Bloomin Brands Inc

For the period ended Jun 30, 2024. Filed Aug 7, 2024.

About this filing

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.

Jun 30, 2024 · Filed Aug 7, 2024

BLMN$9.93-3.4%Stored close · as of Nov 10, 2026

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Contents

Consolidated Balance Sheets — June, 2024 and December 31, 2023

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

	JUNE 30, 2024	DECEMBER 31, 2023
(UNAUDITED)
ASSETS
Current assets
Cash and cash equivalents	$117,919	$111,519
Restricted cash and cash equivalents	—	2,854
Inventories	74,081	75,939
Other current assets, net	108,211	153,002
Total current assets	300,211	343,314
Property, fixtures and equipment, net	1,056,469	1,031,922
Operating lease right-of-use assets	1,074,261	1,084,951
Goodwill	272,404	276,317
Intangible assets, net	439,532	442,985
Deferred income tax assets, net	164,941	159,405
Other assets, net	86,350	85,187
Total assets	$3,394,168	$3,424,081
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$178,201	$189,202
Current operating lease liabilities	169,397	175,442
Accrued and other current liabilities	210,657	255,814
Unearned revenue	309,015	381,877
Total current liabilities	867,270	1,002,335
Non-current operating lease liabilities	1,134,464	1,131,639
Long-term debt, net	1,001,982	780,719
Other long-term liabilities, net	100,759	97,385
Total liabilities	3,104,475	3,012,078
Commitments and contingencies (Note 16)
Stockholders’ equity
Bloomin’ Brands stockholders’ equity
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024 and December 31, 2023	—	—
Common stock, $0.01 par value, 475,000,000 shares authorized; 85,776,033 and 86,968,536 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	858	870
Additional paid-in capital	1,309,482	1,115,387
Accumulated deficit	(834,926)	(528,831)
Accumulated other comprehensive loss	(188,606)	(178,304)
Total Bloomin’ Brands stockholders’ equity	286,808	409,122
Noncontrolling interests	2,885	2,881
Total stockholders’ equity	289,693	412,003
Total liabilities and stockholders’ equity	$3,394,168	$3,424,081
The accompanying notes are an integral part of these unaudited consolidated financial statements.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

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

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

	BLOOMIN’ BRANDS, INC.
COMMON STOCK · ADDITIONAL PAID-IN CAPITAL · ACCUM-ULATED DEFICIT · ACCUMULATED OTHERCOMPREHENSIVE LOSS · NON-CONTROLLING INTERESTS · TOTAL
SHARES · AMOUNT
Balance,March 31, 2024	87,811	$878	$1,290,765	$(809,880)	$(179,078)	$2,750	$305,435
Net income	—	—	—	28,403	—	1,228	29,631
Other comprehensive loss, net of tax	—	—	—	—	(9,528)	—	(9,528)
Cash dividends declared, $0.24 per common share	—	—	(20,762)	—	—	—	(20,762)
Repurchase and retirement of common stock, including excise tax of $151	(2,156)	(21)	38,319	(53,449)	—	—	(15,151)
Stock-based compensation	—	—	483	—	—	—	483
Common stock issued under stock plans (1)	121	1	677	—	—	—	678
Distributions to noncontrolling interests	—	—	—	—	—	(1,431)	(1,431)
Contributions from noncontrolling interests	—	—	—	—	—	338	338
Balance, June 30, 2024	85,776	$858	$1,309,482	$(834,926)	$(188,606)	$2,885	$289,693
Balance,December 31, 2023	86,969	$870	$1,115,387	$(528,831)	$(178,304)	$2,881	$412,003
Net (loss) income	—	—	—	(55,469)	—	2,810	(52,659)
Other comprehensive loss, net of tax	—	—	—	—	(10,302)	—	(10,302)
Cash dividends declared, $0.48 per common share	—	—	(41,837)	—	—	—	(41,837)
Repurchase and retirement of common stock, including excise tax of $151	(9,104)	(90)	(5,681)	(242,283)	—	—	(248,054)
Stock-based compensation	—	—	2,931	—	—	—	2,931
Common stock issued under stock plans (1)	711	7	(1,726)	—	—	—	(1,719)
Distributions to noncontrolling interests	—	—	—	—	—	(3,474)	(3,474)
Contributions from noncontrolling interests	—	—	—	—	—	668	668
Issuance of common stock from repurchase of convertible senior notes	7,489	74	216,078	—	—	—	216,152
Retirement of convertible senior note hedges	(289)	(3)	126,543	(8,343)	—	—	118,197
Retirement of warrants	—	—	(102,213)	—	—	—	(102,213)
Balance, June 30, 2024	85,776	$858	$1,309,482	$(834,926)	$(188,606)	$2,885	$289,693
(CONTINUED...)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

	BLOOMIN’ BRANDS, INC.
COMMON STOCK · ADDITIONAL PAID-IN CAPITAL · ACCUM-ULATED DEFICIT · ACCUMULATED OTHERCOMPREHENSIVE LOSS · NON-CONTROLLING INTERESTS · TOTAL
SHARES · AMOUNT
Balance,March 26, 2023	87,465	$875	$1,141,017	$(635,451)	$(186,445)	$2,845	$322,841
Net income	—	—	—	68,277	—	1,725	70,002
Other comprehensive income	—	—	—	—	4,502	—	4,502
Cash dividends declared, $0.24 per common share	—	—	(20,990)	—	—	—	(20,990)
Repurchase and retirement of common stock, including excise tax of $31	(619)	(6)	—	(15,564)	—	—	(15,570)
Stock-based compensation	—	—	5,138	—	—	—	5,138
Common stock issued under stock plans (1)	493	4	7,567	—	—	—	7,571
Distributions to noncontrolling interests	—	—	—	—	—	(2,085)	(2,085)
Contributions from noncontrolling interests	—	—	—	—	—	459	459
Balance,June 25, 2023	87,339	$873	$1,132,732	$(582,738)	$(181,943)	$2,944	$371,868
Balance,December 25, 2022	87,696	$877	$1,161,912	$(706,109)	$(185,311)	$2,540	$273,909
Net income	—	—	—	159,588	—	3,842	163,430
Other comprehensive income	—	—	—	—	3,368	—	3,368
Cash dividends declared, $0.48 per common share	—	—	(42,004)	—	—	—	(42,004)
Repurchase and retirement of common stock, including excise tax of $48	(1,482)	(15)	—	(36,217)	—	—	(36,232)
Stock-based compensation	—	—	8,042	—	—	—	8,042
Common stock issued under stock plans (1)	1,125	11	4,782	—	—	—	4,793
Distributions to noncontrolling interests	—	—	—	—	—	(4,640)	(4,640)
Contributions from noncontrolling interests	—	—	—	—	—	1,202	1,202
Balance,June 25, 2023	87,339	$873	$1,132,732	$(582,738)	$(181,943)	$2,944	$371,868

(1)Net of shares withheld for employee taxes.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.