Q3 Diluted EPS of $0.45, up 32% from Q3
2022 Q3 Adjusted Diluted EPS of $0.44, up 26% from Q3
2022 Updates 2023 Guidance for U.S. Comparable Restaurant
Sales and EPS
Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for
the third quarter 2023 (“Q3 2023”) compared to the third quarter
2022 (“Q3 2022”).
CEO Comments “We saw strong
earnings per share growth in the quarter,” said David Deno, CEO.
“We remain focused on driving traffic and maintaining margins as we
navigate the near-term sales environment. We are confident that the
investments we made in food, service and technology will elevate
the guest experience and lead to sustainable, long-term sales and
profit growth.”
Diluted EPS and Adjusted Diluted
EPS The following table reconciles Diluted earnings per
share to Adjusted diluted earnings per share for the periods
indicated (unaudited):
Q3
2023
2022
CHANGE
Diluted earnings per share
$
0.45
$
0.34
$
0.11
Adjustments (1)
(0.01
)
0.01
(0.02
)
Adjusted diluted earnings per share
(1)
$
0.44
$
0.35
$
0.09
___________________
(1) See non-GAAP Measures later in this
release. Also see Tables Four, Six and Seven for details regarding
the nature of diluted earnings per share adjustments for the
periods presented.
Third Quarter Financial
Results
(dollars in millions,
unaudited)
Q3 2023
Q3 2022
CHANGE
Total revenues
$
1,079.8
$
1,055.8
2.3
%
GAAP operating income margin
5.4
%
4.9
%
0.5
%
Adjusted operating income margin (1)
5.3
%
4.9
%
0.4
%
Restaurant-level operating margin (1)
13.8
%
13.1
%
0.7
%
Adjusted restaurant-level operating margin
(1)
14.0
%
13.1
%
0.9
%
___________________
(1) See non-GAAP Measures later in this
release. Also see Tables Four and Six for details regarding the
nature of Q3 2023 restaurant-level operating income margin
adjustments and operating income margin, respectively.
- The increase in Total revenues was primarily due to: (i) the
benefit of Brazil value added tax exemptions, (ii) the effect of
foreign currency translation and (iii) the net impact of restaurant
openings and closures.
- GAAP operating income margin improved from Q3 2022 primarily
due to an increase in restaurant-level operating margin as
described below and a lease termination gain partially offset by
higher depreciation expense.
- Restaurant-level operating margin improved from Q3 2022
primarily due to: (i) an increase in average check per person, (ii)
the impact of certain cost saving and productivity initiatives and
(iii) the benefit of Brazil value added tax exemptions. These
increases were partially offset by: (i) labor, operating expense
and commodity inflation and (ii) higher advertising expense.
Third Quarter
Comparable Restaurant Sales
THIRTEEN WEEKS ENDED SEPTEMBER 24,
2023
COMPANY-OWNED
Comparable restaurant sales (stores open
18 months or more):
U.S.
Outback Steakhouse
(1.1
)%
Carrabba’s Italian Grill
3.0
%
Bonefish Grill
(0.5
)%
Fleming’s Prime Steakhouse & Wine
Bar
(4.1
)%
Combined U.S.
(0.5
)%
International
Outback Steakhouse - Brazil (1)
4.1
%
___________________
(1) Excludes the effect of fluctuations in foreign currency rates
and the benefit of Brazil value added tax exemptions. Includes
trading day impact from calendar period reporting.
Dividend Declaration and Share
Repurchases On October 17, 2023, our Board of Directors
declared a quarterly cash dividend of $0.24 per share, payable on
November 29, 2023 to stockholders of record at the close of
business on November 14, 2023.
During 2023, we repurchased 2.4 million shares for a total of
$61 million through October 31, 2023. On February 7, 2023, our
Board of Directors approved a $125 million authorization (the “2023
Share Repurchase Program”) that will expire on August 7, 2024. We
have $79 million of share repurchase authorization remaining under
the 2023 Share Repurchase Program.
Fiscal 2023 Financial
Outlook The table below presents our updated
expectations for the 2023 fiscal year. We are updating assumptions
for U.S. comparable restaurant sales, diluted earnings per share
and effective income tax rate. This change is primarily driven by a
reduction in traffic assumptions across our portfolio due to a
softer casual dining environment. We are also updating our capital
expenditure expectation due to the acceleration of project spend
into Fiscal 2023 from Fiscal 2024. We are reaffirming all other
aspects of our full-year financial guidance as previously
communicated in our February 16, 2023 earnings release.
Financial Results:
Prior Outlook
Current Outlook
U.S. comparable restaurant sales
2% to 4%
1.5% to 2%
GAAP diluted earnings per share (1)
$2.80 to $2.89
$2.70 to $2.79
Adjusted diluted earnings per share
(2)
$2.91 to $3.00
$2.80 to $2.90
Effective income tax rate
12% to 13%
10% to 11%
Capital expenditures
$240M to $260M
$260M to $280M
________________
(1) For GAAP purposes assumes diluted weighted average shares of
approximately 98 million. (2) Assumes adjusted diluted weighted
average shares of approximately 93 million, which includes the
benefit of the convertible note hedge entered into in May 2020.
Q4 2023 Financial Outlook
The table below presents our expectations for selected fiscal Q4
2023 operating results:
Financial Results:
Q4 2023 Outlook
U.S. comparable restaurant sales
Flat to 1%
GAAP diluted earnings per share (1)
$0.60 to $0.69
Adjusted diluted earnings per share
(2)
$0.64 to $0.74
___________________
(1) For GAAP purposes assumes diluted weighted average shares of
approximately 98 million. (2) Assumes adjusted diluted weighted
average shares of approximately 92 million, which includes the
benefit of the convertible note hedge entered into in May 2020.
Conference Call The Company
will host a conference call today, November 3, 2023 at 8:00 AM EDT.
The conference call will be webcast live from the Company’s website
at http://www.bloominbrands.com under the Investors section. A
replay of this webcast will be available on the Company’s website
after the call.
About Bloomin’ Brands, Inc.
Bloomin’ Brands, Inc. is one of the largest casual dining
restaurant companies in the world with a portfolio of leading,
differentiated restaurant concepts. The Company has four
founder-inspired brands: Outback Steakhouse, Carrabba’s Italian
Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine
Bar. The Company owns and operates more than 1,450 restaurants in
47 states, Guam and 13 countries, some of which are franchise
locations. For more information, please visit
www.bloominbrands.com.
Non-GAAP Measures In
addition to the results provided in accordance with GAAP, this
press release and related tables include certain non-GAAP measures,
which present operating results on an adjusted basis. These are
supplemental measures of performance that are not required by or
presented in accordance with GAAP and include: (i) Restaurant-level
operating income, adjusted restaurant-level operating income and
their corresponding margins, (ii) Adjusted income from operations
and the corresponding margin, (iii) Adjusted segment income from
operations and the corresponding margin, (iv) Adjusted net income
and (v) Adjusted diluted earnings per share.
Restaurant-level operating margin is a non-GAAP financial
measure widely regarded in the industry as a useful metric to
evaluate restaurant-level operating efficiency and performance of
ongoing restaurant-level operations, and we use it for these
purposes, overall and particularly within our two segments.
We believe that our use of non-GAAP financial measures permits
investors to assess the operating performance of our business
relative to our performance based on GAAP results and relative to
other companies within the restaurant industry by isolating the
effects of certain items that may vary from period to period
without correlation to core operating performance or that vary
widely among similar companies. However, our inclusion of these
adjusted measures should not be construed as an indication that our
future results will be unaffected by unusual or infrequent items or
that the items for which we have made adjustments are unusual or
infrequent or will not recur. We believe that the disclosure of
these non-GAAP measures is useful to investors as they form part of
the basis for how our management team and Board of Directors
evaluate our operating performance, allocate resources and
administer employee incentive plans.
These non-GAAP financial measures are not intended to replace
GAAP financial measures, and they are not necessarily standardized
or comparable to similarly titled measures used by other companies.
We maintain internal guidelines with respect to the types of
adjustments we include in our non-GAAP measures. These guidelines
endeavor to differentiate between types of gains and expenses that
are reflective of our core operations in a period, and those that
may vary from period to period without correlation to our core
performance in that period. However, implementation of these
guidelines necessarily involves the application of judgment, and
the treatment of any items not directly addressed by, or changes
to, our guidelines will be considered by our disclosure committee.
You should refer to the reconciliations of non-GAAP measures in
Tables Four, Five, Six and Seven included later in this release for
descriptions of the actual adjustments made in the current period
and the corresponding prior period.
Forward-Looking Statements
Certain statements contained herein, including statements under the
headings “CEO Comments”, “Fiscal 2023 Financial Outlook” and “Q4
2023 Financial Outlook” are not based on historical fact and are
“forward-looking statements” within the meaning of applicable
securities laws. Generally, these statements can be identified by
the use of words such as “guidance,” “believes,” “estimates,”
“anticipates,” “expects,” “on track,” “feels,” “forecasts,”
“seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,”
“could,” “would” and similar expressions intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. These forward-looking
statements include all matters that are not historical facts. By
their nature, forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from the Company’s forward-looking statements. These risks and
uncertainties include, but are not limited to: consumer reaction to
public health and food safety issues; increases in labor costs and
fluctuations in the availability of employees; increases in
unemployment rates and taxes; competition; interruption or breach
of our systems or loss of consumer or employee information; price
and availability of commodities and other impacts of inflation; our
dependence on a limited number of suppliers and distributors; the
effects of a health pandemic and uncertainties about its depth and
duration, as well as the impacts to economic conditions, the
responses of domestic and foreign federal, state and local
governments to a pandemic and consumer behavior; political, social
and legal conditions in international markets and their effects on
foreign operations and foreign currency exchange rates; our ability
to address environmental, social and governance matters; local,
regional, national and international economic conditions; changes
in patterns of consumer traffic, consumer tastes and dietary
habits; the effects of changes in tax laws; costs, diversion of
management attention and reputational damage from any claims or
litigation; government actions and policies; challenges associated
with our remodeling, relocation and expansion plans; our ability to
preserve the value of and grow our brands; consumer confidence and
spending patterns; weather, acts of God and other disasters and the
ability or success in executing related business continuity plans;
the Company’s ability to make debt payments and planned investments
and the Company’s compliance with debt covenants; the cost and
availability of credit; interest rate changes; and any impairments
in the carrying value of goodwill and other assets. Further
information on potential factors that could affect the financial
results of the Company and its forward-looking statements is
included in its most recent Form 10-K and subsequent filings with
the Securities and Exchange Commission. The Company assumes no
obligation to update any forward-looking statement, except as may
be required by law. These forward-looking statements speak only as
of the date of this release. All forward-looking statements are
qualified in their entirety by this cautionary statement.
Note: Numerical figures included in this release have been
subject to rounding adjustments.
TABLE ONE
BLOOMIN’ BRANDS, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
THIRTEEN WEEKS ENDED
THIRTY-NINE WEEKS
ENDED
(in thousands, except per share
data)
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
Revenues
Restaurant sales
$
1,064,413
$
1,040,375
$
3,429,977
$
3,272,868
Franchise and other revenues
15,420
15,388
47,296
48,592
Total revenues
1,079,833
1,055,763
3,477,273
3,321,460
Costs and expenses
Food and beverage
321,865
332,939
1,057,305
1,056,768
Labor and other related
314,432
303,244
981,908
924,514
Other restaurant operating
281,084
267,944
837,349
790,583
Depreciation and amortization
47,998
42,171
141,865
125,203
General and administrative
62,246
56,089
191,408
174,009
Provision for impaired assets and
restaurant closings
(6,008
)
2,067
(857
)
4,099
Total costs and expenses
1,021,617
1,004,454
3,208,978
3,075,176
Income from operations
58,216
51,309
268,295
246,284
Loss on extinguishment and modification of
debt
—
—
—
(107,630
)
Loss on fair value adjustment of
derivatives, net
—
—
—
(17,685
)
Interest expense, net
(12,843
)
(12,696
)
(38,248
)
(38,877
)
Income before (benefit) provision for
income taxes
45,373
38,613
230,047
82,092
(Benefit) provision for income taxes
(58
)
5,563
21,186
33,028
Net income
45,431
33,050
208,861
49,064
Less: net income attributable to
noncontrolling interests
903
1,064
4,745
5,202
Net income attributable to Bloomin’
Brands
$
44,528
$
31,986
$
204,116
$
43,862
Earnings per share:
Basic
$
0.50
$
0.36
$
2.30
$
0.49
Diluted
$
0.45
$
0.34
$
2.08
$
0.44
Weighted average common shares
outstanding:
Basic
88,707
89,192
88,794
89,149
Diluted
98,548
94,736
97,987
99,609
TABLE TWO
BLOOMIN’ BRANDS, INC.
SEGMENT RESULTS
(UNAUDITED)
(dollars in thousands)
THIRTEEN WEEKS ENDED
THIRTY-NINE WEEKS
ENDED
U.S. Segment
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
Revenues
Restaurant sales
$
901,138
$
910,679
$
2,975,145
$
2,920,241
Franchise and other revenues
11,834
11,842
36,052
37,314
Total revenues
$
912,972
$
922,521
$
3,011,197
$
2,957,555
International Segment
Revenues
Restaurant sales (1)
$
163,275
$
129,696
$
454,832
$
352,627
Franchise and other revenues
3,586
3,546
11,244
11,278
Total revenues
$
166,861
$
133,242
$
466,076
$
363,905
Reconciliation of Segment Income from
Operations to Consolidated Income from Operations
Segment income from operations
U.S.
$
68,014
$
68,501
$
304,265
$
305,347
International
22,034
15,849
67,028
38,859
Total segment income from operations
90,048
84,350
371,293
344,206
Unallocated corporate operating
expense
(31,832
)
(33,041
)
(102,998
)
(97,922
)
Total income from operations
$
58,216
$
51,309
$
268,295
$
246,284
________________
(1) Restaurant sales in Brazil increased $10.9 million and $30.1
million during the thirteen and thirty-nine weeks ended September
24, 2023, respectively, in connection with value added tax
exemptions resulting from tax legislation.
TABLE THREE
BLOOMIN’ BRANDS, INC.
SUPPLEMENTAL BALANCE SHEET
INFORMATION
SEPTEMBER 24, 2023
DECEMBER 25, 2022
(dollars in thousands)
(UNAUDITED)
Cash and cash equivalents
$
86,579
$
84,735
Net working capital (deficit) (1)
$
(658,696
)
$
(632,290
)
Total assets
$
3,350,910
$
3,320,425
Total debt, net
$
789,356
$
828,507
Total stockholders’ equity
$
395,919
$
273,909
_________________
(1) We have, and in the future may continue to have, negative
working capital balances (as is common for many restaurant
companies). We operate successfully with negative working capital
because cash collected on restaurant sales is typically received
before payment is due on our current liabilities, and our inventory
turnover rates require relatively low investment in inventories.
Additionally, ongoing cash flows from restaurant operations and
gift card sales are typically used to service debt obligations and
to make capital expenditures.
TABLE FOUR
BLOOMIN’ BRANDS, INC.
RESTAURANT-LEVEL AND ADJUSTED
RESTAURANT-LEVEL OPERATING INCOME AND MARGINS NON-GAAP
RECONCILIATIONS
(UNAUDITED)
Consolidated
THIRTEEN WEEKS ENDED
THIRTY-NINE WEEKS
ENDED
(dollars in thousands)
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
Income from operations
$
58,216
$
51,309
$
268,295
$
246,284
Operating income margin
5.4
%
4.9
%
7.7
%
7.4
%
Less:
Franchise and other revenues
15,420
15,388
47,296
48,592
Plus:
Depreciation and amortization
47,998
42,171
141,865
125,203
General and administrative
62,246
56,089
191,408
174,009
Provision for impaired assets and
restaurant closings
(6,008
)
2,067
(857
)
4,099
Restaurant-level operating income (1)
$
147,032
$
136,248
$
553,415
$
501,003
Restaurant-level operating margin
13.8
%
13.1
%
16.1
%
15.3
%
Adjustments:
Partner compensation program changes
1,894
—
1,894
—
Total restaurant-level operating income
adjustments
1,894
—
1,894
—
Adjusted restaurant-level operating
income
$
148,926
$
136,248
$
555,309
$
501,003
Adjusted restaurant-level operating
margin
14.0
%
13.1
%
16.2
%
15.3
%
_________________
(1) The following categories of revenue and operating expenses are
not included in restaurant-level operating margin because we do not
consider them reflective of operating performance at the
restaurant-level within a period:
(a) Franchise and other revenues, which
are earned primarily from franchise royalties and other non-food
and beverage revenue streams, such as rental and sublease
income.
(b) Depreciation and amortization, which,
although substantially all of which is related to restaurant-level
assets, represent historical sunk costs rather than cash outlays
for the restaurants.
(c) General and administrative expense,
which includes primarily non-restaurant-level costs associated with
support of the restaurants and other activities at our corporate
offices.
(d) Asset impairment charges and
restaurant closing costs, which are not reflective of ongoing
restaurant performance in a period.
U.S.
THIRTEEN WEEKS ENDED
THIRTY-NINE WEEKS
ENDED
(dollars in thousands)
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
Income from operations
$
68,014
$
68,501
$
304,265
$
305,347
Operating income margin
7.4
%
7.4
%
10.1
%
10.3
%
Less:
Franchise and other revenues
11,834
11,842
36,052
37,314
Plus:
Depreciation and amortization
39,829
34,432
117,368
102,735
General and administrative
24,868
22,339
72,809
69,432
Provision for impaired assets and
restaurant closings
(6,008
)
2,068
(857
)
2,317
Restaurant-level operating income
$
114,869
$
115,498
$
457,533
$
442,517
Restaurant-level operating margin
12.7
%
12.7
%
15.4
%
15.2
%
Adjustments:
Partner compensation program changes
1,894
—
1,894
—
Total restaurant-level operating income
adjustments
1,894
—
1,894
—
Adjusted restaurant-level operating
income
$
116,763
$
115,498
$
459,427
$
442,517
Adjusted restaurant-level operating
margin
13.0
%
12.7
%
15.4
%
15.2
%
International
THIRTEEN WEEKS ENDED
THIRTY-NINE WEEKS
ENDED
(dollars in thousands)
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
Income from operations
$
22,034
$
15,849
$
67,028
$
38,859
Operating income margin
13.2
%
11.9
%
14.4
%
10.7
%
Less:
Franchise and other revenues
3,586
3,546
11,244
11,278
Plus:
Depreciation and amortization
6,231
5,882
18,275
17,438
General and administrative
7,725
5,828
22,033
16,087
Provision for impaired assets and
restaurant closings
—
—
—
1,775
Restaurant-level operating income
$
32,404
$
24,013
$
96,092
$
62,881
Restaurant-level operating margin
19.8
%
18.5
%
21.1
%
17.8
%
Total restaurant-level operating income
adjustments
—
—
—
—
Adjusted restaurant-level operating
income
$
32,404
$
24,013
$
96,092
$
62,881
Adjusted restaurant-level operating
margin
19.8
%
18.5
%
21.1
%
17.8
%
TABLE FIVE
BLOOMIN’ BRANDS, INC.
CONSOLIDATED RESTAURANT-LEVEL
OPERATING MARGIN NON-GAAP RECONCILIATIONS
(UNAUDITED)
THIRTEEN WEEKS ENDED
FAVORABLE
(UNFAVORABLE) CHANGE IN
ADJUSTED QUARTER TO DATE
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
REPORTED
ADJUSTED (1)
REPORTED
ADJUSTED
Restaurant sales
100.0
%
100.0
%
100.0
%
100.0
%
Food and beverage
30.2
%
30.2
%
32.0
%
32.0
%
1.8
%
Labor and other related
29.5
%
29.4
%
29.1
%
29.1
%
(0.3
)%
Other restaurant operating
26.4
%
26.4
%
25.8
%
25.8
%
(0.6
)%
Restaurant-level operating margin
13.8
%
14.0
%
13.1
%
13.1
%
0.9
%
THIRTY-NINE WEEKS
ENDED
FAVORABLE (UNFAVORABLE) CHANGE
IN ADJUSTED YEAR TO DATE
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
REPORTED
ADJUSTED (1)
REPORTED
ADJUSTED
Restaurant sales
100.0
%
100.0
%
100.0
%
100.0
%
Food and beverage
30.8
%
30.8
%
32.3
%
32.3
%
1.5
%
Labor and other related
28.6
%
28.6
%
28.2
%
28.2
%
(0.4
)%
Other restaurant operating
24.4
%
24.4
%
24.2
%
24.2
%
(0.2
)%
Restaurant-level operating margin
16.1
%
16.2
%
15.3
%
15.3
%
0.9
%
_________________
(1) See Table Four Restaurant-level and Adjusted Restaurant-Level
Operating Income and Margin Non-GAAP Reconciliations for details
regarding restaurant-level operating margin adjustments. All
restaurant-level operating margin adjustments for the periods
presented were recorded within Labor and other related expenses.
TABLE SIX
BLOOMIN’ BRANDS, INC.
ADJUSTED INCOME FROM
OPERATIONS NON-GAAP RECONCILIATIONS
(UNAUDITED)
(dollars in thousands)
THIRTEEN WEEKS ENDED
THIRTY-NINE WEEKS
ENDED
Consolidated
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
Income from operations
$
58,216
$
51,309
$
268,295
$
246,284
Operating income margin
5.4
%
4.9
%
7.7
%
7.4
%
Adjustments:
Total restaurant-level operating income
adjustments (1)
1,894
—
1,894
—
Restaurant and asset impairments and
closing costs (2)
(6,586
)
—
(6,586
)
—
Other (3)
3,436
—
3,436
—
Total income from operations
adjustments
(1,256
)
—
(1,256
)
—
Adjusted income from operations
$
56,960
$
51,309
$
267,039
$
246,284
Adjusted operating income margin
5.3
%
4.9
%
7.7
%
7.4
%
U.S. Segment
Income from operations
$
68,014
$
68,501
$
304,265
$
305,347
Operating income margin
7.4
%
7.4
%
10.1
%
10.3
%
Adjustments:
Total restaurant-level operating income
adjustments (1)
1,894
—
1,894
—
Restaurant and asset impairments and
closing costs (2)
(6,586
)
—
(6,586
)
—
Other (3)
1,147
—
1,147
—
Total income from operations
adjustments
(3,545
)
—
(3,545
)
—
Adjusted income from operations
$
64,469
$
68,501
$
300,720
$
305,347
Adjusted operating income margin
7.1
%
7.4
%
10.0
%
10.3
%
International Segment
Income from operations
$
22,034
$
15,849
$
67,028
$
38,859
Operating income margin
13.2
%
11.9
%
14.4
%
10.7
%
Total income from operations
adjustments
—
—
—
—
Adjusted income from operations
$
22,034
$
15,849
$
67,028
$
38,859
Adjusted operating income margin
13.2
%
11.9
%
14.4
%
10.7
%
_________________
(1) See Table Four Restaurant-level and Adjusted Restaurant-Level
Operating Income and Margins Non-GAAP Reconciliations for details
regarding the restaurant-level operating income adjustments. (2)
Includes a lease termination gain and related restaurant closure
costs. (3) Primarily includes professional fees, severance and
other costs not correlated to our core operating performance during
the period.
TABLE SEVEN
BLOOMIN’ BRANDS, INC.
ADJUSTED NET INCOME AND
ADJUSTED DILUTED EARNINGS PER SHARE NON-GAAP
RECONCILIATIONS
(UNAUDITED)
THIRTEEN WEEKS ENDED
THIRTY-NINE WEEKS
ENDED
(in thousands, except per share
data)
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
Net income attributable to Bloomin’
Brands
$
44,528
$
31,986
$
204,116
$
43,862
Adjustments:
Income from operations adjustments (1)
(1,256
)
—
(1,256
)
—
Loss on extinguishment and modification of
debt (2)
—
—
—
107,630
Loss on fair value adjustment of
derivatives, net (2)
—
—
—
17,685
Total adjustments, before income taxes
(1,256
)
—
(1,256
)
125,315
Adjustment to provision for income taxes
(3)
(2,650
)
—
(2,650
)
1,322
Net adjustments
(3,906
)
—
(3,906
)
126,637
Adjusted net income
$
40,622
$
31,986
$
200,210
$
170,499
Diluted earnings per share
$
0.45
$
0.34
$
2.08
$
0.44
Adjusted diluted earnings per share
(4)
$
0.44
$
0.35
$
2.15
$
1.84
Diluted weighted average common shares
outstanding
98,548
94,736
97,987
99,609
Adjusted diluted weighted average common
shares outstanding (4)
93,181
91,046
92,920
92,877
_________________
(1) See Table Six Adjusted Income from Operations Non-GAAP
Reconciliations above for details regarding Income from operations
adjustments. (2) The thirty-nine weeks ended September 25, 2022
includes losses primarily in connection with the 2025 Notes Partial
Repurchase, including settlements of the related convertible senior
note hedges and warrants. (3) Includes a $2.9 million adjustment
during the thirteen and thirty-nine weeks ended September 24, 2023
related to a Brazil federal income tax exemption on certain state
value added tax benefits. Also includes the tax effects of non-GAAP
adjustments determined based on the nature of the underlying
non-GAAP adjustments and their relevant jurisdictional tax rates.
For the thirty-nine weeks ended September 25, 2022, the primary
difference between GAAP and adjusted effective income tax rates
relates to certain non-deductible losses and other tax costs
associated with the 2025 Notes Partial Repurchase. (4) Adjusted
diluted weighted average common shares outstanding was calculated
excluding the dilutive effect of 5,367 and 3,690 shares for the
thirteen weeks ended September 24, 2023 and September 25, 2022,
respectively, and 5,067 and 6,732 shares for the thirty-nine weeks
ended September 24, 2023 and September 25, 2022, respectively, to
be issued upon conversion of the 2025 Notes to satisfy the amount
in excess of the principal since our convertible note hedge offsets
the dilutive impact of the shares underlying the 2025 Notes.
Following is a summary of the financial statement line item
classification of the net income adjustments:
THIRTEEN WEEKS ENDED
THIRTY-NINE WEEKS
ENDED
(dollars in thousands)
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
Labor and other related
$
1,894
$
—
$
1,894
$
—
General and administrative
3,534
—
3,534
—
Provision for impaired assets and
restaurant closings
(6,684
)
—
(6,684
)
—
Loss on extinguishment and modification of
debt
—
—
—
107,630
Loss on fair value adjustment of
derivatives, net
—
—
—
17,685
Provision for income taxes
(2,650
)
—
(2,650
)
1,322
Net adjustments
$
(3,906
)
$
—
$
(3,906
)
$
126,637
TABLE EIGHT
BLOOMIN’ BRANDS, INC.
COMPARATIVE RESTAURANT AND
OFF-PREMISES ONLY KITCHEN INFORMATION
(UNAUDITED)
Number of restaurants:
JUNE 25, 2023
OPENINGS
CLOSURES
SEPTEMBER 24, 2023
U.S.
Outback Steakhouse
Company-owned
562
—
(5
)
557
Franchised
127
—
—
127
Total
689
—
(5
)
684
Carrabba’s Italian Grill
Company-owned
199
—
—
199
Franchised
19
—
—
19
Total
218
—
—
218
Bonefish Grill
Company-owned
170
—
—
170
Franchised
5
—
—
5
Total
175
—
—
175
Fleming’s Prime Steakhouse & Wine
Bar
Company-owned
64
—
—
64
Aussie Grill
Company-owned
7
—
—
7
U.S. total
1,153
—
(5
)
1,148
International
Company-owned
Outback Steakhouse - Brazil (1)
148
5
—
153
Other (1)(2)
36
1
—
37
Franchised
Outback Steakhouse - South Korea
92
4
(4
)
92
Other (2)
46
1
—
47
International total
322
11
(4
)
329
System-wide total
1,475
11
(9
)
1,477
System-wide total - Company-owned
1,186
6
(5
)
1,187
System-wide total - Franchised
289
5
(4
)
290
____________________
(1) The restaurant counts for Brazil, including Abbraccio
and Aussie Grill restaurants within International Company-owned
Other, are reported as of May 31, 2023 and August 31, 2023,
respectively, to correspond with the balance sheet dates of this
subsidiary. (2) International Company-owned Other and International
Franchised Other included four and three Aussie Grill locations,
respectively, as of September 24, 2023.
Number of kitchens (1):
JUNE 25, 2023
OPENINGS
CLOSURES
SEPTEMBER 24, 2023
U.S.
Company-owned
1
—
—
1
International
Franchised - South Korea
9
—
(3
)
6
System-wide total
10
—
(3
)
7
____________________
(1) Excludes virtual concepts that operate out of existing
restaurants and sports venue locations.
TABLE NINE
BLOOMIN’ BRANDS, INC.
COMPARABLE RESTAURANT SALES
INFORMATION
(UNAUDITED)
THIRTEEN WEEKS ENDED
THIRTY-NINE WEEKS
ENDED
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
SEPTEMBER 24, 2023
SEPTEMBER 25, 2022
Year over year percentage change:
Comparable restaurant sales (restaurants
open 18 months or more):
U.S. (1)
Outback Steakhouse
(1.1
)%
2.3
%
1.6
%
3.4
%
Carrabba’s Italian Grill
3.0
%
0.7
%
4.4
%
3.6
%
Bonefish Grill
(0.5
)%
(0.9
)%
2.2
%
5.9
%
Fleming’s Prime Steakhouse & Wine
Bar
(4.1
)%
1.3
%
(0.9
)%
15.7
%
Combined U.S.
(0.5
)%
1.4
%
1.9
%
4.8
%
International
Outback Steakhouse - Brazil (2)
4.1
%
30.1
%
7.3
%
48.7
%
Traffic:
U.S.
Outback Steakhouse
(6.1
)%
(6.8
)%
(4.3
)%
(5.5
)%
Carrabba’s Italian Grill
(0.1
)%
(8.4
)%
0.3
%
(4.4
)%
Bonefish Grill
(5.7
)%
(8.3
)%
(3.1
)%
(3.3
)%
Fleming’s Prime Steakhouse & Wine
Bar
(4.4
)%
(4.8
)%
(2.1
)%
5.8
%
Combined U.S.
(4.7
)%
(7.2
)%
(3.1
)%
(4.7
)%
International
Outback Steakhouse - Brazil
(1.0
)%
16.7
%
(1.0
)%
32.1
%
Average check per person (3):
U.S.
Outback Steakhouse
5.0
%
9.1
%
5.9
%
8.9
%
Carrabba’s Italian Grill
3.1
%
9.1
%
4.1
%
8.0
%
Bonefish Grill
5.2
%
7.4
%
5.3
%
9.2
%
Fleming’s Prime Steakhouse & Wine
Bar
0.3
%
6.1
%
1.2
%
9.9
%
Combined U.S.
4.2
%
8.6
%
5.0
%
9.5
%
International
Outback Steakhouse - Brazil
5.1
%
13.1
%
8.3
%
16.5
%
____________________
(1) Relocated restaurants closed more than 60 days are excluded
from comparable restaurant sales until at least 18 months after
reopening. (2) Excludes the effect of fluctuations in foreign
currency rates and the benefit of the Brazil value added tax
exemptions. Includes trading day impact from calendar period
reporting. (3) Includes the impact of menu pricing changes, product
mix and discounts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101016782/en/
Tara Kurian VP, Corporate Finance and Investor Relations (813)
830-5311
Bloomin Brands (NASDAQ:BLMN)
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