Bloomin Brands Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
BLMN$9.93-3.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets — March, 202 and December ,
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
| MARCH 31, 2024 | DECEMBER 31, 2023 | |
|---|---|---|
| (UNAUDITED) | ||
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $131,664 | $111,519 |
| Restricted cash and cash equivalents | — | 2,854 |
| Inventories | 65,211 | 75,939 |
| Other current assets, net | 101,297 | 153,002 |
| Total current assets | 298,172 | 343,314 |
| Property, fixtures and equipment, net | 1,045,637 | 1,031,922 |
| Operating lease right-of-use assets | 1,087,286 | 1,084,951 |
| Goodwill | 275,680 | 276,317 |
| Intangible assets, net | 441,439 | 442,985 |
| Deferred income tax assets, net | 158,167 | 159,405 |
| Other assets, net | 87,858 | 85,187 |
| Total assets | $3,394,239 | $3,424,081 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Accounts payable | $177,713 | $189,202 |
| Current operating lease liabilities | 171,175 | 175,442 |
| Accrued and other current liabilities | 225,166 | 255,814 |
| Unearned revenue | 320,003 | 381,877 |
| Total current liabilities | 894,057 | 1,002,335 |
| Non-current operating lease liabilities | 1,138,653 | 1,131,639 |
| Long-term debt, net | 951,778 | 780,719 |
| Other long-term liabilities, net | 104,316 | 97,385 |
| Total liabilities | 3,088,804 | 3,012,078 |
| Commitments and contingencies (Note 15) | ||
| Stockholders’ equity | ||
| Bloomin’ Brands stockholders’ equity | ||
| Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of March 31, 2024 and December 31, 2023 | — | — |
| Common stock, $0.01 par value, 475,000,000 shares authorized; 87,811,312 and 86,968,536 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 878 | 870 |
| Additional paid-in capital | 1,290,765 | 1,115,387 |
| Accumulated deficit | (809,880) | (528,831) |
| Accumulated other comprehensive loss | (179,078) | (178,304) |
| Total Bloomin’ Brands stockholders’ equity | 302,685 | 409,122 |
| Noncontrolling interests | 2,750 | 2,881 |
| Total stockholders’ equity | 305,435 | 412,003 |
| Total liabilities and stockholders’ equity | $3,394,239 | $3,424,081 |
| The accompanying notes are an integral part of these unaudited consolidated financial statements. | ||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
| THIRTEEN WEEKS ENDED | ||
|---|---|---|
| MARCH 31, 2024 | MARCH 26, 2023 | |
| Revenues | ||
| Restaurant sales | $1,179,487 | $1,228,234 |
| Franchise and other revenues | 15,840 | 16,512 |
| Total revenues | 1,195,327 | 1,244,746 |
| Costs and expenses | ||
| Food and beverage | 357,829 | 384,214 |
| Labor and other related | 343,202 | 341,542 |
| Other restaurant operating | 290,272 | 282,927 |
| Depreciation and amortization | 49,282 | 46,302 |
| General and administrative | 66,776 | 65,804 |
| Provision for impaired assets and restaurant closings | 10,873 | 3,324 |
| Total costs and expenses | 1,118,234 | 1,124,113 |
| Income from operations | 77,093 | 120,633 |
| Loss on extinguishment of debt | (135,797) | — |
| Interest expense, net | (13,616) | (12,444) |
| (Loss) income before provision for income taxes | (72,320) | 108,189 |
| Provision for income taxes | 9,970 | 14,761 |
| Net (loss) income | (82,290) | 93,428 |
| Less: net income attributable to noncontrolling interests | 1,582 | 2,117 |
| Net (loss) income attributable to Bloomin’ Brands | $(83,872) | $91,311 |
| Net (loss) income | $(82,290) | $93,428 |
| Other comprehensive (loss) income: | ||
| Foreign currency translation adjustment | (1,931) | (1,134) |
| Net gain on derivatives, net of tax | 1,157 | — |
| Comprehensive (loss) income | (83,064) | 92,294 |
| Less: comprehensive income attributable to noncontrolling interests | 1,582 | 2,117 |
| Comprehensive (loss) income attributable to Bloomin’ Brands | $(84,646) | $90,177 |
| (Loss) earnings per share: | ||
| Basic | $(0.96) | $1.02 |
| Diluted | $(0.96) | $0.93 |
| Weighted average common shares outstanding: | ||
| Basic | 87,024 | 89,116 |
| Diluted | 87,024 | 98,011 |
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