Q1 Diluted EPS of $(0.96) and Q1 Adjusted
Diluted EPS of $0.70
Retired $83.6M of Convertible Notes
Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for
the first quarter 2024 (“Q1 2024”) compared to the first quarter
2023 (“Q1 2023”).
CEO Comments “The first
quarter was a solid start to the year, as sales and profit met our
expectations,” said David Deno, CEO. “After a slower start, sales
trends strengthened throughout the quarter. Our sales performance
is well ahead of the casual dining industry as our marketing and
operations initiatives are paying off, especially at Outback.”
Diluted EPS and Adjusted Diluted
EPS The following table reconciles Diluted (loss)
earnings per share to Adjusted diluted earnings per share for the
periods indicated (unaudited):
Q1
2024
2023
CHANGE
Diluted (loss) earnings per share
$
(0.96
)
$
0.93
$
(1.89
)
Adjustments (1)
1.66
0.05
1.61
Adjusted diluted earnings per share
(1)
$
0.70
$
0.98
$
(0.28
)
____________________
(1) Adjustments for Q1 2024
primarily include losses in connection with the retirement of $83.6
million of our outstanding convertible notes and charges in
connection with the 2023 Closure Initiative, as further discussed
below. See non-GAAP Measures later in this release.
First Quarter Financial
Results
(dollars in millions,
unaudited)
Q1 2024
Q1 2023
CHANGE
Total revenues
$
1,195.3
$
1,244.7
(4.0
)%
GAAP operating income margin
6.4
%
9.7
%
(3.3
)%
Adjusted operating income margin (1)
7.5
%
9.7
%
(2.2
)%
Restaurant-level operating margin (1)
16.0
%
17.9
%
(1.9
)%
Adjusted restaurant-level operating margin
(1)
16.0
%
17.9
%
(1.9
)%
____________________
(1) See non-GAAP Measures later
in this release. Also see Tables Four and Six for details regarding
the nature of restaurant-level and operating income margin
adjustments, respectively.
- As described in the table below, our Q1 2024 fiscal calendar
began one week later than Q1 2023. This shift impacts the
comparability of the two periods. Q1 2023 includes several
high-volume days between December 26th and December 31st. Q1 2024
excludes these high-volume days. This shift had a negative impact
of approximately $16.5 million on comparable restaurant sales and
$0.06 on adjusted diluted earnings per share.
First Quarter Fiscal Calendar
Calculation Dates
January 1, 2024 - March 31,
2024
vs.
December 26, 2022 - March 26,
2023
- The decrease in Total revenues was primarily due to: (i) lower
comparable restaurant sales including the impact of the one-week
shift in the fiscal calendar, (ii) the net impact of restaurant
closures and openings and (iii) the impact of the Brazil value
added tax exemptions during 2023. The decrease was partially offset
by the effect of foreign currency translation.
- GAAP operating income margin decreased from Q1 2023 primarily
due to: (i) a decrease in restaurant-level operating margin, as
detailed below, (ii) the impacts of the 2023 Closure Initiative,
(iii) higher depreciation and amortization expense and (iv) the
impact of lapping the Brazil value added tax exemption.
- Restaurant-level operating margin decreased from Q1 2023
primarily due to: (i) lower comparable restaurant sales including
the impact of the one-week shift in the fiscal calendar, (ii)
higher labor, other operating expenses, and commodity costs driven
by inflation, and (iii) higher advertising expense. These decreases
were offset by an increase in average check per person and the
impact of certain cost saving and productivity initiatives.
- Adjusted income from operations excludes impairment and closure
costs in connection with the 2023 Closure Initiative.
First Quarter Comparable Restaurant
Sales(1)
THIRTEEN WEEKS ENDED MARCH 31,
2024
COMPANY-OWNED
Comparable restaurant sales (stores open
18 months or more):
U.S.
Outback Steakhouse
(1.2
)%
Carrabba’s Italian Grill
0.4
%
Bonefish Grill
(4.9
)%
Fleming’s Prime Steakhouse & Wine
Bar
(2.0
)%
Combined U.S.
(1.6
)%
International
Outback Steakhouse - Brazil (2)
(0.7
)%
____________________
(1) For Q1 2024, comparable
restaurant sales compare the thirteen weeks from January 1, 2024
through March 31, 2024 to the thirteen weeks from January 2, 2023
through April 2, 2023.
(2) Excludes the effect of
fluctuations in foreign currency rates and the benefit of Brazil
value added tax exemptions during the thirteen weeks from January
2, 2023 through April 2, 2023. Includes trading day impact from
calendar period reporting.
Dividend Declaration, Share Repurchases
and 2025 Notes Retirement On April 23, 2024, our Board
of Directors declared a quarterly cash dividend of $0.24 per share,
payable on May 31, 2024 to stockholders of record at the close of
business on May 20, 2024.
On February 13, 2024, our Board of Directors canceled $57.5
million of remaining authorization under our prior share repurchase
program and approved a new $350.0 million authorization. The 2024
Share Repurchase Program includes capacity above our normal share
repurchases activity to provide flexibility in retiring our
convertible senior notes at or prior to their May 2025 maturity
(the “2025 Notes”). The 2024 Share Repurchase Program will expire
on August 13, 2025.
On February 29, 2024, we entered into exchange agreements with
certain holders of our 2025 Notes. We delivered an aggregate of
approximately 7.5 million shares of common stock and $3.3 million
in cash, in exchange for $83.6 million in aggregate principal
amount of the 2025 Notes.
On March 1, 2024, the Company entered into an accelerated share
repurchase agreement (the “ASR Agreement”), in connection with the
2024 Share Repurchase Program to repurchase $220 million of the
Company’s common stock.
Under the ASR Agreement, the Company made an aggregate payment
of $220.0 million and received an aggregate initial delivery of
approximately 6.5 million shares of common stock on March 4, 2024,
representing approximately 80% of the total shares that were
estimated to be repurchased under the ASR Agreement based on the
price per share of common stock on that date. On April 23, 2024,
the Company received 1.4 million additional shares of common stock
in connection with the final settlement of the ASR Agreement.
2023 Closure Initiative In
Q4 2023, we made the decision to close 36 predominantly older,
underperforming restaurants and three U.S. and two international
Aussie Grill restaurants. We have completed all restaurant closures
under the 2023 Closure Initiative and incurred severance and
closure charges of $13.0 million during Q1 2024.
Fiscal 2024 Financial
Outlook The table below presents our updated
expectations for selected 2024 financial operating results. We are
reaffirming all other aspects of our full-year financial guidance
as previously communicated in our February 23, 2024 earnings
release.
Financial Results:
Prior Outlook
Current Outlook
Commodity Inflation
3% to 4%
2% to 3%
GAAP Effective Tax Rate
14% to 16%
29% to 31%
Adjusted Effective Tax Rate
14% to 16%
14% to 16%
GAAP diluted earnings per share
(1)
$2.27 to $2.46
$0.79 to $0.94
Adjusted diluted earnings per
share (2)
$2.51 to $2.66
$2.51 to $2.66
____________________
(1) For GAAP purposes assumes
diluted weighted average shares of approximately 91 million.
(2) Assumes adjusted diluted
weighted average shares of approximately 89 million, which includes
the benefit of the convertible note hedge entered into in May
2020.
Q2 2024 Financial Outlook
The table below presents our expectations for selected fiscal Q2
2024 operating results.
Financial Results:
Q2 2024 Outlook
U.S. comparable restaurant
sales
Flat to 1.5%
GAAP diluted earnings per share
(1)
$0.53 to $0.58
Adjusted diluted earnings per
share (2)
$0.55 to $0.60
____________________
(1) For GAAP purposes assumes
diluted weighted average shares of approximately 90 million.
(2) Assumes adjusted diluted
weighted average shares of approximately 88 million, which includes
the benefit of the convertible note hedge entered into in May
2020.
Reviewing Strategic Alternatives for
Brazil Operations The Company also announced that it is
exploring and evaluating strategic alternatives for the Company’s
Brazil operations that have the potential to maximize value for our
shareholders, including but not limited to, a possible sale of the
operations. The Board of Directors has retained BofA Securities,
Inc. as its financial advisor.
The Company plans to proceed in a timely manner, but has not set
a definitive timetable for completion of this process. There can be
no assurance that this review will result in a transaction or other
strategic alternative of any kind. The Company does not intend to
make any further public comment regarding the review unless it
determines that disclosure is appropriate or necessary.
Conference Call The Company
will host a conference call today, May 7, 2024 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
46 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 2024 Financial Outlook” and “Q2
2024 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;
political, social and legal conditions in international markets and
their effects on foreign operations and foreign currency exchange
rates; the impact of the strategic review process for our Brazil
operations or any resulting action or inaction; our ability to
address corporate citizenship and sustainability matters and
investor expectations; 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; the effects of a
health pandemic, 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
(in thousands, except per share
data)
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
(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
TABLE TWO
BLOOMIN’ BRANDS, INC.
SEGMENT RESULTS
(UNAUDITED)
(dollars in thousands)
THIRTEEN WEEKS ENDED
U.S. Segment
MARCH 31, 2024
MARCH 26, 2023
Revenues
Restaurant sales
$
1,030,896
$
1,080,569
Franchise and other revenues
12,208
12,427
Total revenues
$
1,043,104
$
1,092,996
International Segment
Revenues
Restaurant sales (1)
$
148,591
$
147,665
Franchise and other revenues
3,632
4,085
Total revenues
$
152,223
$
151,750
Reconciliation of Segment Income from
Operations to Consolidated Income from Operations
Segment income from operations
U.S.
$
97,484
$
133,243
International
15,762
24,508
Total segment income from operations
113,246
157,751
Unallocated corporate operating
expense
(36,153
)
(37,118
)
Total income from operations
$
77,093
$
120,633
____________________
(1) Includes $9.6 million of
Restaurant sales in Brazil for the thirteen weeks ended March 26,
2023 in connection with value added tax exemptions resulting from
tax legislation.
TABLE THREE
BLOOMIN’ BRANDS, INC.
SUPPLEMENTAL BALANCE SHEET
INFORMATION
MARCH 31, 2024
DECEMBER 31, 2023
(dollars in thousands)
(UNAUDITED)
Cash and cash equivalents
$
131,664
$
111,519
Net working capital (deficit) (1)
$
(595,885
)
$
(659,021
)
Total assets
$
3,394,239
$
3,424,081
Total debt, net
$
951,778
$
780,719
Total stockholders’ equity
$
305,435
$
412,003
____________________
(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
(dollars in thousands)
MARCH 31, 2024
MARCH 26, 2023
Income from operations
$
77,093
$
120,633
Operating income margin
6.4
%
9.7
%
Less:
Franchise and other revenues
15,840
16,512
Plus:
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
Restaurant-level operating income (1)
$
188,184
$
219,551
Restaurant-level operating margin
16.0
%
17.9
%
Adjustments:
Asset impairments and closure-related
costs (2)
434
—
Total restaurant-level operating income
adjustments
434
—
Adjusted restaurant-level operating
income
$
188,618
$
219,551
Adjusted restaurant-level operating
margin
16.0
%
17.9
%
____________________
(1) The following categories of
revenue and operating expenses are not included in restaurant-level
operating income and the corresponding 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.
(2) Represents costs in
connection with the 2023 Closure Initiative.
U.S.
THIRTEEN WEEKS ENDED
(dollars in thousands)
MARCH 31, 2024
MARCH 26, 2023
Income from operations
$
97,484
$
133,243
Operating income margin
9.3
%
12.2
%
Less:
Franchise and other revenues
12,208
12,427
Plus:
Depreciation and amortization
39,968
38,163
General and administrative
25,796
25,505
Provision for impaired assets and
restaurant closings
10,936
3,324
Restaurant-level operating income
$
161,976
$
187,808
Restaurant-level operating margin
15.7
%
17.4
%
Adjustments:
Asset impairments and closure-related
costs (1)
434
—
Total restaurant-level operating income
adjustments
434
—
Adjusted restaurant-level operating
income
$
162,410
$
187,808
Adjusted restaurant-level operating
margin
15.8
%
17.4
%
____________________
(1) Represents costs in
connection with the 2023 Closure Initiative.
International
THIRTEEN WEEKS ENDED
(dollars in thousands)
MARCH 31, 2024
MARCH 26, 2023
Income from operations
$
15,762
$
24,508
Operating income margin
10.4
%
16.2
%
Less:
Franchise and other revenues
3,632
4,085
Plus:
Depreciation and amortization
7,261
5,919
General and administrative
7,829
7,673
Provision for impaired assets and
restaurant closings
(63
)
—
Restaurant-level operating income
$
27,157
$
34,015
Restaurant-level operating margin
18.3
%
23.0
%
TABLE FIVE
BLOOMIN’ BRANDS, INC.
CONSOLIDATED RESTAURANT-LEVEL
OPERATING MARGIN NON-GAAP RECONCILIATIONS
(UNAUDITED)
THIRTEEN WEEKS ENDED
FAVORABLE
(UNFAVORABLE)
CHANGE IN ADJUSTED
YEAR TO DATE
MARCH 31, 2024
MARCH 26, 2023
REPORTED
ADJUSTED (1)
REPORTED
ADJUSTED
Restaurant sales
100.0
%
100.0
%
100.0
%
100.0
%
Food and beverage
30.3
%
30.3
%
31.3
%
31.3
%
1.0
%
Labor and other related
29.1
%
29.1
%
27.8
%
27.8
%
(1.3
)%
Other restaurant operating
24.6
%
24.6
%
23.0
%
23.0
%
(1.6
)%
Restaurant-level operating margin
16.0
%
16.0
%
17.9
%
17.9
%
(1.9
)%
____________________
(1) See Table Four
Restaurant-level and Adjusted Restaurant-Level Operating Income and
Margins 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 expense.
TABLE SIX
BLOOMIN’ BRANDS, INC.
ADJUSTED INCOME FROM
OPERATIONS NON-GAAP RECONCILIATIONS
(UNAUDITED)
(dollars in thousands)
THIRTEEN WEEKS ENDED
Consolidated
MARCH 31, 2024
MARCH 26, 2023
Income from operations
$
77,093
$
120,633
Operating income margin
6.4
%
9.7
%
Adjustments:
Total restaurant-level operating income
adjustments (1)
434
—
Asset impairments and closure-related
charges (2)
12,521
—
Total income from operations
adjustments
12,955
—
Adjusted income from operations
$
90,048
$
120,633
Adjusted operating income margin
7.5
%
9.7
%
U.S. Segment
Income from operations
$
97,484
$
133,243
Operating income margin
9.3
%
12.2
%
Adjustments:
Total restaurant-level operating income
adjustments (1)
434
—
Asset impairments and closure-related
charges (2)
11,685
—
Total income from operations
adjustments
12,119
—
Adjusted income from operations
$
109,603
$
133,243
Adjusted operating income margin
10.5
%
12.2
%
International Segment
Income from operations
$
15,762
$
24,508
Operating income margin
10.4
%
16.2
%
Adjustments:
Asset impairments and closure-related
charges (2)
49
—
Total income from operations
adjustments
49
—
Adjusted income from operations
$
15,811
$
24,508
Adjusted operating income margin
10.4
%
16.2
%
____________________
(1) See Table Four
Restaurant-level and Adjusted Restaurant-Level Operating Income and
Margins Non-GAAP Reconciliations for details regarding
restaurant-level operating income adjustments.
(2) Includes asset impairment,
closure costs and severance in connection with the 2023 Closure
Initiative.
TABLE SEVEN
BLOOMIN’ BRANDS, INC.
ADJUSTED NET INCOME AND
ADJUSTED DILUTED EARNINGS PER SHARE NON-GAAP
RECONCILIATIONS
(UNAUDITED)
THIRTEEN WEEKS ENDED
(in thousands, except per share
data)
MARCH 31, 2024
MARCH 26, 2023
Net (loss) income attributable to Bloomin’
Brands
$
(83,872
)
$
91,311
Adjustments:
Income from operations adjustments (1)
12,955
—
Loss on extinguishment of debt (2)
135,797
—
Total adjustments, before income taxes
148,752
—
Adjustment to provision for income taxes
(3)
(1,366
)
—
Net adjustments
147,386
—
Adjusted net income
$
63,514
$
91,311
Diluted (loss) earnings per share
$
(0.96
)
$
0.93
Adjusted diluted earnings per share
$
0.70
$
0.98
Diluted weighted average common shares
outstanding (4)
87,024
98,011
Adjusted diluted weighted average common
shares outstanding (4)
91,055
93,180
____________________
(1) See Table Six Adjusted Income
from Operations Non-GAAP Reconciliations above for details
regarding Income from operations adjustments.
(2) Includes losses associated
with the partial repurchase of the 2025 Notes.
(3) 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 all periods presented. The primary difference between
GAAP and adjusted effective income tax rates relates to certain
non-deductible losses and other tax costs associated with partial
repurchase of the 2025 Notes.
(4) Due to a GAAP net loss,
antidilutive securities are excluded from diluted weighted average
common shares outstanding for the thirteen weeks ended March 31,
2024. However, considering the adjusted net income position,
adjusted diluted weighted average common shares outstanding
incorporates 4,031 dilutive securities, including 3,132 for
outstanding warrants. Adjusted diluted weighted average common
shares outstanding was calculated including the benefit of our
convertible notes hedge.
Following is a summary of the financial statement line item
classification of the net (loss) income adjustments:
THIRTEEN WEEKS ENDED
(dollars in thousands)
MARCH 31, 2024
MARCH 26, 2023
Labor and other related
$
434
$
—
General and administrative
2,427
—
Provision for impaired assets and
restaurant closings
10,094
—
Loss on extinguishment of debt
135,797
—
Provision for income taxes
(1,366
)
—
Net adjustments
$
147,386
$
—
TABLE EIGHT
BLOOMIN’ BRANDS, INC.
COMPARATIVE RESTAURANT
INFORMATION
(UNAUDITED)
Number of restaurants:
DECEMBER 31, 2023
OPENINGS
CLOSURES
OTHER
MARCH 31, 2024
U.S.
Outback Steakhouse
Company-owned
562
4
(22
)
—
544
Franchised
126
—
(1
)
—
125
Total
688
4
(23
)
—
669
Carrabba’s Italian Grill
Company-owned (1)
198
—
(7
)
1
192
Franchised (1)
19
—
—
(1
)
18
Total
217
—
(7
)
—
210
Bonefish Grill
Company-owned
170
—
(8
)
—
162
Franchised
6
—
(2
)
—
4
Total
176
—
(10
)
—
166
Fleming’s Prime Steakhouse & Wine
Bar
Company-owned
64
—
—
—
64
Aussie Grill
Company-owned
4
—
—
—
4
Franchised
1
1
—
—
2
Total
5
1
—
—
6
U.S. total (2)
1,150
5
(40
)
—
1,115
International
Company-owned
Outback Steakhouse - Brazil (3)
155
4
—
—
159
Other (3)(4)
36
1
—
—
37
Franchised
Outback Steakhouse - South Korea (2)
92
1
(1
)
—
92
Other (4)
47
1
—
—
48
International total
330
7
(1
)
—
336
System-wide total
1,480
12
(41
)
—
1,451
System-wide total - Company-owned
1,189
9
(37
)
1
1,162
System-wide total - Franchised
291
3
(4
)
(1
)
289
____________________
(1) During the thirteen weeks
ended March 31, 2024, we purchased one franchised Carrabba’s
Italian Grill location which is now operated as Company-owned.
(2) Excludes four off-premises
only kitchens as of March 31, 2024. One location was Company-owned
in the U.S and all others were franchised in South Korea as of
March 31, 2024.
(3) The restaurant counts for
Brazil, including Abbraccio and Aussie Grill restaurants within
International Company-owned Other, are reported as of November 30,
2023 and February 29, 2024, respectively, to correspond with the
balance sheet dates of this subsidiary.
(4) International Company-owned
Other and International Franchised Other included two and five
Aussie Grill locations, respectively, as of March 31, 2024.
TABLE NINE
BLOOMIN’ BRANDS, INC.
COMPARABLE RESTAURANT SALES
INFORMATION
(UNAUDITED)
THIRTEEN WEEKS ENDED
MARCH 31, 2024 (1)
MARCH 26, 2023
Year over year percentage change:
Comparable restaurant sales (restaurants
open 18 months or more):
U.S. (2)
Outback Steakhouse
(1.2
)%
4.9
%
Carrabba’s Italian Grill
0.4
%
6.7
%
Bonefish Grill
(4.9
)%
5.2
%
Fleming’s Prime Steakhouse & Wine
Bar
(2.0
)%
3.6
%
Combined U.S.
(1.6
)%
5.1
%
International
Outback Steakhouse - Brazil (3)(4)
(0.7
)%
14.3
%
Traffic:
U.S.
Outback Steakhouse
(4.2
)%
(1.5
)%
Carrabba’s Italian Grill
(2.9
)%
1.7
%
Bonefish Grill
(7.1
)%
(0.5
)%
Fleming’s Prime Steakhouse & Wine
Bar
(5.0
)%
0.2
%
Combined U.S.
(4.3
)%
(0.7
)%
International
Outback Steakhouse - Brazil (3)
(3.7
)%
2.2
%
Average check per person (5):
U.S.
Outback Steakhouse
3.0
%
6.4
%
Carrabba’s Italian Grill
3.3
%
5.0
%
Bonefish Grill
2.2
%
5.7
%
Fleming’s Prime Steakhouse & Wine
Bar
3.0
%
3.4
%
Combined U.S.
2.7
%
5.8
%
International
Outback Steakhouse - Brazil (3)
2.7
%
11.6
%
____________________
(1) For Q1 2024, comparable
restaurant sales, traffic and average check per person compare the
thirteen weeks from January 1, 2024 through March 31, 2024 to the
thirteen weeks from January 2, 2023 through April 2, 2023.
(2) Relocated restaurants closed
more than 60 days are excluded from comparable restaurant sales
until at least 18 months after reopening.
(3) Excludes the effect of
fluctuations in foreign currency rates and the benefit of the
Brazil value added tax exemptions.
(4) Includes trading day impact
from calendar period reporting.
(5) Includes the impact of menu
pricing changes, product mix and discounts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240503844282/en/
Tara Kurian VP, Corporate Finance and Investor Relations (813)
830-5311
Bloomin Brands (NASDAQ:BLMN)
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