares (in shares) | 200 | 117 | 201 | 167 | |||
Nonvested performance-based share units | |||||||
Effect of dilutive securities: | |||||||
Dilutive shares (in shares) | 0 | 0 | 95 | 96 | |||
|
Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Stock options | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of earnings per share (in shares) | 0 | 2,297 | 471 | 2,012 |
Nonvested restricted stock units | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of earnings per share (in shares) | 0 | 150 | 47 | 249 |
Nonvested performance-based share units | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of earnings per share (in shares) | 373 | 771 | 433 | 574 |
Stock-based Compensation Plans (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense | $ 4,392 | $ 1,977 | $ 12,395 | $ 11,705 | ||||
Performance-based share units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense | 2,298 | 67 | [1] | 5,518 | 5,526 | [1] | ||
Restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense | 2,094 | 1,872 | 6,042 | 5,709 | ||||
Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense | $ 0 | $ 38 | $ 835 | $ 470 | ||||
|
Stock-based Compensation Plans (PSU - Text) (Details) - Performance-based share units |
1 Months Ended |
---|---|
Feb. 28, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 1 | 75.00% |
Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 2 | 100.00% |
Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 3 | 125.00% |
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 200.00% |
Stock-based Compensation Plans (PSU Activity - Table) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 24, 2023 |
Sep. 22, 2023 |
Dec. 23, 2022 |
|||||||
Common stock | |||||||||
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT | |||||||||
Share price applicable to outstanding share-based compensation (in USD per share) | $ 24.30 | $ 20.96 | |||||||
Performance-based share units | |||||||||
PERFORMANCE-BASED SHARE UNITS | |||||||||
Outstanding as of December 25, 2022 (in shares) | 874 | ||||||||
Granted (in shares) | 301 | ||||||||
Performance adjustment (in shares) | [1] | 154 | |||||||
Vested (in shares) | (470) | ||||||||
Forfeited (in shares) | (32) | ||||||||
Outstanding as of September 24, 2023 (in shares) | 827 | ||||||||
Expected to vest as of September 24, 2023 (in shares) | [2] | 1,067 | |||||||
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT | |||||||||
Outstanding as of December 25, 2022 (in USD per share) | $ 24.83 | ||||||||
Granted (in USD per share) | 29.01 | ||||||||
Performance adjustment (in USD per share) | [1] | 19.84 | |||||||
Vested (in USD per share) | 19.84 | ||||||||
Forfeited (in USD per share) | 26.39 | ||||||||
Outstanding as of September 24, 2023 (in USD per share) | $ 26.92 | ||||||||
Aggregate intrinsic value as of December 25, 2022 | [3] | $ 18,323 | |||||||
Aggregate intrinsic value as of September 24, 2023 | [3] | 20,101 | |||||||
Aggregate intrinsic value, expected to vest as of September 24, 2023 | [2],[3] | $ 25,928 | |||||||
Performance-based share units | 2020 PSU grant | |||||||||
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT | |||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 148.00% | ||||||||
|
Stock-based Compensation Plans (Assumptions Used in the Monte Carlo Simulation Model and the Grant Date Fair Value of PSUs Granted) (Details) - Performance-based share units - $ / shares |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
|||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Risk-free interest rate | [1] | 4.26% | 1.64% | |||||||
Dividend yield | [2] | 3.47% | 2.31% | |||||||
Volatility | [3] | 51.02% | 49.11% | |||||||
Grant date fair value per unit | [4] | $ 29.01 | $ 26.10 | |||||||
Share-based compensation arrangement by share-based payment award, stock price premium, percentage | 2.70% | 7.90% | ||||||||
|
Stock-based Compensation Plans (Unrecognized Stock Compensation Expense and the Remaining Weighted-Average Vesting Period) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 24, 2023
USD ($)
| |
Performance-based share units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock-based awards other than options | $ 11,995 |
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition | 1 year 6 months |
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 | $ 10,306 |
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition | 1 year 10 months 24 days |
Other Current Assets, Net (Details) - USD ($) $ in Thousands |
Sep. 24, 2023 |
Jun. 25, 2023 |
Dec. 25, 2022 |
Sep. 25, 2022 |
Jun. 26, 2022 |
Dec. 26, 2021 |
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Prepaid expenses | $ 31,733 | $ 29,343 | ||||
Deferred gift card sales commissions | 11,141 | $ 12,694 | 17,755 | $ 10,798 | $ 12,338 | $ 17,793 |
Other current assets, net | 10,352 | 4,671 | ||||
Total other current assets, net | 103,983 | 183,718 | ||||
Accounts receivable - gift cards, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, net | 8,420 | 85,606 | ||||
Accounts receivable - vendors, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, net | 17,530 | 25,385 | ||||
Accounts receivable - franchisees, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, net | 3,869 | 2,550 | ||||
Accounts receivable - other, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, net | $ 20,938 | $ 18,408 |
Property, Fixtures and Equipment, Net (Details) - USD ($) $ in Thousands |
Sep. 24, 2023 |
Dec. 25, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (1,702,093) | $ (1,617,611) |
Property, fixtures and equipment, net | 1,020,798 | 914,142 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 35,198 | 37,596 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 1,253,011 | 1,223,403 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 517,689 | 489,895 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | 828,066 | 739,136 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, fixtures and equipment, gross | $ 88,927 | $ 41,723 |
Goodwill and Intangible Assets, Net (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 25, 2023 |
Jun. 26, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment charges | $ 0 | $ 0 |
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 0 | $ 0 |
Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 24, 2023 |
Dec. 25, 2022 |
|||
---|---|---|---|---|---|
Payables and Accruals [Abstract] | |||||
Accrued payroll and other compensation | $ 86,807 | $ 84,075 | |||
Accrued insurance | 20,410 | 20,932 | |||
Other current liabilities | 134,783 | [1] | 112,420 | ||
Accrued and other current liabilities | $ 242,000 | $ 217,427 | |||
|
Long-term Debt, Net (Schedule of Long-term Debt, Net) (Details) - USD ($) $ in Thousands |
Sep. 24, 2023 |
Dec. 25, 2022 |
Sep. 25, 2022 |
||
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Less: unamortized debt discount and issuance costs | $ (5,430) | $ (6,493) | |||
Long-term debt, net | 789,356 | 828,507 | |||
Secured debt | Revolving credit facility | Senior secured credit facility - revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Senior secured credit facility - revolving credit facility | $ 390,000 | $ 430,000 | |||
Debt instrument, effective interest rate | [1] | 6.93% | 5.79% | ||
Convertible debt | 2025 Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 104,786 | $ 105,000 | |||
Debt instrument, effective interest rate | 5.85% | 5.85% | |||
Debt instrument, interest rate, stated percentage | 5.00% | 5.00% | |||
Unsecured debt | 2029 Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 300,000 | $ 300,000 | |||
Debt instrument, interest rate, stated percentage | 5.13% | 5.13% | |||
|
Convertible Senior Notes (Convertible Notes Text) (Details) - Convertible debt - 2025 Notes $ / shares in Units, shares in Thousands |
Aug. 25, 2023
USD ($)
$ / shares
shares
|
---|---|
Debt Instrument [Line Items] | |
Debt instrument, convertible, conversion price (in USD per share) | $ / shares | $ 11.26 |
Debt instrument, convertible, conversion ratio | 88.783 |
Debt instrument, convertible principal amount | $ | $ 1,000 |
Debt conversion, converted instrument, shares to be issued (in shares) | shares | 9,303 |
Convertible Senior Notes (Convertible Senior Notes Balances) (Details) - 2025 Notes - Convertible debt - USD ($) $ in Thousands |
Sep. 24, 2023 |
Dec. 25, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Principal | $ 104,786 | $ 105,000 |
Less: debt issuance costs | (1,342) | (1,939) |
Net carrying amount | $ 103,444 | $ 103,061 |
Convertible Senior Notes (Convertible Senior Notes Interest Expense) (Details) - 2025 Notes - Convertible debt - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|||
Debt Instrument [Line Items] | ||||||
Coupon interest | $ 1,310 | $ 1,313 | $ 3,932 | $ 6,785 | ||
Debt issuance cost amortization | 201 | 190 | 594 | 963 | ||
Total interest expense | [1] | $ 1,511 | $ 1,503 | $ 4,526 | $ 7,748 | |
Debt instrument, effective interest rate | 5.85% | 5.85% | 5.85% | 5.85% | ||
|
Stockholders' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2023 |
Sep. 24, 2023 |
Jun. 25, 2023 |
Mar. 26, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
Feb. 07, 2023 |
||||
Share Repurchase Program [Line Items] | |||||||||||
Repurchase and retirement of common stock | $ 16,001,000 | $ 33,549,000 | $ 52,233,000 | $ 81,000,000 | |||||||
Subsequent event | |||||||||||
Share Repurchase Program [Line Items] | |||||||||||
Repurchase and retirement of common stock (in shares) | 365 | ||||||||||
Repurchase and retirement of common stock | $ 8,600,000 | ||||||||||
2022 and 2023 share repurchase program | |||||||||||
Share Repurchase Program [Line Items] | |||||||||||
Repurchase and retirement of common stock (in shares) | 863 | 2,072 | [1] | ||||||||
Stock repurchase program, average price paid (in USD per share) | $ 23.92 | $ 25.16 | [1] | ||||||||
Repurchase and retirement of common stock | $ 20,645,000 | $ 52,140,000 | [1] | ||||||||
2023 share repurchase program | |||||||||||
Share Repurchase Program [Line Items] | |||||||||||
Stock repurchase program, authorized amount | $ 125,000,000 | ||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 87,900,000 | $ 87,900,000 | |||||||||
Repurchase and retirement of common stock (in shares) | 590 | 619 | |||||||||
Stock repurchase program, average price paid (in USD per share) | $ 27.03 | $ 25.11 | |||||||||
Repurchase and retirement of common stock | $ 15,956,000 | $ 15,539,000 | |||||||||
|
Stockholders' Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|
Oct. 31, 2023 |
Sep. 24, 2023 |
Jun. 25, 2023 |
Mar. 26, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Dividends payable [Line Items] | |||||||
Common stock, dividends, cash paid (in USD per share) | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.72 | |||
Dividends, common stock, cash | $ 20,901 | $ 20,990 | $ 21,014 | $ 12,475 | $ 62,905 | $ 37,452 | |
Common stock, dividends declared (in USD per share) | $ 0.24 | $ 0.14 | $ 0.72 | $ 0.42 | |||
Subsequent event | |||||||
Dividends payable [Line Items] | |||||||
Common stock, dividends declared (in USD per share) | $ 0.24 | ||||||
Dividends payable, date to be paid | Nov. 29, 2023 | ||||||
Dividends payable, date of record | Nov. 14, 2023 |
Stockholders' Equity (Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Other comprehensive income (loss) [Line Items] | ||||
Unrealized gain on derivatives, net of tax | $ 0 | $ 0 | $ 0 | $ 573 |
Reclassification of adjustments for loss on derivatives included in Net income, net of tax | 0 | 0 | 0 | 954 |
Impact of terminated interest rate swaps included in Net income, net of tax | 0 | 2,255 | 0 | 7,440 |
Other comprehensive income (loss) attributable to Bloomin’ Brands | 3,103 | (10,786) | 6,471 | 19,149 |
Bloomin' Brands | ||||
Other comprehensive income (loss) [Line Items] | ||||
Foreign currency translation adjustment | 3,103 | (13,041) | 6,471 | 10,182 |
Unrealized gain on derivatives, net of tax | 0 | 0 | 0 | 573 |
Reclassification of adjustments for loss on derivatives included in Net income, net of tax | 0 | 0 | 0 | 954 |
Impact of terminated interest rate swaps included in Net income, net of tax | 0 | 2,255 | 0 | 7,440 |
Total gain on derivatives, net of tax | 0 | 2,255 | 0 | 8,967 |
Other comprehensive income (loss) attributable to Bloomin’ Brands | $ 3,103 | $ (10,786) | $ 6,471 | $ 19,149 |
Leases (Lessee, Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Sep. 24, 2023 |
Dec. 25, 2022 |
||||
---|---|---|---|---|---|---|
Leases [Abstract] | ||||||
Operating lease right-of-use assets | $ 1,109,295 | $ 1,103,083 | ||||
Finance lease right-of-use assets | [1] | $ 9,538 | $ 4,679 | |||
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Property, fixtures and equipment, net | Property, fixtures and equipment, net | ||||
Total lease assets, net | $ 1,118,833 | $ 1,107,762 | ||||
Current operating lease liabilities | $ 185,659 | $ 183,510 | ||||
Operating lease, liability, current, statement of financial position [Extensible Enumeration] | Current operating lease liabilities | Current operating lease liabilities | ||||
Current finance lease liabilities | $ 2,373 | $ 1,636 | ||||
Finance lease, liability, current, statement of financial position [Extensible Enumeration] | Accrued and other current liabilities | Accrued and other current liabilities | ||||
Non-current operating lease liabilities | [2] | $ 1,151,574 | $ 1,148,379 | |||
Non-current finance lease liabilities | $ 7,750 | $ 3,149 | ||||
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other long-term liabilities, net | Other long-term liabilities, net | ||||
Total lease liabilities | $ 1,347,356 | $ 1,336,674 | ||||
Accumulated amortization | $ (4,100) | $ (3,600) | ||||
|
Leases (Lessee, Lease Costs) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|||
Schedule of Lease Costs [Line Items] | ||||||
Operating lease cost | [1] | $ 46,686 | $ 45,817 | $ 138,670 | $ 136,757 | |
Variable lease cost | 2,081 | 1,519 | 5,434 | 5,021 | ||
Amortization of leased assets | 572 | 355 | 1,609 | 1,048 | ||
Interest on lease liabilities | 191 | 44 | 501 | 120 | ||
Sublease revenue | (2,530) | (2,455) | (5,873) | (7,449) | ||
Lease costs, net | 47,000 | 45,280 | 140,341 | 135,497 | ||
General and administrative expense | ||||||
Schedule of Lease Costs [Line Items] | ||||||
Operating lease cost | $ 3,100 | $ 3,100 | $ 9,100 | $ 9,100 | ||
|
Leases (Other Information) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 147,051 | $ 145,797 |
Fair Value Measurements (Fair Value Measurements on a Recurring Basis) (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands |
Sep. 24, 2023 |
Dec. 25, 2022 |
||
---|---|---|---|---|
Carrying value measurement | ||||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||||
Total asset recurring fair value measurements | [1] | $ 22,277 | $ 8,087 | |
Fair value, inputs, level 1 | ||||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||||
Total asset recurring fair value measurements | [1] | 22,277 | 8,087 | |
Fixed income funds | Carrying value measurement | ||||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | [1] | 11,502 | 3,301 | |
Fixed income funds | Fair value, inputs, level 1 | ||||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | [1] | 11,502 | 3,301 | |
Money market funds | Carrying value measurement | ||||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | [1] | 10,775 | 4,786 | |
Money market funds | Fair value, inputs, level 1 | ||||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, fair value disclosure | [1] | $ 10,775 | $ 4,786 | |
|
Fair Value Measurements (Carrying Value and Fair Value of Debt by Hierarchy Level) (Details) - USD ($) $ in Thousands |
Sep. 24, 2023 |
Dec. 25, 2022 |
---|---|---|
Secured debt | Senior secured credit facility - revolving credit facility | Fair value, inputs, level 2 | Revolving credit facility | ||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 390,000 | $ 430,000 |
Secured debt | Senior secured credit facility - revolving credit facility | Carrying value measurement | Revolving credit facility | ||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 390,000 | 430,000 |
Convertible debt | 2025 Notes | Fair value, inputs, level 2 | ||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 228,679 | 198,843 |
Convertible debt | 2025 Notes | Carrying value measurement | ||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 104,786 | 105,000 |
Unsecured debt | 2029 Notes | Fair value, inputs, level 2 | ||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 267,573 | 260,265 |
Unsecured debt | 2029 Notes | Carrying value measurement | ||
Fair Value, Assets on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 300,000 | $ 300,000 |
Income Taxes (Change in Effective Rate) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
May 31, 2023 |
Sep. 30, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Income Tax Holiday [Line Items] | ||||||
Income before (benefit) provision for income taxes | $ 45,373 | $ 38,613 | $ 230,047 | $ 82,092 | ||
(Benefit) provision for income taxes | $ 58 | $ (5,563) | $ (21,186) | $ (33,028) | ||
Effective income tax rate | (0.10%) | 14.40% | 9.20% | 40.20% | ||
Change in effective income tax rate | (14.50%) | (31.00%) | ||||
Blended federal and state statutory income tax rate | 26.00% | 26.00% | 26.00% | |||
BRAZIL | ||||||
Income Tax Holiday [Line Items] | ||||||
(Benefit) provision for income taxes | $ 2,900 | |||||
BRAZIL | Secretariat of the Federal Revenue Bureau of Brazil | ||||||
Income Tax Holiday [Line Items] | ||||||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 34.00% | |||||
Brazilian tax legislation | BRAZIL | Secretariat of the Federal Revenue Bureau of Brazil | ||||||
Income Tax Holiday [Line Items] | ||||||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 0.00% | |||||
Effective income tax rate reconciliation, tax holiday, percent | 100.00% | 100.00% | ||||
Tax holiday, duration | 5 years | 5 years |
Commitments and Contingencies (Litigation and Other Matters) (Details) - USD ($) $ in Millions |
Sep. 24, 2023 |
Dec. 25, 2022 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Estimated litigation liability | $ 18.9 | $ 15.1 |
Commitments and Contingencies (Lease Guarantees) (Details) - Property lease guarantee - USD ($) $ in Millions |
Sep. 24, 2023 |
Dec. 25, 2022 |
---|---|---|
Loss Contingencies [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | $ 20.5 | |
Guarantee obligations, maximum exposure at present value | 15.3 | |
Lease guarantee contingent liabilities | $ 5.4 | $ 6.2 |
Segment Reporting (Revenue by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | $ 1,079,833 | $ 1,055,763 | $ 3,477,273 | $ 3,321,460 |
U.S. segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | 912,972 | 922,521 | 3,011,197 | 2,957,555 |
International segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | $ 166,861 | $ 133,242 | $ 466,076 | $ 363,905 |
Segment Reporting (Depreciation and Amortization by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 47,998 | $ 42,171 | $ 141,865 | $ 125,203 |
Operating segments | U.S. segment | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 39,829 | 34,432 | 117,367 | 102,735 |
Operating segments | International segment | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 6,231 | 5,882 | 18,276 | 17,438 |
Corporate, non-segment | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 1,938 | $ 1,857 | $ 6,222 | $ 5,030 |
Segment Reporting (Income from Operations Reconciliation) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 24, 2023 |
Sep. 25, 2022 |
Sep. 24, 2023 |
Sep. 25, 2022 |
|
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items] | ||||
Income from operations | $ 58,216 | $ 51,309 | $ 268,295 | $ 246,284 |
Loss on extinguishment and modification of debt | 0 | 0 | 0 | (107,630) |
Loss on fair value adjustment of derivatives, net | 0 | 0 | 0 | (17,685) |
Interest expense, net | (12,843) | (12,696) | (38,248) | (38,877) |
Income before (benefit) provision for income taxes | 45,373 | 38,613 | 230,047 | 82,092 |
Operating segments | ||||
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items] | ||||
Income from operations | 90,048 | 84,350 | 371,293 | 344,206 |
Operating segments | U.S. segment | ||||
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items] | ||||
Income from operations | 68,014 | 68,501 | 304,265 | 305,347 |
Operating segments | International segment | ||||
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items] | ||||
Income from operations | 22,034 | 15,849 | 67,028 | 38,859 |
Corporate, non-segment | ||||
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items] | ||||
Income from operations | $ (31,832) | $ (33,041) | $ (102,998) | $ (97,922) |
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