(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 6. | ||||||||
SEPTEMBER 25, 2022 | DECEMBER 26, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted 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 | $ | $ | |||||||||
Accrued and other current liabilities | |||||||||||
Unearned revenue | |||||||||||
Current portion of long-term debt | |||||||||||
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 consolidated financial statements. |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Restaurant sales | $ | $ | $ | $ | |||||||||||||||||||
Franchise and other revenues | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Food and beverage costs | |||||||||||||||||||||||
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 | ( | ||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income before provision (benefit) for income taxes | |||||||||||||||||||||||
Provision (benefit) 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 (loss) 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 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 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | ACCUM- ULATED DEFICIT | ACCUMULATED OTHER COMPREHENSIVE LOSS | NON-CONTROLLING INTERESTS | TOTAL | ||||||||||||||||||||||||||||||||||||
SHARES | AMOUNT | ||||||||||||||||||||||||||||||||||||||||
Balance, June 27, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans (1) | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, September 26, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Balance, December 27, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
— | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans (1) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, September 26, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
THIRTY-NINE WEEKS ENDED | |||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||
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 and other non-cash compensation expense | |||||||||||
Deferred income tax 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 from disposal of property, fixtures and equipment | |||||||||||
Proceeds received on life insurance policies | |||||||||||
Capital expenditures | ( | ( | |||||||||
Other investments, net | ( | ||||||||||
Net cash used in investing activities | $ | ( | $ | ( | |||||||
(CONTINUED...) | |||||||||||
THIRTY-NINE WEEKS ENDED | |||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||
Cash flows used in financing activities: | |||||||||||
Proceeds from issuance of long-term debt | $ | $ | |||||||||
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 | ( | ( | |||||||||
Proceeds from issuance of senior notes | |||||||||||
Issuance costs related to senior notes | ( | ||||||||||
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 (decrease) 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 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Restaurant sales | $ | $ | $ | $ | |||||||||||||||||||
Franchise and other revenues | |||||||||||||||||||||||
Franchise revenues | |||||||||||||||||||||||
Other revenues (1) | |||||||||||||||||||||||
Total Franchise and other revenues | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
THIRTEEN WEEKS ENDED | |||||||||||||||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||||||||||||||
(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 | |||||||||||||||||||||||
Other (1) | |||||||||||||||||||||||
International total | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||||||||||||||
(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 | |||||||||||||||||||||||
Other (1) | |||||||||||||||||||||||
International total | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
(dollars in thousands) | SEPTEMBER 25, 2022 | DECEMBER 26, 2021 | |||||||||
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 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
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 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Balance, beginning of the period | $ | $ | $ | $ | |||||||||||||||||||
Gift card sales | |||||||||||||||||||||||
Gift card redemptions | ( | ( | ( | ( | |||||||||||||||||||
Gift card breakage | ( | ( | ( | ( | |||||||||||||||||||
Balance, end of the period | $ | $ | $ | $ |
THIRTY-NINE WEEKS ENDED | |||||
(dollars in thousands) | SEPTEMBER 26, 2021 | ||||
Impairment losses | |||||
U.S. | $ | ||||
International | |||||
Corporate | |||||
Total impairment losses | |||||
Restaurant closure charges (benefits) | |||||
U.S. | |||||
International | ( | ||||
Total restaurant closure charges | |||||
Provision for impaired assets and restaurant closings | $ | ||||
THIRTY-NINE WEEKS ENDED | |||||
(dollars in thousands) | SEPTEMBER 25, 2022 | ||||
Balance, beginning of the period | $ | ||||
Cash payments | ( | ||||
Accretion | |||||
Adjustments | ( | ||||
Balance, end of the period (1) | $ | ||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(in thousands, except per share data) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Net income attributable to Bloomin’ Brands | $ | $ | $ | $ | |||||||||||||||||||
Convertible senior notes if-converted method interest adjustment, net of tax (1) | |||||||||||||||||||||||
Diluted 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)(2) | |||||||||||||||||||||||
Warrants (2) | |||||||||||||||||||||||
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 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Stock options | |||||||||||||||||||||||
Nonvested restricted stock units | |||||||||||||||||||||||
Nonvested performance-based share units | |||||||||||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Performance-based share units (1) | $ | $ | $ | $ | |||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
Stock options | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
THIRTY-NINE WEEKS ENDED | |||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||
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 25, 2022 | DECEMBER 26, 2021 | |||||||||
Prepaid expenses | $ | $ | |||||||||
Accounts receivable - gift cards, net | |||||||||||
Accounts receivable - vendors, net | |||||||||||
Accounts receivable - franchisees, net | |||||||||||
Accounts receivable - other, net | |||||||||||
Deferred gift card sales commissions | |||||||||||
Company-owned life insurance policies | |||||||||||
Other current assets, net | |||||||||||
$ | $ |
SEPTEMBER 25, 2022 | DECEMBER 26, 2021 | ||||||||||||||||||||||
(dollars in thousands) | OUTSTANDING BALANCE | INTEREST RATE | OUTSTANDING BALANCE | INTEREST RATE | |||||||||||||||||||
Senior Secured Credit Facility: | |||||||||||||||||||||||
Term loan A (1) | $ | $ | % | ||||||||||||||||||||
Revolving credit facility (2) | % | % | |||||||||||||||||||||
Total Senior Secured Credit Facility | |||||||||||||||||||||||
2025 Notes (3) | % | % | |||||||||||||||||||||
2029 Notes | % | % | |||||||||||||||||||||
Finance lease liabilities | |||||||||||||||||||||||
Less: unamortized debt discount and issuance costs (4) | ( | ( | |||||||||||||||||||||
Less: finance lease interest | ( | ( | |||||||||||||||||||||
Total debt, net | |||||||||||||||||||||||
Less: current portion of long-term debt | ( | ( | |||||||||||||||||||||
Long-term debt, net | $ | $ | |||||||||||||||||||||
BASE RATE ELECTION | ADJUSTED TERM SOFR ELECTION | ||||||||||
Revolving credit facility | |||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | ||||
Year 1 | $ | ||||
Year 2 | |||||
Year 3 | |||||
Year 4 | |||||
Year 5 | |||||
Thereafter | |||||
Total payments | |||||
Less: unamortized debt discount and issuance costs | ( | ||||
Less: finance lease interest | ( | ||||
Total principal payments | $ | ||||
(dollars in thousands) | SEPTEMBER 25, 2022 | DECEMBER 26, 2021 | |||||||||
Long-term debt, net | |||||||||||
Principal | $ | $ | |||||||||
Less: debt issuance costs (1) | ( | ( | |||||||||
Net carrying amount | $ | $ |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Coupon interest | $ | $ | $ | $ | |||||||||||||||||||
Debt issuance cost amortization | |||||||||||||||||||||||
Total interest expense (1) | $ | $ | $ | $ |
(dollars in thousands) | SEPTEMBER 25, 2022 | DECEMBER 26, 2021 | |||||||||
Accrued insurance liability | $ | $ | |||||||||
Deferred payroll tax liabilities (1) | |||||||||||
Deferred compensation obligations | |||||||||||
Other long-term liabilities | |||||||||||
$ | $ |
(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 | $ | $ | |||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | DECEMBER 26, 2021 | |||||||||
Foreign currency translation adjustment | $ | ( | $ | ( | |||||||
Unrealized loss on derivatives, net of tax | ( | ( | |||||||||
Accumulated other comprehensive loss | $ | ( | $ | ( | |||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Foreign currency translation adjustment | $ | ( | $ | $ | $ | ||||||||||||||||||
Unrealized (loss) gain on derivatives, net of tax | ( | ( | |||||||||||||||||||||
Reclassification of adjustments for loss on derivatives included in Net income, net of tax (1) | |||||||||||||||||||||||
Impact of terminated interest rate swaps included in Net income, net of tax (1) | |||||||||||||||||||||||
Total gain on derivatives, net of tax | |||||||||||||||||||||||
Other comprehensive (loss) income attributable to Bloomin’ Brands | $ | ( | $ | $ | $ | ||||||||||||||||||
(dollars in thousands) | DECEMBER 26, 2021 | CONSOLIDATED BALANCE SHEET CLASSIFICATION | |||||||||
Interest rate swaps - liability (1) | $ | ||||||||||
Accrued interest | $ | Accrued and other current liabilities | |||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||||
Interest rate swap expense recognized in Interest expense, net | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Income tax benefit recognized in Provision (benefit) for income taxes | |||||||||||||||||||||||
Net effects of interest rate swap agreements | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Terminated interest rate swap agreements: | |||||||||||||||||||||||
Terminated interest rate swap expense recognized in Interest expense, net | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Income tax benefit recognized in Provision (benefit) for income taxes | |||||||||||||||||||||||
Net effects of terminated interest rate swap agreements | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Total net effects on Net income | $ | ( | $ | ( | $ | ( | $ | ( |
(dollars in thousands) | CONSOLIDATED BALANCE SHEET CLASSIFICATION | SEPTEMBER 25, 2022 | DECEMBER 26, 2021 | ||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | $ | ||||||||||||||
Property, fixtures and equipment, net | |||||||||||||||||
Total lease assets, net | $ | $ | |||||||||||||||
Accrued and other current liabilities | $ | $ | |||||||||||||||
Current portion of long-term debt | |||||||||||||||||
Non-current operating lease liabilities (2) | Non-current operating lease liabilities | ||||||||||||||||
Long-term debt, net | |||||||||||||||||
Total lease liabilities | $ | $ |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME CLASSIFICATION | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||||||||
Operating leases (1) | Other restaurant operating | $ | $ | $ | $ | ||||||||||||||||||||||||
Variable lease cost (2) | Other restaurant operating | ||||||||||||||||||||||||||||
Finance leases: | |||||||||||||||||||||||||||||
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 25, 2022 | SEPTEMBER 26, 2021 | |||||||||
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 25, 2022 | DECEMBER 26, 2021 | ||||||||||||||||||||||||||||
(dollars in thousands) | TOTAL | LEVEL 1 | TOTAL | LEVEL 1 | LEVEL 2 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||||||||
Fixed income funds | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Money market funds | |||||||||||||||||||||||||||||
Restricted cash equivalents: | |||||||||||||||||||||||||||||
Money market funds | |||||||||||||||||||||||||||||
Total asset recurring fair value measurements | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Derivative instruments - interest rate swaps | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
FINANCIAL INSTRUMENT | METHODS AND ASSUMPTIONS | |||||||
Fixed income funds and Money market funds | Carrying value approximates fair value because maturities are less than three months. | |||||||
Derivative instruments | The Company’s derivative instruments include interest rate swaps. Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 26, 2021, the Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. | |||||||
THIRTY-NINE WEEKS ENDED | |||||||||||
SEPTEMBER 26, 2021 | |||||||||||
(dollars in thousands) | REMAINING CARRYING VALUE (1) | TOTAL IMPAIRMENT | |||||||||
Operating lease right-of-use assets | $ | $ | |||||||||
Property, fixtures and equipment | |||||||||||
$ | $ | ||||||||||
SEPTEMBER 25, 2022 | DECEMBER 26, 2021 | ||||||||||||||||||||||
CARRYING VALUE | FAIR VALUE LEVEL 2 | CARRYING VALUE | FAIR VALUE LEVEL 2 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Senior Secured Credit Facility: | |||||||||||||||||||||||
Term loan A | $ | $ | $ | $ | |||||||||||||||||||
Revolving credit facility | $ | $ | $ | $ | |||||||||||||||||||
2025 Notes | $ | $ | $ | $ | |||||||||||||||||||
2029 Notes | $ | $ | $ | $ |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Income before provision (benefit) for income taxes | $ | $ | $ | $ | |||||||||||||||||||
Provision (benefit) for income taxes | $ | $ | ( | $ | $ | ||||||||||||||||||
Effective income tax rate | % | (NM) | % | % |
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 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Total revenues | |||||||||||||||||||||||
U.S. | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
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 | ( | ||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income before provision (benefit) for income taxes | $ | $ | $ | $ |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
U.S. | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Total depreciation and amortization | $ | $ | $ | $ | |||||||||||||||||||
Number of restaurants (at end of the period): | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||
U.S. | |||||||||||
Outback Steakhouse | |||||||||||
Company-owned | 564 | 564 | |||||||||
Franchised | 128 | 130 | |||||||||
Total | 692 | 694 | |||||||||
Carrabba’s Italian Grill | |||||||||||
Company-owned | 199 | 199 | |||||||||
Franchised | 19 | 20 | |||||||||
Total | 218 | 219 | |||||||||
Bonefish Grill | |||||||||||
Company-owned | 173 | 178 | |||||||||
Franchised | 7 | 7 | |||||||||
Total | 180 | 185 | |||||||||
Fleming’s Prime Steakhouse & Wine Bar | |||||||||||
Company-owned | 64 | 64 | |||||||||
Aussie Grill | |||||||||||
Company-owned (1) | 5 | 4 | |||||||||
U.S. total | 1,159 | 1,166 | |||||||||
International | |||||||||||
Company-owned | |||||||||||
Outback Steakhouse - Brazil (2) | 137 | 113 | |||||||||
Other (1)(2)(3) | 33 | 33 | |||||||||
Franchised | |||||||||||
Outback Steakhouse - South Korea (1) | 83 | 77 | |||||||||
Other (3) | 50 | 54 | |||||||||
International total | 303 | 277 | |||||||||
System-wide total | 1,462 | 1,443 | |||||||||
System-wide total - Company-owned | 1,175 | 1,155 | |||||||||
System-wide total - Franchised | 287 | 288 | |||||||||
Number of kitchens (at end of the period) (1): | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||
U.S. | |||||||||||
Company-owned | 1 | 3 | |||||||||
International | |||||||||||
Company-owned | — | 1 | |||||||||
Franchised - South Korea | 45 | 37 | |||||||||
System-wide total | 46 | 41 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Restaurant sales | 98.5 | % | 98.6 | % | 98.5 | % | 98.6 | % | |||||||||||||||
Franchise and other revenues | 1.5 | 1.4 | 1.5 | 1.4 | |||||||||||||||||||
Total revenues | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Food and beverage costs (1) | 32.0 | 30.5 | 32.3 | 30.0 | |||||||||||||||||||
Labor and other related (1) | 29.1 | 29.1 | 28.2 | 28.4 | |||||||||||||||||||
Other restaurant operating (1) | 25.8 | 30.1 | 24.2 | 25.2 | |||||||||||||||||||
Depreciation and amortization | 4.0 | 4.0 | 3.8 | 4.0 | |||||||||||||||||||
General and administrative | 5.3 | 5.8 | 5.2 | 5.9 | |||||||||||||||||||
Provision for impaired assets and restaurant closings | 0.2 | 0.2 | 0.1 | 0.3 | |||||||||||||||||||
Total costs and expenses | 95.1 | 98.5 | 92.6 | 92.5 | |||||||||||||||||||
Income from operations | 4.9 | 1.5 | 7.4 | 7.5 | |||||||||||||||||||
Loss on extinguishment and modification of debt | — | — | (3.1) | (0.1) | |||||||||||||||||||
Loss on fair value adjustment of derivatives, net | — | — | (0.5) | — | |||||||||||||||||||
Other income, net | — | * | — | * | |||||||||||||||||||
Interest expense, net | (1.2) | (1.4) | (1.3) | (1.4) | |||||||||||||||||||
Income before provision (benefit) for income taxes | 3.7 | 0.1 | 2.5 | 6.0 | |||||||||||||||||||
Provision (benefit) for income taxes | 0.6 | (0.4) | 1.0 | 0.8 | |||||||||||||||||||
Net income | 3.1 | 0.5 | 1.5 | 5.2 | |||||||||||||||||||
Less: net income attributable to noncontrolling interests | 0.1 | 0.2 | 0.2 | 0.2 | |||||||||||||||||||
Net income attributable to Bloomin’ Brands | 3.0 | % | 0.3 | % | 1.3 | % | 5.0 | % | |||||||||||||||
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||
For the periods ended September 26, 2021 | $ | 996.7 | $ | 3,031.4 | |||||||
Change from: | |||||||||||
Comparable restaurant sales (1) | 34.9 | 212.6 | |||||||||
Restaurant openings (1) | 18.0 | 46.0 | |||||||||
Restaurant closures (1) | (8.2) | (24.7) | |||||||||
Effect of foreign currency translation | (1.0) | 7.6 | |||||||||
For the periods ended September 25, 2022 | $ | 1,040.4 | $ | 3,272.9 | |||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||||||||||||
Average restaurant unit volumes (weekly): | |||||||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | $ | 72,834 | $ | 70,849 | $ | 77,106 | $ | 74,163 | |||||||||||||||
Carrabba’s Italian Grill | $ | 62,010 | $ | 61,518 | $ | 65,309 | $ | 62,910 | |||||||||||||||
Bonefish Grill | $ | 57,998 | $ | 57,844 | $ | 62,811 | $ | 58,626 | |||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | $ | 97,053 | $ | 95,777 | $ | 109,112 | $ | 94,064 | |||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil (1) | $ | 60,711 | $ | 49,841 | $ | 58,722 | $ | 40,848 | |||||||||||||||
Operating weeks: | |||||||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | 7,331 | 7,344 | 21,968 | 22,089 | |||||||||||||||||||
Carrabba’s Italian Grill | 2,576 | 2,587 | 7,741 | 7,761 | |||||||||||||||||||
Bonefish Grill | 2,253 | 2,327 | 6,807 | 7,004 | |||||||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | 832 | 832 | 2,496 | 2,489 | |||||||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil | 1,745 | 1,485 | 4,971 | 4,362 | |||||||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||||||||||||
Year over year percentage change: | |||||||||||||||||||||||
Comparable restaurant sales (stores open 18 months or more): | |||||||||||||||||||||||
U.S. (1) | |||||||||||||||||||||||
Outback Steakhouse | 2.3 | % | 18.3 | % | 3.4 | % | 25.3 | % | |||||||||||||||
Carrabba’s Italian Grill | 0.7 | % | 28.8 | % | 3.6 | % | 35.1 | % | |||||||||||||||
Bonefish Grill | (0.9) | % | 36.6 | % | 5.9 | % | 41.2 | % | |||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | 1.3 | % | 59.6 | % | 15.7 | % | 56.9 | % | |||||||||||||||
Combined U.S. | 1.4 | % | 25.5 | % | 4.8 | % | 31.4 | % | |||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil (2) | 30.1 | % | 109.8 | % | 48.7 | % | 29.4 | % | |||||||||||||||
Traffic: | |||||||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | (6.8) | % | 14.8 | % | (5.5) | % | 19.6 | % | |||||||||||||||
Carrabba’s Italian Grill | (8.4) | % | 27.1 | % | (4.4) | % | 27.0 | % | |||||||||||||||
Bonefish Grill | (8.3) | % | 25.6 | % | (3.3) | % | 23.4 | % | |||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | (4.8) | % | 48.4 | % | 5.8 | % | 38.1 | % | |||||||||||||||
Combined U.S. | (7.2) | % | 19.3 | % | (4.7) | % | 21.9 | % | |||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil | 16.7 | % | 62.5 | % | 32.1 | % | 25.2 | % | |||||||||||||||
Average check per person (3): | |||||||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | 9.1 | % | 3.5 | % | 8.9 | % | 5.7 | % | |||||||||||||||
Carrabba’s Italian Grill | 9.1 | % | 1.7 | % | 8.0 | % | 8.1 | % | |||||||||||||||
Bonefish Grill | 7.4 | % | 11.0 | % | 9.2 | % | 17.8 | % | |||||||||||||||
Fleming’s Prime Steakhouse & Wine Bar | 6.1 | % | 11.2 | % | 9.9 | % | 18.8 | % | |||||||||||||||
Combined U.S. | 8.6 | % | 6.2 | % | 9.5 | % | 9.5 | % | |||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - Brazil | 13.1 | % | 45.5 | % | 16.5 | % | 5.5 | % | |||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Franchise revenues | $ | 11.8 | $ | 12.9 | $ | 37.8 | $ | 31.9 | |||||||||||||||
Other revenues (1) | 3.6 | 0.8 | 10.8 | 12.0 | |||||||||||||||||||
Franchise and other revenues | $ | 15.4 | $ | 13.7 | $ | 48.6 | $ | 43.9 |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | |||||||||||||||||||||||||||||
Food and beverage costs | $ | 332.9 | $ | 304.3 | $ | 1,056.8 | $ | 908.3 | |||||||||||||||||||||||||||
% of Restaurant sales | 32.0 | % | 30.5 | % | 1.5 | % | 32.3 | % | 30.0 | % | 2.3 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | |||||||||||||||||||||||||||||
Labor and other related | $ | 303.2 | $ | 290.2 | $ | 924.5 | $ | 859.9 | |||||||||||||||||||||||||||
% of Restaurant sales | 29.1 | % | 29.1 | % | — | % | 28.2 | % | 28.4 | % | (0.2) | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | |||||||||||||||||||||||||||||
Other restaurant operating | $ | 267.9 | $ | 299.8 | $ | 790.6 | $ | 762.5 | |||||||||||||||||||||||||||
% of Restaurant sales | 25.8 | % | 30.1 | % | (4.3) | % | 24.2 | % | 25.2 | % | (1.0) | % |
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||
For the periods ended September 26, 2021 | $ | 58.9 | $ | 182.6 | |||||||
Change from: | |||||||||||
Employee stock-based compensation | (3.6) | (8.3) | |||||||||
Incentive compensation | (2.8) | (10.4) | |||||||||
Compensation, benefits and payroll tax | 2.3 | 6.0 | |||||||||
Travel and entertainment | 1.1 | 4.1 | |||||||||
Other | 0.2 | — | |||||||||
For the periods ended September 25, 2022 | $ | 56.1 | $ | 174.0 | |||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | |||||||||||||||||||||||||||||
Provision for impaired assets and restaurant closings | $ | 2.1 | $ | 1.6 | $ | 0.5 | $ | 4.1 | $ | 9.0 | $ | (4.9) |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | |||||||||||||||||||||||||||||
Income from operations | $ | 51.3 | $ | 14.8 | $ | 36.5 | $ | 246.3 | $ | 230.5 | $ | 15.8 | |||||||||||||||||||||||
% of Total revenues | 4.9 | % | 1.5 | % | 3.4 | % | 7.4 | % | 7.5 | % | (0.1) | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | |||||||||||||||||||||||||||||
Interest expense, net | $ | 12.7 | $ | 14.2 | $ | (1.5) | $ | 38.9 | $ | 43.9 | $ | (5.0) |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | CHANGE | |||||||||||||||||||||||||||||
Income before provision (benefit) for income taxes | $ | 38.6 | $ | 0.6 | $ | 38.0 | $ | 82.1 | $ | 184.6 | $ | (102.5) | |||||||||||||||||||||||
Provision (benefit) for income taxes | $ | 5.6 | $ | (4.5) | $ | 10.1 | $ | 33.0 | $ | 24.8 | $ | 8.2 | |||||||||||||||||||||||
Effective income tax rate | 14.4 | % | (NM) | NM | 40.2 | % | 13.5 | % | 26.7 | % |
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 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Restaurant sales | $ | 910,679 | $ | 898,790 | $ | 2,920,241 | $ | 2,789,142 | |||||||||||||||
Franchise and other revenues | 11,842 | 13,943 | 37,314 | 31,567 | |||||||||||||||||||
Total revenues | $ | 922,521 | $ | 912,733 | $ | 2,957,555 | $ | 2,820,709 | |||||||||||||||
Restaurant-level operating margin | 12.7 | % | 10.0 | % | 15.2 | % | 17.1 | % | |||||||||||||||
Income from operations | $ | 68,501 | $ | 47,294 | $ | 305,347 | $ | 334,326 | |||||||||||||||
Operating income margin | 7.4 | % | 5.2 | % | 10.3 | % | 11.9 | % | |||||||||||||||
(dollars in millions) | THIRTEEN WEEKS ENDED (1) | THIRTY-NINE WEEKS ENDED (1) | |||||||||
For the periods ended September 26, 2021 | $ | 898.8 | $ | 2,789.1 | |||||||
Change from: | |||||||||||
Comparable restaurant sales | 12.8 | 135.1 | |||||||||
Restaurant openings | 7.3 | 20.7 | |||||||||
Restaurant closures | (8.2) | (24.7) | |||||||||
For the periods ended September 25, 2022 | $ | 910.7 | $ | 2,920.2 | |||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Restaurant sales | $ | 129,696 | $ | 97,928 | $ | 352,627 | $ | 242,254 | |||||||||||||||
Franchise and other revenues | 3,546 | (198) | 11,278 | 12,339 | |||||||||||||||||||
Total revenues | $ | 133,242 | $ | 97,730 | $ | 363,905 | $ | 254,593 | |||||||||||||||
Restaurant-level operating margin | 18.5 | % | 12.8 | % | 17.8 | % | 10.7 | % | |||||||||||||||
Income from operations | $ | 15,849 | $ | 1,412 | $ | 38,859 | $ | 7,419 | |||||||||||||||
Operating income margin | 11.9 | % | 1.4 | % | 10.7 | % | 2.9 | % | |||||||||||||||
(dollars in millions) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||
For the periods ended September 26, 2021 | $ | 97.9 | $ | 242.3 | |||||||
Change from: | |||||||||||
Comparable restaurant sales (1) | 22.1 | 77.5 | |||||||||
Restaurant openings (1) | 10.7 | 25.3 | |||||||||
Effect of foreign currency translation | (1.0) | 7.6 | |||||||||
For the periods ended September 25, 2022 | $ | 129.7 | $ | 352.7 | |||||||
Consolidated | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Income from operations | $ | 51,309 | $ | 14,837 | $ | 246,284 | $ | 230,472 | |||||||||||||||
Operating income margin | 4.9 | % | 1.5 | % | 7.4 | % | 7.5 | % | |||||||||||||||
Less: | |||||||||||||||||||||||
Franchise and other revenues | 15,388 | 13,745 | 48,592 | 43,906 | |||||||||||||||||||
Plus: | |||||||||||||||||||||||
Depreciation and amortization | 42,171 | 40,827 | 125,203 | 122,592 | |||||||||||||||||||
General and administrative | 56,089 | 58,880 | 174,009 | 182,590 | |||||||||||||||||||
Provision for impaired assets and restaurant closings | 2,067 | 1,585 | 4,099 | 8,962 | |||||||||||||||||||
Restaurant-level operating income | $ | 136,248 | $ | 102,384 | $ | 501,003 | $ | 500,710 | |||||||||||||||
Restaurant-level operating margin | 13.1 | % | 10.3 | % | 15.3 | % | 16.5 | % | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Royalty termination expense (1) | — | 61,880 | — | 61,880 | |||||||||||||||||||
Legal and other matters (2) | — | 2,761 | — | 2,761 | |||||||||||||||||||
Total restaurant-level operating income adjustments | — | 64,641 | — | 64,641 | |||||||||||||||||||
Adjusted restaurant-level operating income | $ | 136,248 | $ | 167,025 | $ | 501,003 | $ | 565,351 | |||||||||||||||
Adjusted restaurant-level operating margin | 13.1 | % | 16.8 | % | 15.3 | % | 18.6 | % |
U.S. | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Income from operations | $ | 68,501 | $ | 47,294 | $ | 305,347 | $ | 334,326 | |||||||||||||||
Operating income margin | 7.4 | % | 5.2 | % | 10.3 | % | 11.9 | % | |||||||||||||||
Less: | |||||||||||||||||||||||
Franchise and other revenues | 11,842 | 13,943 | 37,314 | 31,567 | |||||||||||||||||||
Plus: | |||||||||||||||||||||||
Depreciation and amortization | 34,432 | 33,421 | 102,735 | 100,645 | |||||||||||||||||||
General and administrative | 22,339 | 21,998 | 69,432 | 66,043 | |||||||||||||||||||
Provision for impaired assets and restaurant closings | 2,068 | 1,539 | 2,317 | 8,678 | |||||||||||||||||||
Restaurant-level operating income | $ | 115,498 | $ | 90,309 | $ | 442,517 | $ | 478,125 | |||||||||||||||
Restaurant-level operating margin | 12.7 | % | 10.0 | % | 15.2 | % | 17.1 | % | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Royalty termination expense (1) | — | 61,880 | — | 61,880 | |||||||||||||||||||
Total restaurant-level operating income adjustments | — | 61,880 | — | 61,880 | |||||||||||||||||||
Adjusted restaurant-level operating income | $ | 115,498 | $ | 152,189 | $ | 442,517 | $ | 540,005 | |||||||||||||||
Adjusted restaurant-level operating margin | 12.7 | % | 16.9 | % | 15.2 | % | 19.4 | % |
International | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Income from operations | $ | 15,849 | $ | 1,412 | $ | 38,859 | $ | 7,419 | |||||||||||||||
Operating income margin | 11.9 | % | 1.4 | % | 10.7 | % | 2.9 | % | |||||||||||||||
Less: | |||||||||||||||||||||||
Franchise and other revenues | 3,546 | (198) | 11,278 | 12,339 | |||||||||||||||||||
Plus: | |||||||||||||||||||||||
Depreciation and amortization | 5,882 | 5,843 | 17,438 | 17,128 | |||||||||||||||||||
General and administrative | 5,828 | 5,060 | 16,087 | 13,781 | |||||||||||||||||||
Provision for impaired assets and restaurant closings | — | 28 | 1,775 | 27 | |||||||||||||||||||
Restaurant-level operating income | $ | 24,013 | $ | 12,541 | $ | 62,881 | $ | 26,016 | |||||||||||||||
Restaurant-level operating margin | 18.5 | % | 12.8 | % | 17.8 | % | 10.7 | % | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Legal and other matters (1) | — | 2,761 | — | 2,761 | |||||||||||||||||||
Total restaurant-level operating income adjustments | — | 2,761 | — | 2,761 | |||||||||||||||||||
Adjusted restaurant-level operating income | $ | 24,013 | $ | 15,302 | $ | 62,881 | $ | 28,777 | |||||||||||||||
Adjusted restaurant-level operating margin | 18.5 | % | 15.6 | % | 17.8 | % | 11.9 | % |
THIRTEEN WEEKS ENDED | |||||||||||||||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||||||||||||||
REPORTED | ADJUSTED | REPORTED | ADJUSTED (1) | ||||||||||||||||||||
Restaurant sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Food and beverage costs | 32.0 | % | 32.0 | % | 30.5 | % | 30.5 | % | |||||||||||||||
Labor and other related | 29.1 | % | 29.1 | % | 29.1 | % | 29.1 | % | |||||||||||||||
Other restaurant operating | 25.8 | % | 25.8 | % | 30.1 | % | 23.6 | % | |||||||||||||||
Restaurant-level operating margin | 13.1 | % | 13.1 | % | 10.3 | % | 16.8 | % | |||||||||||||||
THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||||
SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | ||||||||||||||||||||||
REPORTED | ADJUSTED | REPORTED | ADJUSTED (1) | ||||||||||||||||||||
Restaurant sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Food and beverage costs | 32.3 | % | 32.3 | % | 30.0 | % | 30.0 | % | |||||||||||||||
Labor and other related | 28.2 | % | 28.2 | % | 28.4 | % | 28.4 | % | |||||||||||||||
Other restaurant operating | 24.2 | % | 24.2 | % | 25.2 | % | 23.0 | % | |||||||||||||||
Restaurant-level operating margin | 15.3 | % | 15.3 | % | 16.5 | % | 18.6 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Income from operations | $ | 51,309 | $ | 14,837 | $ | 246,284 | $ | 230,472 | |||||||||||||||
Operating income margin | 4.9 | % | 1.5 | % | 7.4 | % | 7.5 | % | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Total restaurant-level operating margin adjustments (1) | — | 64,641 | — | 64,641 | |||||||||||||||||||
Legal and other matters (2) | — | 3,204 | — | (3,133) | |||||||||||||||||||
Total income from operations adjustments | — | 67,845 | — | 61,508 | |||||||||||||||||||
Adjusted income from operations | $ | 51,309 | $ | 82,682 | $ | 246,284 | $ | 291,980 | |||||||||||||||
Adjusted operating income margin | 4.9 | % | 8.2 | % | 7.4 | % | 9.5 | % |
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(in thousands, except per share data) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
Diluted net income attributable to Bloomin’ Brands | $ | 31,986 | $ | 3,449 | $ | 43,862 | $ | 155,316 | |||||||||||||||
Convertible senior notes if-converted method interest adjustment, net of tax (1) | — | — | — | 460 | |||||||||||||||||||
Net income attributable to Bloomin’ Brands | 31,986 | 3,449 | 43,862 | 154,856 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Income from operations adjustments (2) | — | 67,845 | — | 61,508 | |||||||||||||||||||
Loss on extinguishment and modification of debt (3) | — | — | 107,630 | 2,073 | |||||||||||||||||||
Loss on fair value adjustment of derivatives, net (3) | — | — | 17,685 | — | |||||||||||||||||||
Total adjustments, before income taxes | — | 67,845 | 125,315 | 63,581 | |||||||||||||||||||
Adjustment to provision for income taxes (4) | — | (15,878) | 1,322 | (14,635) | |||||||||||||||||||
Net adjustments | — | 51,967 | 126,637 | 48,946 | |||||||||||||||||||
Adjusted net income | $ | 31,986 | $ | 55,416 | $ | 170,499 | $ | 203,802 | |||||||||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.03 | $ | 0.44 | $ | 1.42 | |||||||||||||||
Adjusted diluted earnings per share (5) | $ | 0.35 | $ | 0.57 | $ | 1.84 | $ | 2.10 | |||||||||||||||
Diluted weighted average common shares outstanding | 94,736 | 107,783 | 99,609 | 109,410 | |||||||||||||||||||
Adjusted diluted weighted average common shares outstanding (5) | 91,046 | 97,307 | 92,877 | 97,110 | |||||||||||||||||||
THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
(dollars in millions) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||||||||||||
U.S. | |||||||||||||||||||||||
Outback Steakhouse | $ | 119 | $ | 118 | $ | 377 | $ | 329 | |||||||||||||||
Carrabba’s Italian Grill | 12 | 10 | 37 | 32 | |||||||||||||||||||
Bonefish Grill | 3 | 3 | 9 | 8 | |||||||||||||||||||
U.S. total | 134 | 131 | 423 | 369 | |||||||||||||||||||
International | |||||||||||||||||||||||
Outback Steakhouse - South Korea | 77 | 73 | 220 | 219 | |||||||||||||||||||
Other (1) | 24 | 26 | 86 | 77 | |||||||||||||||||||
International total | 101 | 99 | 306 | 296 | |||||||||||||||||||
Total franchise sales (2) | $ | 235 | $ | 230 | $ | 729 | $ | 665 | |||||||||||||||
SENIOR SECURED CREDIT FACILITY | TOTAL CREDIT FACILITIES | ||||||||||||||||||||||||||||
(dollars in thousands) | TERM LOAN A | REVOLVING FACILITY | 2025 NOTES | 2029 NOTES | |||||||||||||||||||||||||
Balance as of December 26, 2021 | $ | 195,000 | $ | 80,000 | $ | 230,000 | $ | 300,000 | $ | 805,000 | |||||||||||||||||||
2022 new debt | — | 929,500 | — | — | 929,500 | ||||||||||||||||||||||||
2022 payments | (195,000) | (589,500) | (125,000) | — | (909,500) | ||||||||||||||||||||||||
Balance as of September 25, 2022 | $ | — | $ | 420,000 | $ | 105,000 | $ | 300,000 | $ | 825,000 | |||||||||||||||||||
Interest rates, as of September 25, 2022 (1) | 4.26 | % | 5.00 | % | 5.13 | % | |||||||||||||||||||||||
Principal maturity date | April 2026 | May 2025 | April 2029 |
(dollars in thousands) | DIVIDENDS PAID | SHARE REPURCHASES | TOTAL | ||||||||||||||
Fiscal year 2015 | $ | 29,332 | $ | 169,999 | $ | 199,331 | |||||||||||
Fiscal year 2016 | 31,379 | 309,887 | 341,266 | ||||||||||||||
Fiscal year 2017 | 30,988 | 272,736 | 303,724 | ||||||||||||||
Fiscal year 2018 | 33,312 | 113,967 | 147,279 | ||||||||||||||
Fiscal year 2019 | 35,734 | 106,992 | 142,726 | ||||||||||||||
Fiscal year 2020 | 17,480 | — | 17,480 | ||||||||||||||
Fiscal year 2021 | — | — | — | ||||||||||||||
First fiscal quarter 2022 | 12,559 | 11,702 | 24,261 | ||||||||||||||
Second fiscal quarter 2022 | 12,418 | 35,749 | 48,167 | ||||||||||||||
Third fiscal quarter 2022 | 12,475 | 33,549 | 46,024 | ||||||||||||||
Total (1) | $ | 215,677 | $ | 1,054,581 | $ | 1,270,258 | |||||||||||
THIRTY-NINE WEEKS ENDED | |||||||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | SEPTEMBER 26, 2021 | |||||||||
Net cash provided by operating activities | $ | 292,579 | $ | 304,246 | |||||||
Net cash used in investing activities | (121,455) | (69,085) | |||||||||
Net cash used in financing activities | (170,760) | (265,192) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,400 | 207 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 1,764 | $ | (29,824) | |||||||
(dollars in thousands) | SEPTEMBER 25, 2022 | DECEMBER 26, 2021 | |||||||||
Current assets | $ | 275,710 | $ | 352,792 | |||||||
Current liabilities | 911,322 | 984,625 | |||||||||
Working capital (deficit) | $ | (635,612) | $ | (631,833) | |||||||
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 27, 2022 through July 24, 2022 | 712,969 | $ | 17.32 | 712,969 | $ | 65,201,059 | ||||||||||||||||||||
July 25, 2022 through August 21, 2022 | 493,395 | $ | 20.68 | 493,395 | $ | 55,000,002 | ||||||||||||||||||||
August 22, 2022 through September 25, 2022 | 540,337 | $ | 20.36 | 540,337 | $ | 44,000,185 | ||||||||||||||||||||
Total | 1,746,701 | 1,746,701 | ||||||||||||||||||||||||
EXHIBIT NUMBER | DESCRIPTION OF EXHIBITS | FILINGS REFERENCED FOR INCORPORATION BY REFERENCE | ||||||||||||
10.1* | Filed herewith | |||||||||||||
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 | ||||||||||||
* Management contract or compensatory plan or arrangement required to be filed as an exhibit. | ||||||||||||||
(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 1, 2022 | BLOOMIN’ BRANDS, INC. | |||||||||
(Registrant) | |||||||||||
By: /s/ Philip Pace | |||||||||||
Philip Pace Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) |
/s/ Suzann Trevisan | 8/9/22 | |||||||
Suzann Trevisan | Date |
Date: | November 1, 2022 | /s/ David J. Deno | ||||||
David J. Deno | ||||||||
Chief Executive Officer (Principal Executive Officer) |
Date: | November 1, 2022 | /s/ Christopher Meyer | ||||||
Christopher Meyer | ||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Date: | November 1, 2022 | /s/ David J. Deno | ||||||
David J. Deno | ||||||||
Chief Executive Officer (Principal Executive Officer) |
Date: | November 1, 2022 | /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. 25, 2022 |
Dec. 26, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 475,000,000 | 475,000,000 |
Common stock, shares issued (in shares) | 88,449,929 | 89,252,823 |
Common stock, shares outstanding (in shares) | 88,449,929 | 89,252,823 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands |
9 Months Ended |
---|---|
Sep. 25, 2022
USD ($)
$ / shares
| |
Cash dividends declared per common share (in dollars per share) | $ / shares | $ 0.42 |
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. 25, 2022 |
Sep. 26, 2021 |
|
Cash flows provided by operating activities: | ||
Net income | $ 49,064 | $ 159,735 |
Adjustments to reconcile Net income to cash provided by operating activities: | ||
Depreciation and amortization | 125,203 | 122,592 |
Amortization of debt discounts and issuance costs | 2,779 | 3,441 |
Amortization of deferred gift card sales commissions | 18,213 | 19,277 |
Provision for impaired assets and restaurant closings | 4,099 | 8,962 |
Non-cash interest expense from terminated interest rate swaps | 10,014 | 3,973 |
Non-cash operating lease costs | 62,539 | 57,791 |
Stock-based and other non-cash compensation expense | 11,815 | 20,100 |
Deferred income tax expense | 6,604 | 3,842 |
Loss on extinguishment and modification of debt | 107,630 | 2,073 |
Loss on fair value adjustment of derivatives, net | 17,685 | 0 |
Other, net | 5,381 | (946) |
Change in assets and liabilities | (128,447) | (96,594) |
Net cash provided by operating activities | 292,579 | 304,246 |
Cash flows used in investing activities: | ||
Proceeds from disposal of property, fixtures and equipment | 207 | 7,052 |
Proceeds received on life insurance policies | 14,598 | 9,270 |
Capital expenditures | (137,260) | (85,339) |
Other investments, net | 1,000 | (68) |
Net cash used in investing activities | (121,455) | (69,085) |
Cash flows used in financing activities: | ||
Proceeds from issuance of long-term debt | 0 | 200,000 |
Repayments of long-term debt and finance lease obligations | (196,076) | (428,364) |
Proceeds from borrowings on revolving credit facilities | 929,500 | 378,000 |
Repayments of borrowings on revolving credit facilities | (589,500) | (701,000) |
Financing fees | (1,205) | (5,868) |
Proceeds from issuance of senior notes | 0 | 300,000 |
Issuance costs related to senior notes | 0 | (5,546) |
Repurchase of convertible senior notes | (196,919) | 0 |
Proceeds from retirement of convertible senior note hedges | 131,869 | 0 |
Payments for retirement of warrants | (114,825) | 0 |
Proceeds from share-based compensation, net | 2,494 | 9,883 |
Distributions to noncontrolling interests | (6,631) | (6,203) |
Contributions from noncontrolling interests | 602 | 1,044 |
Purchase of noncontrolling interests | (4,904) | (3) |
Payments for partner equity plan | (7,813) | (7,135) |
Repurchase of common stock | (79,900) | 0 |
Cash dividends paid on common stock | (37,452) | 0 |
Net cash used in financing activities | (170,760) | (265,192) |
Effect of exchange rate changes on cash and cash equivalents | 1,400 | 207 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,764 | (29,824) |
Cash, cash equivalents and restricted cash as of the beginning of the period | 89,057 | 110,408 |
Cash, cash equivalents and restricted cash as of the end of the period | 90,821 | 80,584 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 23,050 | 28,787 |
Cash paid for income taxes, net of refunds | 25,354 | 23,449 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Leased assets obtained in exchange for new operating lease liabilities | 44,556 | 38,154 |
Leased assets obtained in exchange for new finance lease liabilities | 2,417 | 1,229 |
Increase in liabilities from the acquisition of property, fixtures and equipment | $ 14,961 | $ 3,006 |
Description of the Business and Basis of Presentation |
9 Months Ended |
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Sep. 25, 2022 | |
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 26, 2021. Recently Issued Financial Accounting Standards Not Yet Adopted - In November 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” (“ASU No. 2021-10”), which requires financial statement footnote disclosure regarding government assistance accounted for by applying a grant or contribution accounting model by analogy. ASU No. 2021-10 is effective for the Company for the fiscal year ending December 25, 2022. Upon adoption of ASU No. 2021-10 during the fourth quarter of 2022, the Company anticipates government assistance financial statement footnote disclosures within the 2022 Form 10-K, primarily in connection with employee retention credits provided under the Coronavirus, Aid, Relief and Economic Security (“CARES”) Act. 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, presentation of certain items within the condensed consolidated statements of cash flows and certain notes to the consolidated financial statements. These reclassifications had no effect on previously reported net income.
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Revenue Recognition |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
________________ (1)The thirteen and thirty-nine weeks ended September 26, 2021 include an adjustment of $(3.2) million to reduce the Company’s initial recorded estimate and net $3.1 million benefit, respectively, within other revenues in connection with favorable court rulings in Brazil regarding the calculation methodology and taxable base of Program of Social Integration (“PIS”) and Contribution for the Financing of Social Security (“COFINS”) taxes. The net amount recognized as a result of the favorable court rulings primarily represents refundable PIS and COFINS taxes for prior years, including accrued interest. The following tables include the disaggregation of Restaurant sales and franchise revenues, by restaurant concept and major international market for the periods indicated:
________________ (1)Includes Restaurant sales for Company-owned Outback Steakhouse restaurants outside of Brazil and Abbraccio restaurants in Brazil. Franchise revenues primarily includes revenues from franchised Outback Steakhouse restaurants.
________________ (1)Includes Restaurant sales for Company-owned Outback Steakhouse restaurants outside of Brazil and Abbraccio restaurants in Brazil. Franchise revenues primarily includes 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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Impairments and Exit Costs |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairments, Exit Costs and Disposals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairments and Exit Costs | Impairments and Exit Costs The components of Provision for impaired assets and restaurant closings are as follows for the period indicated:
Impairment and closure charges during the period presented resulted primarily from locations identified for closure. Annual Goodwill and Intangible Asset 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 2022 and 2021 assessments were qualitative. In connection with these assessments, the Company did not record any impairment charges. Accrued Facility Closure and Other Costs Rollforward - The following table is a rollforward of the Company’s closed facility lease liabilities and other accrued costs associated with the closure and restructuring initiatives for the period indicated:
________________ (1)As of September 25, 2022, the Company had exit-related accruals related to certain closure and restructuring initiatives of $1.5 million recorded in Accrued and other current liabilities and $4.3 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.
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Earnings Per Share |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share In February 2021, the Company provided the trustee of its convertible senior notes due in 2025 (the “2025 Notes”) notice of the Company’s irrevocable election to settle the principal portion of the 2025 Notes in cash and any excess in shares. As a result, subsequent to the election, only the amounts in excess of the principal amount are considered in diluted earnings per share. The amount of the 2025 Notes settled in shares of common stock will have a dilutive impact on diluted earnings per share when the average market price of the Company’s common stock for a given period exceeds the conversion price, which was initially $11.89 per share of common stock. In connection with the offering of the 2025 Notes, the Company entered into warrant transactions (the “Warrant Transactions”), which have a dilutive effect on the Company’s common stock to the extent the price of its common stock exceeds the strike price of the Warrant Transactions, which was initially $16.64. The following table presents the computation of basic and diluted earnings per share for the periods indicated:
________________ (1)Adjustment for interest related to the 2025 Notes weighted for the portion of the period prior to the Company’s election under the 2025 Notes indenture to settle the principal portion of the 2025 Notes in cash. Effective with the Company’s election, there will be no further numerator adjustments for interest or denominator adjustments for shares required to settle the principal portion. (2)During the thirty-nine weeks ended September 25, 2022, the Company repurchased $125.0 million of the 2025 Notes and retired the corresponding portion of the related warrants. See Note 8 - Convertible Senior Notes for additional details. 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 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. The thirty-nine weeks ended September 26, 2021 includes a cumulative life-to-date adjustment to increase expense for PSUs granted in fiscal years 2019, 2020 and 2021 based on revised Company projections of performance criteria set forth in the award agreements. In February 2022, the Company granted 0.5 million 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. 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 per share value of the Company’s common stock for the Relative TSR modifier as of the grant date of 7.9% and 14.3% for grants during the thirty-nine weeks ended September 25, 2022 and September 26, 2021, respectively. The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of September 25, 2022:
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Other Current Assets, Net |
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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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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 December 26, 2021. (2)Interest rate represents the weighted average interest rate as of September 25, 2022 and the base rate option elected in anticipation of impending repayment as of December 26, 2021. (3)During the thirty-nine weeks ended September 25, 2022, the Company repurchased $125.0 million of the 2025 Notes. See Note 8 - Convertible Senior Notes for additional details. (4)In connection with the Amended Credit Agreement and the partial repurchase of the 2025 Notes, $5.7 million of debt issuance costs were written off during the thirty-nine weeks ended September 25, 2022. See Note 8 - Convertible Senior Notes for additional details. Credit Agreement Amendment - On April 16, 2021, the Company and its wholly-owned subsidiary, OSI Restaurant Partners, LLC (“OSI”), as co-borrowers, entered into the Second Amended and Restated Credit Agreement (the “Credit Agreement”), which provides for senior secured financing of up to $1.0 billion consisting of a $200.0 million Term loan A and an $800.0 million revolving credit facility (the “Senior Secured Credit Facility”), maturing on April 16, 2026. On April 26, 2022, the Company and OSI entered into the First Amendment to the Second Amended and Restated Credit Agreement and Incremental Amendment (the “Amended Credit Agreement”), which included an increase of the Company’s existing revolving credit facility from $800.0 million to $1.0 billion and a transition from London Inter-Bank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”) as the benchmark rate for purposes of calculating interest under the Senior Secured Credit Facility. At closing, an incremental $192.5 million was drawn on the revolving credit facility to fully repay the outstanding balance of Term loan A. The total indebtedness of the Company remained unchanged as a result of the Amended Credit Agreement. Under the Amended Credit Agreement, the Company may elect an interest rate at each reset period based on the Base Rate or Adjusted Term SOFR, plus an applicable spread. The Base Rate option is the highest of: (i) the prime rate of Wells Fargo Bank, National Association, (ii) the federal funds effective rate plus 0.5 of 1.0% or (iii) the Adjusted Term SOFR with a one-month interest period plus 1.0% (the “Base Rate”). The Adjusted Term SOFR option is the 30, 90 or 180-day SOFR, plus a term SOFR adjustment of 0.10%, subject to a 0% floor (the “Adjusted Term SOFR”). The interest rate spreads are as follows:
The transition to SOFR did not materially impact the interest rate applied to the Company’s borrowings. No other material changes were made to the terms of the Company’s Credit Agreement as a result of the Amended Credit Agreement. As of September 25, 2022 and December 26, 2021, the Company was in compliance with its debt covenants. Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of the period indicated:
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Convertible Senior Notes |
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Convertible Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes | Convertible Senior Notes 2025 Notes - On May 25, 2022, the Company entered into exchange agreements (the “Exchange Agreements”) with certain holders (the “Noteholders”) of the 2025 Notes. The Noteholders agreed to exchange $125.0 million in aggregate principal amount of the Company’s outstanding 2025 Notes for $196.9 million in cash, plus accrued interest, and approximately 2.3 million shares of the Company’s common stock (the “2025 Notes Partial Repurchase”). Under the Exchange Agreements, the total amount of cash paid and number of shares of common stock issued by the Company were based upon the volume-weighted average price per share of the Company’s common stock during a ten-trading day averaging period ending on June 14, 2022. Upon entering into the Exchange Agreements, the conversion feature related to the 2025 Notes repurchased, as well as the settlements of the related convertible senior note hedges and warrants, were subject to derivative accounting. In connection with the 2025 Notes Partial Repurchase, the Company recognized a loss on extinguishment of debt of $104.7 million and a loss on fair value adjustment of derivatives, net of $17.7 million, and recorded a $48.5 million increase to Additional paid-in capital during the thirty-nine weeks ended September 25, 2022. The initial conversion rate applicable to the 2025 Notes was 84.122 shares of common stock per $1,000 principal amount of 2025 Notes, or a total of approximately 19.348 million shares for the total $230.0 million principal amount. This initial conversion rate was equivalent to an initial conversion price of approximately $11.89 per share. In connection with dividends paid during the thirty-nine weeks ended September 25, 2022, the conversion rate for the remaining 2025 Notes decreased to approximately $11.66 per share, which represents 85.743 shares of common stock per $1,000 principal amount of the 2025 Notes, or a total of approximately 9.003 million shares. The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the periods indicated:
________________ (1)Debt issuance costs are amortized to Interest expense, net using the effective interest method over the 2025 Notes’ expected life. During the thirty-nine weeks ended September 25, 2022, the Company wrote off $2.8 million of debt issuance costs as a result of the 2025 Notes Partial Repurchase. Following is a summary of interest expense for the 2025 Notes, by component for the periods indicated:
________________ (1)The effective rate of the 2025 Notes over their expected life is 5.85%. Based on the daily closing prices of the Company’s stock during the quarter ended September 25, 2022, the remaining holders of the 2025 Notes are eligible to convert their 2025 Notes during the fourth quarter of 2022. Convertible Note Hedge and Warrant Transactions - In connection with the 2025 Notes Partial Repurchase, the Company entered into partial unwind agreements with certain financial institutions relating to a portion of the convertible note hedge transactions (the “Note Hedge Early Termination Agreements”) and a portion of the Warrant Transactions (the “Warrant Early Termination Agreements”) that were previously entered into by the Company in connection with the issuance of the 2025 Notes. Upon settlement, the Company received $131.9 million for the Note Hedge Early Termination Agreements and paid $114.8 million for the Warrant Early Termination Agreements during the thirty-nine weeks ended September 25, 2022. In connection with the Note Hedge Early Termination Agreements and the Warrant Early Termination Agreements the Company recorded a $113.0 million increase and a $97.6 million decrease, respectively, to Additional paid-in capital during the thirty-nine weeks ended September 25, 2022. The remaining Warrant Transactions have a dilutive effect on the Company’s common stock to the extent that the price of its common stock exceeds the strike price of the Warrant Transactions. The strike price was initially $16.64 per share and is subject to certain adjustments under the terms of the Warrant Transactions. In connection with dividends paid during the thirty-nine weeks ended September 25, 2022, the strike price for the remaining Warrant Transactions decreased to $16.33.
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Other Long-term Liabilities, Net |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term Liabilities, Net | Other Long-term Liabilities, Net Other long-term liabilities, net, consisted of the following as of the periods indicated:
_______________ (1)During the thirty-nine weeks ended September 25, 2022, the Company reclassified $27.3 million of payroll taxes deferred under the CARES Act to current.
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Stockholders' Equity |
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Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Share Repurchases - On February 8, 2022, the Company’s Board of Directors (the “Board”) approved a share repurchase program (the “2022 Share Repurchase Program”) under which the Company was authorized to repurchase up to $125.0 million of its outstanding common stock. The 2022 Share Repurchase Program will expire on August 9, 2023. As of September 25, 2022, $44.0 million remained available for repurchase under the 2022 Share Repurchase Program. Following is a summary of the shares repurchased under the 2022 Share Repurchase Program during fiscal year 2022:
________________ (1)Subsequent to September 25, 2022, the Company repurchased 682 thousand shares of its common stock for $13.8 million under a Rule 10b5-1 plan through October 28, 2022. Dividends - The Company declared and paid dividends per share during fiscal year 2022 as follows:
In October 2022, the Board declared a quarterly cash dividend of $0.14 per share, payable on November 23, 2022 to shareholders of record at the close of business on November 9, 2022. Accumulated Other Comprehensive Loss (“AOCL”) - Following are the components of AOCL as of the periods indicated:
Following are the components of Other comprehensive (loss) income attributable to Bloomin’ Brands for the periods indicated:
________________ (1)See Note 11 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications and the terminated swaps.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk - In October 2018, the Company entered into variable-to-fixed interest rate swap agreements with 12 counterparties to hedge a portion of the cash flows of the Company’s variable rate debt. The swap agreements had an aggregate notional amount of $550.0 million and mature on November 30, 2022. Under the terms of the swap agreements, the Company paid a weighted average fixed rate of 3.04% on the notional amount and received payments from the counterparty based on one-month LIBOR. During 2021, the Company terminated its variable-to-fixed interest rate swap agreements with certain counterparties and as a result, as of December 26, 2021 had interest rate swap agreements remaining with two counterparties for an aggregate notional amount of $125.0 million. In connection with the Amended Credit Agreement, on April 26, 2022 the Company terminated its remaining variable-to-fixed interest rate swap agreements. Following these terminations, the unrealized loss related to the terminated swap agreements included in Accumulated other comprehensive loss is amortized to Interest expense, net during 2022. The Company’s swap agreements were designated and qualified as cash flow hedges, recognized on its Consolidated Balance Sheet at fair value as of December 26, 2021 and classified based on the instruments’ maturity dates. As of September 25, 2022, the Company estimated $2.2 million of interest expense from the terminated swap agreements will be reclassified to Interest expense, net through the November 2022 maturity date of the swaps. The following table presents the fair value and classification of the Company’s swap agreements as of the period indicated:
____________________ (1)See Note 13 - Fair Value Measurements for fair value discussion of the interest rate swaps. The following table summarizes the effects of the swap agreements on Net income 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 $3.4 million and $3.3 million as of September 25, 2022 and December 26, 2021, respectively. (2)Excludes current accrued contingent percentage rent of $3.3 million and $3.5 million, as of September 25, 2022 and December 26, 2021, respectively, and immaterial current and non-current 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 and $3.2 million for the thirteen weeks ended September 25, 2022 and September 26, 2021, respectively, and $9.1 million and $9.9 million for the thirty-nine weeks ended September 25, 2022 and September 26, 2021, respectively, which is included in General and administrative expense. (2)Includes COVID-19-related rent abatements for the thirteen and thirty-nine weeks ended September 26, 2021. 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 $3.4 million and $3.3 million as of September 25, 2022 and December 26, 2021, respectively. (2)Excludes current accrued contingent percentage rent of $3.3 million and $3.5 million, as of September 25, 2022 and December 26, 2021, respectively, and immaterial current and non-current 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 and $3.2 million for the thirteen weeks ended September 25, 2022 and September 26, 2021, respectively, and $9.1 million and $9.9 million for the thirty-nine weeks ended September 25, 2022 and September 26, 2021, respectively, which is included in General and administrative expense. (2)Includes COVID-19-related rent abatements for the thirteen and thirty-nine weeks ended September 26, 2021. 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 and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
Fair value of each class of financial instrument is determined based on the following:
Fair Value Measurements on a Nonrecurring Basis - Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to property, fixtures and equipment, operating lease right-of-use assets, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value. Carrying value after impairment approximates fair value. The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis for the period indicated:
________________ (1)All asset carrying values measured using discounted cash flow models (Level 3). Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative financial instruments consist of cash equivalents, accounts receivable, accounts payable and current 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
________________ NM Not meaningful. The provision for income taxes for the thirteen weeks ended September 25, 2022 increased primarily due to higher pre-tax book income across the Company’s U.S. and international subsidiaries. The benefit for income taxes for the thirteen weeks ended September 26, 2021 includes the impact of changes to the estimate of the forecasted full-year effective tax rate relative to prior quarters in 2021. The effective income tax rate for the thirty-nine weeks ended September 25, 2022 increased by 26.7 percentage points as compared to the thirty-nine weeks ended September 26, 2021. The increase was primarily due to the non-deductible losses associated with the 2025 Notes Partial Repurchase recorded during the thirty-nine weeks ended September 25, 2022. On September 16, 2022, the Company’s Brazilian subsidiary was granted a preliminary injunction granting it eligibility to benefit from a recent law in Brazil that established several emergency actions by the government to offset the economic effects of the COVID-19 pandemic for the tourism and events sector. The new law introduced a 100% exemption from Brazilian corporate income tax (IRPJ and CSLL) and federal value-added taxes (PIS and COFINS) for a period of 5 years. 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 this exemption. The Company has not recognized a financial impact for the thirteen-week period ended September 25, 2022 as the Company continues to evaluate the exemption, the uncertainty and impacts of the injunction, and the best courses of action moving forward. 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 pre-tax income. 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. The effective income tax rates for the thirteen and thirty-nine weeks ended September 26, 2021 were lower than the statutory rate primarily due to the benefit of FICA tax credits on certain tipped wages. On December 28, 2021, the U.S. Treasury and the Internal Revenue Service released final regulations that, among other things, provide guidance on several aspects of the foreign tax credit rules. As part of the guidance issued, these regulations change longstanding foreign tax credit regulations that now make foreign taxes paid to certain countries no longer creditable in the United States. The Company expects that a portion of post-2022 foreign taxes paid will not be creditable in the United States. Furthermore, the impact of these regulations will result in the utilization of existing prior year foreign tax credit carryforwards for which the Company had previously recorded a valuation allowance. The valuation allowance related to the credits expected to be utilized has been released during the thirty-nine weeks ended September 25, 2022.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 25, 2022 | |
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 recorded reserves of $8.6 million and $7.1 million for certain of its outstanding legal proceedings as of September 25, 2022 and December 26, 2021, respectively, within Accrued and other current liabilities and Other long-term 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. 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. 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 25, 2022, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was approximately $22.4 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of September 25, 2022 was approximately $15.7 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 25, 2022 and December 26, 2021, the Company’s recorded contingent lease liability was $7.5 million and $8.7 million, respectively. Royalty Termination - In August 2021, wholly-owned subsidiaries of the Company entered into the Purchase and Sale of Royalty Payment Stream and Termination of Royalty Agreement (the “Royalty Termination Agreement”) with the Carrabba’s Italian Grill founders (the “Carrabba’s Founders”), pursuant to which the Company’s obligation to pay future royalties on U.S. Carrabba’s Italian Grill restaurant sales and lump sum royalty fees on Carrabba’s Italian Grill (and Abbraccio) restaurants opened outside the U.S. was terminated. Upon execution of the Royalty Termination Agreement, the Company made a cash payment of $61.9 million to the Carrabba’s Founders, which was recorded in Other restaurant operating expense in its Consolidated Statements of Operations and Comprehensive Income during the thirteen weeks ended September 26, 2021.
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Segment Reporting |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 26, 2021. 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, certain insurance expenses and certain bonus expenses. The following table is a summary of Total revenues by segment for the periods indicated:
The following table is a reconciliation of segment income from operations to Income before provision (benefit) for income taxes for the periods indicated:
The following table is a summary of Depreciation and amortization expense by segment for the periods indicated:
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Description of the Business and Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 25, 2022 | |
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 26, 2021. |
Recently issued financial accounting standards not yet adopted | Recently Issued Financial Accounting Standards Not Yet Adopted - In November 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” (“ASU No. 2021-10”), which requires financial statement footnote disclosure regarding government assistance accounted for by applying a grant or contribution accounting model by analogy. ASU No. 2021-10 is effective for the Company for the fiscal year ending December 25, 2022. Upon adoption of ASU No. 2021-10 during the fourth quarter of 2022, the Company anticipates government assistance financial statement footnote disclosures within the 2022 Form 10-K, primarily in connection with employee retention credits provided under the Coronavirus, Aid, Relief and Economic Security (“CARES”) Act. Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.
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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, presentation of certain items within the condensed consolidated statements of cash flows and certain notes to the consolidated financial statements. These reclassifications had no effect on previously reported net income. |
Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
________________ (1)The thirteen and thirty-nine weeks ended September 26, 2021 include an adjustment of $(3.2) million to reduce the Company’s initial recorded estimate and net $3.1 million benefit, respectively, within other revenues in connection with favorable court rulings in Brazil regarding the calculation methodology and taxable base of Program of Social Integration (“PIS”) and Contribution for the Financing of Social Security (“COFINS”) taxes. The net amount recognized as a result of the favorable court rulings primarily represents refundable PIS and COFINS taxes for prior years, including accrued interest.
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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)Includes Restaurant sales for Company-owned Outback Steakhouse restaurants outside of Brazil and Abbraccio restaurants in Brazil. Franchise revenues primarily includes revenues from franchised Outback Steakhouse restaurants.
________________ (1)Includes Restaurant sales for Company-owned Outback Steakhouse restaurants outside of Brazil and Abbraccio restaurants in Brazil. Franchise revenues primarily includes 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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Impairments and Exit Costs (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairments, Exit Costs and Disposals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for impaired assets and restaurant closings | The components of Provision for impaired assets and restaurant closings are as follows for the period indicated:
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Accrued facility closure and other costs rollforward | The following table is a rollforward of the Company’s closed facility lease liabilities and other accrued costs associated with the closure and restructuring initiatives for the period indicated:
________________ (1)As of September 25, 2022, the Company had exit-related accruals related to certain closure and restructuring initiatives of $1.5 million recorded in Accrued and other current liabilities and $4.3 million recorded in Non-current operating lease liabilities on its Consolidated Balance Sheet.
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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)Adjustment for interest related to the 2025 Notes weighted for the portion of the period prior to the Company’s election under the 2025 Notes indenture to settle the principal portion of the 2025 Notes in cash. Effective with the Company’s election, there will be no further numerator adjustments for interest or denominator adjustments for shares required to settle the principal portion. (2)During the thirty-nine weeks ended September 25, 2022, the Company repurchased $125.0 million of the 2025 Notes and retired the corresponding portion of the related warrants. See Note 8 - Convertible Senior Notes for additional details.
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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. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of compensation cost for stock-based payment arrangements, allocation of share-based compensation costs by plan | The Company recognized stock-based compensation expense as follows for the periods indicated:
________________ (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. The thirty-nine weeks ended September 26, 2021 includes a cumulative life-to-date adjustment to increase expense for PSUs granted in fiscal years 2019, 2020 and 2021 based on revised Company projections of performance criteria set forth in the award agreements.
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Schedule of stock-based payment award, performance-based shares, valuation assumptions | 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 per share value of the Company’s common stock for the Relative TSR modifier as of the grant date of 7.9% and 14.3% for grants during the thirty-nine weeks ended September 25, 2022 and September 26, 2021, 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 25, 2022:
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Other Current Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Long-term Debt, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 26, 2021. (2)Interest rate represents the weighted average interest rate as of September 25, 2022 and the base rate option elected in anticipation of impending repayment as of December 26, 2021. (3)During the thirty-nine weeks ended September 25, 2022, the Company repurchased $125.0 million of the 2025 Notes. See Note 8 - Convertible Senior Notes for additional details. (4)In connection with the Amended Credit Agreement and the partial repurchase of the 2025 Notes, $5.7 million of debt issuance costs were written off during the thirty-nine weeks ended September 25, 2022. See Note 8 - Convertible Senior Notes for additional details.
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Schedule of interest rate spread options | The interest rate spreads are as follows:
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Schedule of maturities of long-term debt | Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of the period indicated:
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Convertible Senior Notes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
________________ (1)Debt issuance costs are amortized to Interest expense, net using the effective interest method over the 2025 Notes’ expected life. During the thirty-nine weeks ended September 25, 2022, the Company wrote off $2.8 million of debt issuance costs as a result of the 2025 Notes Partial Repurchase.
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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%.
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Other Long-term Liabilities, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | Other long-term liabilities, net, consisted of the following as of the periods indicated:
_______________ (1)During the thirty-nine weeks ended September 25, 2022, the Company reclassified $27.3 million of payroll taxes deferred under the CARES Act to current.
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Stockholders' Equity (Tables) |
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Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of repurchases of common stock | Following is a summary of the shares repurchased under the 2022 Share Repurchase Program during fiscal year 2022:
________________ (1)Subsequent to September 25, 2022, the Company repurchased 682 thousand shares of its common stock for $13.8 million under a Rule 10b5-1 plan through October 28, 2022.
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Dividends declared and paid | The Company declared and paid dividends per share during fiscal year 2022 as follows:
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Schedule of accumulated other comprehensive loss | Following are the components of AOCL as of the periods indicated:
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Other comprehensive income | Following are the components of Other comprehensive (loss) income attributable to Bloomin’ Brands for the periods indicated:
________________ (1)See Note 11 - Derivative Instruments and Hedging Activities for the tax impact of reclassifications and the terminated swaps.
|
Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of derivative instruments in statement of financial position, fair value | The following table presents the fair value and classification of the Company’s swap agreements as of the period indicated:
____________________ (1)See Note 13 - Fair Value Measurements for fair value discussion of the interest rate swaps.
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Schedule of derivatives instruments statements of financial performance, location | The following table summarizes the effects of the swap agreements on Net income for the periods indicated:
|
Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $3.4 million and $3.3 million as of September 25, 2022 and December 26, 2021, respectively. (2)Excludes current accrued contingent percentage rent of $3.3 million and $3.5 million, as of September 25, 2022 and December 26, 2021, respectively, and immaterial current and non-current 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 and $3.2 million for the thirteen weeks ended September 25, 2022 and September 26, 2021, respectively, and $9.1 million and $9.9 million for the thirty-nine weeks ended September 25, 2022 and September 26, 2021, respectively, which is included in General and administrative expense. (2)Includes COVID-19-related rent abatements for the thirteen and thirty-nine weeks ended September 26, 2021.
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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:
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 and liabilities measured at fair value on a recurring basis | The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
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Fair value, assets measured on recurring basis, methods and assumptions | Fair value of each class of financial instrument is determined based on the following:
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Fair value, assets and liabilities measured on a nonrecurring basis | The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis for the period indicated:
________________ (1)All asset carrying values measured using discounted cash flow models (Level 3).
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Schedule of carrying value and fair value of senior secured credit facilities 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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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of effective income tax rate reconciliation |
________________ NM Not meaningful.
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Total revenues 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 provision (benefit) for income taxes 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:
|
Description of the Business and Basis of Presentation - Description of the Business (Details) |
Sep. 25, 2022
restraurant_concept
|
---|---|
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. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|||||
Disaggregation of Revenue [Line Items] | ||||||||
Restaurant sales, franchise and other revenues | $ 1,055,763 | $ 1,010,463 | $ 3,321,460 | $ 3,075,302 | ||||
Restaurant sales | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Restaurant sales, franchise and other revenues | 1,040,375 | 996,718 | 3,272,868 | 3,031,396 | ||||
Franchise and other revenues | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Restaurant sales, franchise and other revenues | 15,388 | 13,745 | 48,592 | 43,906 | ||||
Franchise revenues | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Restaurant sales, franchise and other revenues | 11,826 | 12,908 | 37,828 | 31,918 | ||||
Other revenues | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Restaurant sales, franchise and other revenues | $ 3,562 | 837 | [1] | $ 10,764 | 11,988 | [1] | ||
Recognized (expense) benefit related to Brazilian tax ruling | $ (3,200) | $ 3,100 | ||||||
|
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | $ 1,055,763 | $ 1,010,463 | $ 3,321,460 | $ 3,075,302 | ||||||||
U.S. segment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 922,521 | 912,733 | 2,957,555 | 2,820,709 | ||||||||
International segment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 133,242 | 97,730 | 363,905 | 254,593 | ||||||||
Restaurant sales | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 1,040,375 | 996,718 | 3,272,868 | 3,031,396 | ||||||||
Restaurant sales | U.S. segment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 910,679 | 898,790 | 2,920,241 | 2,789,142 | ||||||||
Restaurant sales | International segment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 129,696 | 97,928 | 352,627 | 242,254 | ||||||||
Restaurant sales | Outback Steakhouse | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 536,793 | 523,142 | 1,705,749 | 1,649,433 | ||||||||
Restaurant sales | Carrabba’s Italian Grill | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 159,728 | 159,147 | 505,546 | 488,241 | ||||||||
Restaurant sales | Bonefish Grill | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 130,669 | 134,603 | 427,557 | 410,613 | ||||||||
Restaurant sales | Fleming’s Prime Steakhouse & Wine Bar | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 80,748 | 79,687 | 272,343 | 234,099 | ||||||||
Restaurant sales | Other - U.S. | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 2,741 | 2,211 | 9,046 | 6,756 | ||||||||
Restaurant sales | Outback Brazil | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 105,932 | 74,020 | 291,880 | 178,178 | ||||||||
Restaurant sales | Other - international | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 23,764 | [1] | 23,908 | [1] | 60,747 | [2] | 64,076 | [2] | ||||
Franchise revenues | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 11,826 | 12,908 | 37,828 | 31,918 | ||||||||
Franchise revenues | U.S. segment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 8,365 | 9,989 | 26,801 | 22,949 | ||||||||
Franchise revenues | International segment | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 3,461 | 2,919 | 11,027 | 8,969 | ||||||||
Franchise revenues | Outback Steakhouse | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 7,447 | 9,335 | 24,062 | 20,709 | ||||||||
Franchise revenues | Carrabba’s Italian Grill | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 738 | 482 | 2,196 | 1,764 | ||||||||
Franchise revenues | Bonefish Grill | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Restaurant sales, franchise and other revenues | 163 | 169 | 513 | 473 | ||||||||
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 | 17 | 3 | 30 | 3 | ||||||||
Franchise revenues | Outback 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 | $ 3,461 | [1] | $ 2,919 | [1] | $ 11,027 | [2] | $ 8,969 | [2] | ||||
|
Revenue Recognition (Contract Assets and Liabilities Summary) (Details) - USD ($) $ in Thousands |
Sep. 25, 2022 |
Jun. 26, 2022 |
Dec. 26, 2021 |
Sep. 26, 2021 |
Jun. 27, 2021 |
Dec. 27, 2020 |
---|---|---|---|---|---|---|
Revenue Recognition [Line Items] | ||||||
Deferred gift card sales commissions, current | $ 10,798 | $ 12,338 | $ 17,793 | $ 10,832 | $ 12,548 | $ 19,300 |
Unearned revenue | 291,831 | 398,795 | ||||
Deferred gift card revenue | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 283,559 | $ 303,544 | 387,945 | $ 274,204 | $ 293,955 | $ 373,048 |
Deferred gift card sales commissions | ||||||
Revenue Recognition [Line Items] | ||||||
Deferred gift card sales commissions, current | 10,798 | 17,793 | ||||
Unearned revenue | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 291,831 | 398,795 | ||||
Unearned revenue | Deferred gift card revenue | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 283,559 | 387,945 | ||||
Unearned revenue | Deferred loyalty revenue | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 5,226 | 9,386 | ||||
Unearned revenue | Deferred franchise fees | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 457 | 443 | ||||
Unearned revenue | Other | ||||||
Revenue Recognition [Line Items] | ||||||
Unearned revenue | 2,589 | 1,021 | ||||
Other long-term liabilities, net | Deferred franchise fees | ||||||
Revenue Recognition [Line Items] | ||||||
Deferred franchise fees, noncurrent | $ 4,244 | $ 4,280 |
Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|
Revenue Recognition and Deferred Revenue [Abstract] | ||||
Balance, beginning of the period | $ 12,338 | $ 12,548 | $ 17,793 | $ 19,300 |
Deferred gift card sales commissions amortization | (4,755) | (4,841) | (18,213) | (19,277) |
Deferred gift card sales commissions capitalization | 3,836 | 3,698 | 13,441 | 12,494 |
Other | (621) | (573) | (2,223) | (1,685) |
Balance, end of the period | $ 10,798 | $ 10,832 | $ 10,798 | $ 10,832 |
Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|
Revenue Recognition [Line Items] | ||||
Balance, beginning of the period | $ 398,795 | |||
Balance, end of the period | $ 291,831 | 291,831 | ||
Deferred gift card revenue | ||||
Revenue Recognition [Line Items] | ||||
Balance, beginning of the period | 303,544 | $ 293,955 | 387,945 | $ 373,048 |
Gift card sales | 46,692 | 45,036 | 162,146 | 153,126 |
Gift card redemptions | (63,041) | (61,189) | (252,091) | (237,988) |
Gift card breakage | (3,636) | (3,598) | (14,441) | (13,982) |
Balance, end of the period | $ 283,559 | $ 274,204 | $ 283,559 | $ 274,204 |
Impairments and Exit Costs (Provision for Impaired Assets and Restaurant Closings) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Provision for impaired assets and restaurant closings | $ 2,067,000 | $ 1,585,000 | $ 4,099,000 | $ 8,962,000 |
Impairment charges | 0 | 0 | ||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 0 | $ 0 | ||
Provision for impaired assets and restaurant closings | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | 8,726,000 | |||
Restaurant closure expenses | 236,000 | |||
Provision for impaired assets and restaurant closings | Corporate, non-segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | 257,000 | |||
Provision for impaired assets and restaurant closings | U.S. segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | 8,289,000 | |||
Restaurant closure expenses | 389,000 | |||
Provision for impaired assets and restaurant closings | International segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment losses | 180,000 | |||
Restaurant closure expenses | $ (153,000) |
Impairments and Exit Costs (Lease Liability Rollforward) (Details) - Facility closing $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 25, 2022
USD ($)
| ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, beginning of the period | $ 8,485 | |||
Cash payments | (2,813) | |||
Accretion | 434 | |||
Adjustments | (272) | |||
Balance, end of the period | 5,834 | [1] | ||
Accrued and other current liabilities | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, current | 1,500 | |||
Non-current operating lease liabilities | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, noncurrent | $ 4,300 | |||
|
Earnings Per Share (2025 Notes Impact) (Details) - 2025 Notes - Convertible debt - USD ($) |
9 Months Ended | ||
---|---|---|---|
May 25, 2022 |
Sep. 25, 2022 |
May 08, 2020 |
|
Debt Instrument [Line Items] | |||
Debt instrument, convertible, conversion price | $ 11.66 | $ 11.89 | |
Class of warrant or right, exercise price of warrants or rights | $ 16.64 | ||
2025 Notes repurchase amount | $ 125,000,000 | $ 125,000,000 |
Earnings Per Share (Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
||||||||
Schedule of (loss) earnings per share, basic and diluted [Line Items] | |||||||||||
Net income attributable to Bloomin’ Brands | $ 31,986 | $ 3,449 | $ 43,862 | $ 154,856 | |||||||
Convertible senior notes if-converted method interest adjustment, net of tax | 0 | 0 | 0 | 460 | [1] | ||||||
Diluted net income attributable to Bloomin’ Brands | $ 31,986 | $ 3,449 | $ 43,862 | $ 155,316 | |||||||
Basic weighted average common shares outstanding | 89,192 | 89,229 | 89,149 | 88,890 | |||||||
Effect of diluted securities: | |||||||||||
Convertible senior notes | [1] | 3,690 | [2] | 10,476 | 6,732 | [2] | 12,300 | ||||
Warrants | 1,564 | [2] | 6,928 | 3,204 | [2] | 6,896 | |||||
Diluted weighted average common shares outstanding | 94,736 | 107,783 | 99,609 | 109,410 | |||||||
Basic earnings per share (in USD per share) | $ 0.36 | $ 0.04 | $ 0.49 | $ 1.74 | |||||||
Diluted earnings per share (in USD per share) | $ 0.34 | $ 0.03 | $ 0.44 | $ 1.42 | |||||||
Stock options | |||||||||||
Effect of diluted securities: | |||||||||||
Dilutive shares | 173 | 864 | 261 | 913 | |||||||
Nonvested restricted stock units | |||||||||||
Effect of diluted securities: | |||||||||||
Dilutive shares | 117 | 286 | 167 | 380 | |||||||
Nonvested performance-based share units | |||||||||||
Effect of diluted securities: | |||||||||||
Dilutive shares | 0 | 0 | 96 | 31 | |||||||
|
Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|
Stock options | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of (loss) earnings per share (in shares) | 2,297 | 0 | 2,012 | 455 |
Nonvested restricted stock units | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of (loss) earnings per share (in shares) | 150 | 77 | 249 | 53 |
Nonvested performance-based share units | ||||
Antidilutive securities excluded from computation of earnings per share [Line Items] | ||||
Antidilutive securities not included in the computation of (loss) earnings per share (in shares) | 771 | 376 | 574 | 424 |
Stock-based Compensation Plans (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | $ 1,977 | $ 5,564 | $ 11,705 | $ 20,015 | |||
Performance-based share units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | 67 | 3,026 | 5,526 | 11,813 | [1] | ||
Restricted stock units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | 1,872 | 2,043 | 5,709 | 6,373 | |||
Stock options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | $ 38 | $ 495 | $ 470 | $ 1,829 | |||
|
Stock-based Compensation Plans (Assumptions Used in the Monte Carlo Simulation Model and the Grant Date Fair Value of PSUs Granted) (Details) - Nonvested performance-based share units - $ / shares shares in Millions |
1 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2022 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 0.5 | ||||||||||
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 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Risk-free interest rate | [1] | 1.64% | 0.20% | ||||||||
Dividend yield | [2] | 2.31% | 0.00% | ||||||||
Volatility | [3] | 49.11% | 48.45% | ||||||||
Grant date fair value per unit (in USD per share) | [4] | $ 26.10 | $ 29.73 | ||||||||
Share-based compensation arrangement by share-based payment award, stock price premium, percentage | 7.90% | 14.30% | |||||||||
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 (Unrecognized Stock Compensation Expense and the Remaining Weighted-Average Vesting Period) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 25, 2022
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 | $ 14,620 |
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition | 1 year 4 months 24 days |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based compensation, nonvested awards, compensation expense not yet recognized, stock-based awards other than options | $ 9,673 |
Employee service share-based compensation, nonvested awards, compensation expense not yet recognized, period for recognition | 1 year 9 months 18 days |
Other Current Assets, Net (Details) - USD ($) $ in Thousands |
Sep. 25, 2022 |
Jun. 26, 2022 |
Dec. 26, 2021 |
Sep. 26, 2021 |
Jun. 27, 2021 |
Dec. 27, 2020 |
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Prepaid expenses | $ 31,468 | $ 21,194 | ||||
Deferred gift card sales commissions | 10,798 | $ 12,338 | 17,793 | $ 10,832 | $ 12,548 | $ 19,300 |
Company-owned life insurance policies | 7,420 | 17,244 | ||||
Other current assets, net | 5,575 | 5,297 | ||||
Total other current assets, net | 101,639 | 184,623 | ||||
Accounts receivable - gift cards, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, net | 8,584 | 91,248 | ||||
Accounts receivable - vendors, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, net | 18,348 | 11,793 | ||||
Accounts receivable - franchisees, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, net | 2,124 | 1,701 | ||||
Accounts receivable - other, net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable, net | $ 17,322 | $ 18,353 |
Long-term Debt, Net (Schedule of Long-term Debt, Net) (Details) - USD ($) |
9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 25, 2022 |
Sep. 25, 2022 |
Dec. 26, 2021 |
Sep. 26, 2021 |
||||||||||
Debt Instrument [Line Items] | |||||||||||||
Finance lease liabilities | $ 3,816,000 | $ 2,376,000 | |||||||||||
Less: unamortized debt discount and issuance costs | (6,836,000) | [1] | (14,157,000) | ||||||||||
Less: finance lease interest | (274,000) | (154,000) | |||||||||||
Total debt, net | 821,706,000 | 793,065,000 | |||||||||||
Less: current portion of long-term debt | (1,481,000) | (10,958,000) | |||||||||||
Long-term debt, net | 820,225,000 | 782,107,000 | |||||||||||
Senior Secured Credit Facility and 2025 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Write off of deferred debt issuance cost | 5,700,000 | ||||||||||||
Secured debt | Senior Secured Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | 420,000,000 | 275,000,000 | |||||||||||
Secured debt | Term loan A facility | Senior Secured Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | 0 | $ 195,000,000 | |||||||||||
Secured debt | Term loan A facility | Senior Secured Credit Facility | Weighted average | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, effective interest rate | [2] | 1.60% | |||||||||||
Secured debt | Revolving credit facility | Senior Secured Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, amount outstanding | $ 420,000,000 | $ 80,000,000 | |||||||||||
Debt instrument, effective interest rate | [3] | 4.26% | 3.75% | ||||||||||
Convertible debt | 2025 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | $ 105,000,000 | [4] | $ 230,000,000 | ||||||||||
Debt instrument, effective interest rate | 5.85% | 5.85% | |||||||||||
Debt instrument, interest rate, stated percentage | 5.00% | 5.00% | |||||||||||
2025 Notes repurchase amount | $ 125,000,000 | $ 125,000,000 | |||||||||||
Write off of deferred debt issuance cost | 2,800,000 | ||||||||||||
Unsecured debt | 2029 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | $ 300,000,000 | $ 300,000,000 | |||||||||||
Debt instrument, interest rate, stated percentage | 5.13% | 5.13% | |||||||||||
|
Long-term Debt, Net (Amended Credit Agreement) (Details) - USD ($) |
9 Months Ended | |||
---|---|---|---|---|
Apr. 26, 2022 |
Sep. 25, 2022 |
Sep. 26, 2021 |
Apr. 16, 2021 |
|
Debt Instrument [Line Items] | ||||
Proceeds from borrowings on revolving credit facilities | $ 929,500,000 | $ 378,000,000 | ||
Senior Secured Credit Facility | Secured debt | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||
Term loan A facility | Senior Secured Credit Facility | Secured debt | ||||
Debt Instrument [Line Items] | ||||
Principal | 200,000,000 | |||
Revolving credit facility | Secured debt | Adjusted term SOFR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.50% | |||
Revolving credit facility | Secured debt | Adjusted term SOFR | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.50% | |||
Revolving credit facility | Secured debt | Base rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% | |||
Revolving credit facility | Secured debt | Base rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.50% | |||
Revolving credit facility | Senior Secured Credit Facility | Secured debt | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | $ 800,000,000 | ||
Proceeds from borrowings on revolving credit facilities | $ 192,500,000 | |||
Amended Credit Agreement | Secured debt | Base rate option 2 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 50.00% | |||
Amended Credit Agreement | Secured debt | Base rate option 3 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.00% | |||
Amended Credit Agreement | Secured debt | Adjusted term SOFR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.10% | |||
Amended Credit Agreement | Secured debt | Adjusted term SOFR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 0.00% |
Long-term Debt, Net (Maturities-Table) (Details) - USD ($) $ in Thousands |
Sep. 25, 2022 |
Dec. 26, 2021 |
|||
---|---|---|---|---|---|
Debt Disclosure [Abstract] | |||||
Year 1 | $ 1,250 | ||||
Year 2 | 1,202 | ||||
Year 3 | 105,662 | ||||
Year 4 | 420,350 | ||||
Year 5 | 220 | ||||
Thereafter | 300,132 | ||||
Total payments | 828,816 | ||||
Less: unamortized debt discount and issuance costs | (6,836) | [1] | $ (14,157) | ||
Less: finance lease interest | (274) | (154) | |||
Total principal payments | $ 821,706 | $ 793,065 | |||
|
Convertible Senior Notes (Convertible Notes Text) (Details) $ / shares in Units, shares in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Aug. 24, 2022 |
May 25, 2022
USD ($)
shares
|
May 08, 2020
USD ($)
$ / shares
shares
|
Sep. 25, 2022
USD ($)
$ / shares
|
Sep. 26, 2021
USD ($)
|
Sep. 25, 2022
USD ($)
$ / shares
|
Sep. 26, 2021
USD ($)
|
Dec. 26, 2021
USD ($)
|
May 12, 2020
USD ($)
|
|
Debt Instrument [Line Items] | |||||||||
Repayments of convertible senior notes | $ 196,919,000 | $ 0 | |||||||
Loss on extinguishment and modification of debt | $ 0 | $ 0 | (107,630,000) | (2,073,000) | |||||
Loss on fair value adjustment of derivatives, net | 0 | $ 0 | (17,685,000) | $ 0 | |||||
Issuance of common stock from repurchase of convertible senior notes | 48,565,000 | ||||||||
Additional paid-in capital | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of common stock from repurchase of convertible senior notes | 48,542,000 | ||||||||
Convertible debt | 2025 Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
2025 Notes repurchase amount | $ 125,000,000 | 125,000,000 | |||||||
Repayments of convertible senior notes | $ 196,900,000 | ||||||||
Issuance of common stock from repurchase of convertible senior notes (in shares) | shares | 2,300 | ||||||||
Loss on extinguishment and modification of debt | 104,700,000 | ||||||||
Loss on fair value adjustment of derivatives, net | 17,700,000 | ||||||||
Debt instrument, convertible, conversion ratio | 85.743 | 84.122 | |||||||
Debt instrument, convertible principal amount | $ 1,000 | $ 1,000 | |||||||
Debt conversion, converted instrument, shares to be issued | shares | 9,003 | 19,348 | |||||||
2025 Notes, principal amount | $ 105,000,000 | $ 105,000,000 | $ 230,000,000 | $ 230,000,000 | |||||
Debt instrument, convertible, conversion price | $ / shares | $ 11.89 | $ 11.66 | $ 11.66 | ||||||
Convertible debt | 2025 Notes | Additional paid-in capital | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of common stock from repurchase of convertible senior notes | $ 48,500,000 |
Convertible Senior Notes (Convertible Senior Notes Balances) (Details) - 2025 Notes - Convertible debt - USD ($) |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 25, 2022 |
Dec. 26, 2021 |
May 12, 2020 |
||||
Debt Instrument [Line Items] | ||||||
Principal | $ 105,000,000 | $ 230,000,000 | $ 230,000,000 | |||
Less: debt issuance costs | (2,132,000) | [1] | (5,898,000) | |||
Net carrying amount | 102,868,000 | $ 224,102,000 | ||||
Write off of deferred debt issuance cost | $ 2,800,000 | |||||
|
Convertible Senior Notes (Convertible Senior Notes Interest Expense) (Details) - 2025 Notes - Convertible debt - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|||
Debt Instrument [Line Items] | ||||||
Coupon interest | $ 1,313 | $ 2,875 | $ 6,785 | $ 8,625 | ||
Debt issuance cost amortization | 190 | 392 | 963 | 1,159 | ||
Total interest expense | [1] | $ 1,503 | $ 3,267 | $ 7,748 | $ 9,784 | |
Debt instrument, effective interest rate | 5.85% | 5.85% | 5.85% | 5.85% | ||
|
Convertible Senior Notes (Convertible Notes Hedge Transactions) (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
May 08, 2020 |
|
Debt Instrument [Line Items] | |||
Proceeds from retirement of convertible senior note hedges | $ 131,869 | $ 0 | |
Payments for retirement of warrants | (114,825) | $ 0 | |
Retirement of convertible senior note hedges | (112,956) | ||
Retirement of warrants | 97,617 | ||
Additional paid-in capital | |||
Debt Instrument [Line Items] | |||
Retirement of convertible senior note hedges | (112,956) | ||
Retirement of warrants | 97,617 | ||
Convertible debt | 2025 Notes | |||
Debt Instrument [Line Items] | |||
Proceeds from retirement of convertible senior note hedges | 131,900 | ||
Payments for retirement of warrants | (114,800) | ||
Class of warrant or right, exercise price of warrants or rights | $ 16.64 | ||
Convertible debt | 2025 Notes | Additional paid-in capital | |||
Debt Instrument [Line Items] | |||
Retirement of convertible senior note hedges | 113,000 | ||
Retirement of warrants | $ (97,600) |
Other Long-term Liabilities, Net (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 25, 2022 |
Dec. 26, 2021 |
||||
Schedule of Other Long-term Liabilities, Net [Line Items] | |||||
Accrued insurance liability | $ 30,419 | $ 31,517 | |||
Deferred payroll tax liabilities | 0 | [1] | 27,302 | ||
Deferred compensation obligations | 28,351 | 37,514 | |||
Other long-term liabilities | 28,082 | 28,909 | |||
Other long-term liabilities, net | 86,852 | $ 125,242 | |||
COVID-19 pandemic | |||||
Schedule of Other Long-term Liabilities, Net [Line Items] | |||||
Decrease in deferred payroll taxes | $ (27,300) | ||||
|
Stockholders' Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 28, 2022 |
Sep. 25, 2022 |
Jun. 26, 2022 |
Mar. 27, 2022 |
Sep. 25, 2022 |
Feb. 08, 2022 |
||||
Share Repurchase Program [Line Items] | |||||||||
Repurchase and retirement of common stock | $ 33,549,000 | $ 81,000,000 | |||||||
2022 share repurchase program | |||||||||
Share Repurchase Program [Line Items] | |||||||||
Stock repurchase program, authorized amount | $ 125,000,000 | ||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 44,000,000 | $ 44,000,000 | |||||||
Repurchase and retirement of common stock (in shares) | 1,746 | 1,761 | 551 | 4,058 | [1] | ||||
Stock repurchase program, average price paid, per share | $ 19.21 | $ 20.30 | $ 21.26 | $ 19.96 | [1] | ||||
Repurchase and retirement of common stock | $ 33,549,000 | $ 35,749,000 | $ 11,702,000 | $ 81,000,000 | [1] | ||||
2022 share repurchase program | Subsequent event | |||||||||
Share Repurchase Program [Line Items] | |||||||||
Repurchase and retirement of common stock (in shares) | 682 | ||||||||
Repurchase and retirement of common stock | $ 13,800,000 | ||||||||
|
Stockholders' Equity (Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Oct. 31, 2022 |
Sep. 25, 2022 |
Jun. 26, 2022 |
Mar. 27, 2022 |
Sep. 25, 2022 |
|
Dividends payable [Line Items] | |||||
Common stock, dividends, per share, cash paid | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.42 | |
Dividends, common stock, cash | $ 12,475 | $ 12,418 | $ 12,559 | $ 37,452 | |
Common stock, dividends per share | $ 0.14 | $ 0.42 | |||
Subsequent event | |||||
Dividends payable [Line Items] | |||||
Common stock, dividends per share | $ 0.14 | ||||
Dividends payable, date to be paid | Nov. 23, 2022 | ||||
Dividends payable, date of record | Nov. 09, 2022 |
Stockholders' Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands |
Sep. 25, 2022 |
Dec. 26, 2021 |
---|---|---|
Accumulated other comprehensive loss [Line Items] | ||
Accumulated other comprehensive loss | $ (186,840) | $ (205,989) |
Foreign currency translation adjustment | ||
Accumulated other comprehensive loss [Line Items] | ||
Accumulated other comprehensive loss | (185,298) | (195,480) |
Unrealized loss on derivatives, net of tax | ||
Accumulated other comprehensive loss [Line Items] | ||
Accumulated other comprehensive loss | $ (1,542) | $ (10,509) |
Stockholders' Equity (Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|||
Accumulated other comprehensive income [Line Items] | ||||||
Unrealized (loss) gain on derivatives, net of tax | $ 0 | $ (153) | $ 573 | $ (323) | ||
Reclassification of adjustments for loss on derivatives included in Net income, net of tax | 0 | 1,519 | 954 | 6,036 | ||
Impact of terminated interest rate swaps included in Net income, net of tax | 2,255 | 1,479 | 7,440 | 2,950 | ||
Other comprehensive (loss) income attributable to Bloomin’ Brands | (10,786) | 4,518 | 19,149 | 13,776 | ||
Bloomin' Brands | ||||||
Accumulated other comprehensive income [Line Items] | ||||||
Foreign currency translation adjustment | (13,041) | 1,673 | 10,182 | 5,113 | ||
Unrealized (loss) gain on derivatives, net of tax | 0 | (153) | 573 | (323) | ||
Reclassification of adjustments for loss on derivatives included in Net income, net of tax | [1] | 0 | 1,519 | 954 | 6,036 | |
Impact of terminated interest rate swaps included in Net income, net of tax | [1] | 2,255 | 1,479 | 7,440 | 2,950 | |
Total gain on derivatives, net of tax | 2,255 | 2,845 | 8,967 | 8,663 | ||
Other comprehensive (loss) income attributable to Bloomin’ Brands | $ (10,786) | $ 4,518 | $ 19,149 | $ 13,776 | ||
|
Derivative Instruments and Hedging Activities (Cash Flow Hedges of Interest Rate Risk) (Details) - Designated as hedging instrument - Interest rate swap |
9 Months Ended | ||
---|---|---|---|
Oct. 25, 2018
USD ($)
counterparty
|
Sep. 25, 2022
USD ($)
|
Dec. 26, 2021
USD ($)
counterparty
|
|
Derivative [Line Items] | |||
Derivative agreements, number of counterparties | counterparty | 12 | 2 | |
Derivative, notional amount | $ 550,000,000 | $ 125,000,000 | |
Derivative, maturity date | Nov. 30, 2022 | ||
Derivative, average fixed interest rate | 3.04% | ||
Interest expense | |||
Derivative [Line Items] | |||
Cash flow hedge loss to be reclassified through maturity | $ 2,200,000 | ||
London Interbank Offered Rate (LIBOR) swap rate | |||
Derivative [Line Items] | |||
Derivative, variable interest rate | one-month LIBOR |
Derivative Instruments and Hedging Activities (Fair Value and Classification of Interest Rate Swaps) (Details) $ in Thousands |
Dec. 26, 2021
USD ($)
|
|||
---|---|---|---|---|
Derivative [Line Items] | ||||
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued and other current liabilities | |||
Interest rate swap | Designated as hedging instrument | ||||
Derivative [Line Items] | ||||
Interest rate swaps - liability | $ 3,056 | [1] | ||
Interest rate swap | Designated as hedging instrument | Accrued and other current liabilities | ||||
Derivative [Line Items] | ||||
Accrued interest | $ 276 | |||
|
Derivative Instruments and Hedging Activities (Effects of the Interest Rate Swaps) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|
Derivative [Line Items] | ||||
Net effects of terminated interest rate swap agreements | $ 2,255 | $ 1,479 | $ 7,440 | $ 2,950 |
Interest rate swap | Designated as hedging instrument | ||||
Derivative [Line Items] | ||||
Interest rate swap expense recognized in Interest expense, net | 0 | (2,045) | (1,284) | (8,127) |
Net effects of interest rate swap agreements | 0 | (1,519) | (954) | (6,036) |
Terminated interest rate swap expense recognized in Interest expense, net | (3,034) | (1,992) | (10,014) | (3,973) |
Net effects of terminated interest rate swap agreements | (2,255) | (1,479) | (7,440) | (2,950) |
Total net effects on Net income | (2,255) | (2,998) | (8,394) | (8,986) |
Interest rate swap | Designated as hedging instrument | Income tax expense | ||||
Derivative [Line Items] | ||||
Income tax benefit recognized in Provision (benefit) for income taxes | 0 | 526 | 330 | 2,091 |
Income tax benefit recognized in Provision (benefit) for income taxes | $ 779 | $ 513 | $ 2,574 | $ 1,023 |
Leases (Lessee, Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Sep. 25, 2022 |
Dec. 26, 2021 |
||||
---|---|---|---|---|---|---|
Leases [Abstract] | ||||||
Operating lease right-of-use assets | $ 1,115,004 | $ 1,130,873 | ||||
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Property, fixtures and equipment, net | Property, fixtures and equipment, net | ||||
Finance lease right-of-use assets | [1] | $ 3,404 | $ 2,074 | |||
Total lease assets, net | $ 1,118,408 | $ 1,132,947 | ||||
Operating lease, liability, current, statement of financial position [Extensible Enumeration] | Accrued and other current liabilities | Accrued and other current liabilities | ||||
Current operating lease liabilities | [2] | $ 181,427 | $ 177,028 | |||
Finance lease, liability, current, statement of financial position [Extensible Enumeration] | Current portion of long-term debt | Current portion of long-term debt | ||||
Current finance lease liabilities | $ 1,481 | $ 958 | ||||
Non-current operating lease liabilities | [2] | $ 1,160,392 | $ 1,178,998 | |||
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Long-term debt, net | Long-term debt, net | ||||
Non-current finance lease liabilities | $ 2,061 | $ 1,264 | ||||
Total lease liabilities | 1,345,361 | 1,358,248 | ||||
Accumulated amortization | (3,400) | (3,300) | ||||
Accrued contingent percentage rent | $ 3,300 | $ 3,500 | ||||
|
Leases (Lessee, Lease Costs) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|||||||
Schedule of Lease Costs [Line Items] | ||||||||||
Operating leases | [1] | $ 45,817 | $ 44,807 | $ 136,757 | $ 133,362 | |||||
Variable lease cost | 1,519 | 1,574 | [2] | 5,021 | 3,082 | [2] | ||||
Amortization of leased assets | 355 | 280 | 1,048 | 800 | ||||||
Interest on lease liabilities | 44 | 34 | 120 | 101 | ||||||
Sublease revenue | (2,455) | (3,276) | (7,449) | (6,936) | ||||||
Lease costs, net | 45,280 | 43,419 | 135,497 | 130,409 | ||||||
General and administrative expense | ||||||||||
Schedule of Lease Costs [Line Items] | ||||||||||
Operating leases | $ 3,100 | $ 3,200 | $ 9,100 | $ 9,900 | ||||||
|
Leases (Other Information) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
|
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 145,797 | $ 155,661 |
Fair Value Measurements (Fair Value Measurements on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Sep. 25, 2022 |
Dec. 26, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, statement of financial position [Extensible Enumeration] | Accrued and other current liabilities | |
Fair value, measurements, recurring | Fair value, inputs, level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 16,674 | $ 17,225 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, current liabilities | 0 | 0 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 6,277 | 6,714 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 10,254 | 9,039 |
Restricted cash and cash equivalents, fair value disclosure | 143 | 1,472 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, current liabilities | 3,056 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 0 | |
Fair value, measurements, recurring | Fair value, inputs, level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 0 | |
Restricted cash and cash equivalents, fair value disclosure | 0 | |
Fair value, measurements, recurring | Carrying value measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 16,674 | 17,225 |
Fair value, measurements, recurring | Carrying value measurement | Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps, current liabilities | 0 | 3,056 |
Fair value, measurements, recurring | Carrying value measurement | Fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 6,277 | 6,714 |
Fair value, measurements, recurring | Carrying value measurement | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 10,254 | 9,039 |
Restricted cash and cash equivalents, fair value disclosure | $ 143 | $ 1,472 |
Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis) (Details) - Fair value, measurements, nonrecurring $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 26, 2021
USD ($)
| ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment losses | $ 8,726 | |||
Operating lease right-of-use assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Operating lease assets, impairment | 1,466 | |||
Property, fixtures and equipment, net | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, fixtures and equipment, impairment | 7,260 | |||
Assets measured with impairment, year-to-date | Carrying value measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value disclosure | 16,579 | [1] | ||
Assets measured with impairment, year-to-date | Operating lease right-of-use assets | Fair value, inputs, level 3 | Carrying value measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value disclosure | 7,651 | [1] | ||
Assets measured with impairment, year-to-date | Property, fixtures and equipment, net | Fair value, inputs, level 3 | Carrying value measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value disclosure | $ 8,928 | [1] | ||
|
Fair Value Measurements (Carrying Value and Fair Value of Debt by Hierarchy Level) (Details) - USD ($) $ in Thousands |
Sep. 25, 2022 |
Dec. 26, 2021 |
---|---|---|
Secured debt | Senior Secured Credit Facility | Fair value, inputs, level 2 | Term loan A facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value | $ 0 | $ 190,125 |
Secured debt | Senior Secured Credit Facility | Fair value, inputs, level 2 | Revolving credit facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans payable, fair value | 409,500 | 76,926 |
Secured debt | Senior Secured Credit Facility | Carrying value measurement | Term loan A facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 195,000 |
Secured debt | Senior Secured Credit Facility | Carrying value measurement | Revolving credit facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 420,000 | 80,000 |
Convertible debt | 2025 Notes | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible debt, fair value | 178,869 | 447,615 |
Convertible debt | 2025 Notes | Carrying value measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 105,000 | 230,000 |
Unsecured debt | 2029 Notes | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable, fair value | 252,471 | 304,395 |
Unsecured debt | 2029 Notes | Carrying value measurement | ||
Fair Value, Assets and Liabilities Measured 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 |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income before provision (benefit) for income taxes | $ 38,613 | $ 597 | $ 82,092 | $ 184,562 |
Provision (benefit) for income taxes | $ 5,563 | $ (4,454) | $ 33,028 | $ 24,827 |
Effective income tax rate | 14.40% | 40.20% | 13.50% | |
Change in effective income tax rate | 26.70% | |||
Blended federal and state statutory income tax rate | 26.00% |
Commitments and Contingencies (Litigation and Other Matters) (Details) - USD ($) $ in Millions |
Sep. 25, 2022 |
Dec. 26, 2021 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Estimated litigation liability | $ 8.6 | $ 7.1 |
Commitments and Contingencies (Lease Guarantees) (Details) - Property lease guarantee - USD ($) $ in Millions |
Sep. 25, 2022 |
Dec. 26, 2021 |
---|---|---|
Loss Contingencies [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | $ 22.4 | |
Guarantee obligations, maximum exposure at present value | 15.7 | |
Lease guarantee contingent liabilities | $ 7.5 | $ 8.7 |
Commitments and Contingencies (Carrabba's Royalty Termination) (Details) $ in Millions |
1 Months Ended |
---|---|
Aug. 31, 2021
USD ($)
| |
Other restaurant operating | Carrabba’s Italian Grill | |
Loss Contingencies [Line Items] | |
Cash paid to settle royalty agreement | $ 61.9 |
Segment Reporting (Revenue by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | $ 1,055,763 | $ 1,010,463 | $ 3,321,460 | $ 3,075,302 |
U.S. segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | 922,521 | 912,733 | 2,957,555 | 2,820,709 |
International segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total revenues | $ 133,242 | $ 97,730 | $ 363,905 | $ 254,593 |
Segment Reporting (Income from Operations Reconciliation) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items] | ||||
Income from operations | $ 51,309 | $ 14,837 | $ 246,284 | $ 230,472 |
Loss on extinguishment and modification of debt | 0 | 0 | (107,630) | (2,073) |
Loss on fair value adjustment of derivatives, net | 0 | 0 | (17,685) | 0 |
Other income, net | 0 | 5 | 0 | 26 |
Interest expense, net | (12,696) | (14,245) | (38,877) | (43,863) |
Income before provision (benefit) for income taxes | 38,613 | 597 | 82,092 | 184,562 |
Operating segments | ||||
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items] | ||||
Income from operations | 84,350 | 48,706 | 344,206 | 341,745 |
Operating segments | U.S. segment | ||||
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items] | ||||
Income from operations | 68,501 | 47,294 | 305,347 | 334,326 |
Operating segments | International segment | ||||
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items] | ||||
Income from operations | 15,849 | 1,412 | 38,859 | 7,419 |
Corporate, non-segment | ||||
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items] | ||||
Income from operations | $ (33,041) | $ (33,869) | $ (97,922) | $ (111,273) |
Segment Reporting (Depreciation and Amortization by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 25, 2022 |
Sep. 26, 2021 |
Sep. 25, 2022 |
Sep. 26, 2021 |
|
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 42,171 | $ 40,827 | $ 125,203 | $ 122,592 |
Operating segments | U.S. segment | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 34,432 | 33,422 | 102,735 | 100,645 |
Operating segments | International segment | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 5,882 | 5,842 | 17,438 | 17,128 |
Corporate, non-segment | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 1,857 | $ 1,563 | $ 5,030 | $ 4,819 |
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