Q2 Diluted EPS of $0.75 and Adjusted Diluted EPS of $0.81
Q2 Comparable Restaurant Sales Growth of 65.8% at Outback Steakhouse and 84.6% Combined U.S.
Strengthening Third Quarter-to-Date U.S. Comp Sales Trends on a 2-Year Basis
Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the second quarter 2021 (“Q2 2021”) compared to the second quarter 2020 (“Q2 2020”).
CEO Comments
“Q2 represented another quarter of strong results. We are well positioned to grow sales and capture additional market share,” said David Deno, Chief Executive Officer. “We are making great progress improving margins, increasing cash flow and retaining off-premises sales as dining rooms have reopened. Our sales momentum has continued through the first four weeks of the third quarter with U.S. comp sales up 15.2% on a two-year basis versus 2019.”
Diluted EPS and Adjusted Diluted EPS
The following table reconciles Diluted earnings (loss) per share attributable to common stockholders to Adjusted diluted earnings (loss) per share for the periods indicated:
|
Q2 |
|
|
|
||||||||||
|
2021 |
|
2020 |
|
CHANGE |
Q2 2019 (1) |
||||||||
Diluted earnings (loss) per share attributable to common stockholders |
$ |
0.75 |
|
|
$ |
(1.05) |
|
|
$ |
1.80 |
|
$ |
0.32 |
|
Adjustments (2) |
0.06 |
|
|
0.31 |
|
|
(0.25) |
|
0.04 |
|
||||
Adjusted diluted earnings (loss) per share (2) |
$ |
0.81 |
|
|
$ |
(0.74) |
|
|
$ |
1.55 |
|
$ |
0.36 |
|
|
|
|
|
|
|
|
||||||||
___________________
|
Second Quarter Financial Results
(dollars in millions) |
Q2 2021 |
|
Q2 2020 |
|
CHANGE |
Q2 2019 (1) |
|||||||
Total revenues |
$ |
1,077.4 |
|
|
$ |
578.5 |
|
|
86.2 |
% |
$ |
1,021.9 |
|
|
|
|
|
|
|
|
|||||||
Restaurant-level operating margin |
20.3 |
% |
|
2.1 |
% |
|
18.2 |
% |
15.0 |
% |
|||
Adjusted restaurant-level operating margin (2) |
20.3 |
% |
|
2.7 |
% |
|
17.6 |
% |
15.0 |
% |
|||
|
|
|
|
|
|
|
|||||||
GAAP operating income (loss) margin |
11.6 |
% |
|
(19.3) |
% |
|
30.9 |
% |
4.3 |
% |
|||
Adjusted operating income (loss) margin (2) |
11.0 |
% |
|
(13.7) |
% |
|
24.7 |
% |
4.6 |
% |
|||
___________________
|
- The increase in Total revenues was primarily due to: (i) higher comparable restaurant sales from in-restaurant dining and strong retention of off-premises sales, (ii) higher franchise revenues and (iii) the net impact of restaurant openings and closures.
- GAAP restaurant-level operating margin increased due to higher comparable restaurant sales and lower advertising expense. These increases were partially offset by the 2020 benefit of employee retention credits from relief pay and higher management bonus. Charges related to the COVID-19 pandemic were excluded from our 2020 Adjusted restaurant-level operating margin.
- GAAP operating income margin increased due to: (i) an increase in restaurant-level operating margin as described above, (ii) 2020 asset impairment charges related to the COVID-19 pandemic and (iii) favorable court rulings in Brazil related to value-added taxes recorded in other revenues. These increases were partially offset by an increase in incentive compensation expense. Adjusted operating income excludes the impact of charges related to the COVID-19 pandemic, benefits from value-added tax court rulings in Brazil and expenses from restructuring and transformational initiatives.
Second Quarter Comparable Restaurant Sales
The following table includes Company-owned comparable restaurant sales for the second quarter ended June 27, 2021 as well as performance relative to 2019 for improved comparability due to the impact of COVID-19:
|
THIRTEEN WEEKS ENDED |
||||
|
JUNE 27, 2021 |
||||
Comparable restaurant sales (stores open 18 months or more): |
COMPARABLE TO 2019 (1) |
|
COMPARABLE TO 2020 |
||
U.S. |
|
|
|
||
Outback Steakhouse |
11.3 |
% |
|
65.8 |
% |
Carrabba’s Italian Grill |
16.7 |
% |
|
84.3 |
% |
Bonefish Grill |
4.2 |
% |
|
141.2 |
% |
Fleming’s Prime Steakhouse & Wine Bar |
24.4 |
% |
|
182.6 |
% |
Combined U.S. |
12.1 |
% |
|
84.6 |
% |
International |
|
|
|
||
Outback Steakhouse - Brazil (2)(3) |
(36.3) |
% |
|
78.8 |
% |
_________________
|
Recent Sales Results - U.S.
Third quarter-to-date U.S. comparable restaurant sales results have continued to strengthen on a two-year basis due to our sales building initiatives, pent up consumer demand and additional stimulus.
The following tables include quarter-to-date U.S. Company-owned comparable restaurant sales for the four-week period ended July 25, 2021 and weekly U.S. comparable average unit volumes for the periods indicated:
|
FOUR WEEKS ENDED |
||||||
|
JULY 25, 2021 |
||||||
Comparable restaurant sales (stores open 18 months or more): |
COMPARABLE TO 2019 (1) |
|
COMPARABLE TO 2020 (2) |
||||
U.S. |
|
|
|
||||
Outback Steakhouse |
11.2 |
% |
|
27.4 |
% |
||
Carrabba’s Italian Grill |
23.3 |
% |
|
46.5 |
% |
||
Bonefish Grill |
12.3 |
% |
|
65.4 |
% |
||
Fleming’s Prime Steakhouse & Wine Bar |
37.5 |
% |
|
100.8 |
% |
||
Combined U.S. |
15.2 |
% |
|
40.0 |
% |
||
|
|
|
|
||||
|
FOUR WEEKS ENDED |
||||||
Comparable restaurant average unit volumes (weekly): |
JULY 25, 2021 (3) |
|
JULY 28, 2019 (3) |
||||
U.S. |
|
|
|
||||
Outback Steakhouse |
$ |
73,367 |
|
$ |
65,938 |
||
Carrabba’s Italian Grill |
$ |
63,650 |
|
$ |
51,640 |
||
Bonefish Grill |
$ |
62,118 |
|
$ |
55,334 |
||
Fleming’s Prime Steakhouse & Wine Bar |
$ |
94,553 |
|
$ |
68,769 |
||
Combined U.S. |
$ |
70,762 |
|
$ |
61,379 |
||
_________________
|
Recent Sales Results - Brazil
Brazil’s second quarter sales were impacted by a rise in COVID-19 cases that resulted in significantly reduced in-restaurant dining capacity for a majority of the country. In recent weeks as the vaccine rollout increased, we have seen in-restaurant dining capacity increase which has resulted in rapidly improving weekly sales volumes. In São Paulo, which represents our largest market with 46% of stores, in-restaurant dining capacity increased to 60% on July 7, 2021, providing optimism about the continued recovery.
The following tables include Brazil third quarter-to-date Company-owned comparable restaurant sales for the eight-week period ended July 25, 2021 and weekly comparable average unit volumes for the periods indicated:
|
EIGHT WEEKS ENDED |
||||||
|
JULY 25, 2021 |
||||||
Comparable restaurant sales (stores open 18 months or more): |
COMPARABLE TO 2019 (1) |
|
COMPARABLE TO 2020 (2) |
||||
International |
|
|
|
||||
Outback Steakhouse - Brazil (3) |
(7.9) |
% |
|
141.6 |
% |
||
|
|
|
|
||||
|
EIGHT WEEKS ENDED |
||||||
Comparable restaurant average unit volumes (weekly): |
JULY 25, 2021 (4) |
|
JULY 28, 2019 (4) |
||||
International |
|
|
|
||||
Outback Steakhouse - Brazil (5) |
$ |
59,222 |
|
|
$ |
64,816 |
|
________________
|
Q3 2021 Financial Outlook
The table below presents our expectations for selected fiscal Q3 2021 financial operating results. Our outlook assumes no significant business interruptions related to COVID-19 and contemplates the following considerations:
- Continuing momentum in U.S. sales trends and includes a level of traditional Q3 seasonality; and
- Achieving ongoing operating efficiencies from simplification efforts, waste reduction and lower advertising.
Selected Financial Data: |
|
Q3 2021 Outlook |
|
Total revenues |
|
At least $1.015B |
|
|
|
|
|
EBITDA (1) |
|
At least $115M |
|
|
|
|
|
GAAP diluted earnings per share (2) |
|
At least $0.45 |
|
|
|
|
|
Adjusted diluted earnings per share (3) |
|
At least $0.50 |
|
_________________
|
Fiscal 2021 Financial Outlook
We are updating our 2021 financial outlook for the following items:
- Increased commodity inflation reflects increases in protein costs, primarily chicken and seafood, as we acquired additional supply outside of our contracted terms due to higher sales volumes;
- Higher general and administrative expenses from additional incentive compensation as a result of strong financial performance; and
- A reduction in capital expenditures due to raw material constraints delaying relocations, remodels and new restaurants into 2022.
All other aspects of our previously provided financial outlook remain unchanged. See the table below for more details.
Selected Financial Data: |
Prior Outlook |
|
Current Outlook |
Commodity inflation |
Flat |
|
Approx. 1.0% |
|
|
|
|
Labor inflation |
3.0% - 3.5% |
|
3.0% - 3.5% |
|
|
|
|
General and administrative expenses |
$225M - $230M |
|
$240M - $245M |
|
|
|
|
Depreciation and amortization |
$165M - $175M |
|
$165M - $175M |
|
|
|
|
Capital expenditures |
$170M - $185M |
|
$140M - $150M |
|
|
|
|
Number of new system-wide restaurants |
20 - 25 |
|
20 - 25 |
We are not providing any additional sales or profit guidance for the full-year due to the ongoing uncertainties related to the COVID-19 pandemic.
Conference Call
The Company will host a conference call today, July 30, 2021 at 8:30 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.
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 the following: (i) Adjusted restaurant-level operating margin, (ii) Adjusted income (loss) from operations and the corresponding margin, (iii) Adjusted net income (loss), (iv) Adjusted diluted earnings (loss) per share, (v) Adjusted segment restaurant-level operating margin, (vi) Adjusted segment income (loss) from operations and the corresponding margin and (vii) Earnings before interest, taxes, depreciation and amortization (“EBITDA”).
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 five, six, seven and ten included later in this release for descriptions of the actual adjustments made in the current period and the corresponding prior period.
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 operates more than 1,450 restaurants in 47 states, Guam and 19 countries, some of which are franchise locations. For more information, please visit www.bloominbrands.com.
Forward-Looking Statements
Certain statements contained herein, including statements under the headings “CEO Comments”, “Q3 2021 Financial Outlook” and “Fiscal 2021 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; the effects of the COVID-19 pandemic and uncertainties about its depth and duration, as well as the impacts to economic conditions and consumer behavior, including, among others: the inability of workers, including delivery drivers, to work due to illness, quarantine, or government mandates, temporary restaurant closures and capacity restrictions due to reduced workforces or government mandates, the unemployment rate, the extent, availability and effectiveness of any COVID-19 stimulus packages or loan programs, the ability of our franchisees to operate their restaurants during the pandemic and pay royalties, and trends in consumer behavior and spending during and after the end of the pandemic; competition; increases in labor costs; government actions and policies; increases in unemployment rates and taxes; local, regional, national and international economic conditions; consumer confidence and spending patterns; price and availability of commodities; the effects of changes in tax laws; challenges associated with our remodeling, relocation and expansion plans; interruption or breach of our systems or loss of consumer or employee information; political, social and legal conditions in international markets and their effects on foreign operations and foreign currency exchange rates; our ability to preserve the value of and grow our brands; the seasonality of the Company’s business; weather, acts of God and other disasters; changes in patterns of consumer traffic, consumer tastes and dietary habits; the cost and availability of credit; interest rate changes; and compliance with debt covenants and the Company’s ability to make debt payments and planned investments. 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 |
|
TWENTY-SIX WEEKS ENDED |
||||||||||||
(in thousands, except per share data) |
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Restaurant sales |
$ |
1,055,227 |
|
|
$ |
576,261 |
|
|
$ |
2,034,678 |
|
|
$ |
1,572,498 |
|
Franchise and other revenues |
22,139 |
|
|
2,198 |
|
|
30,161 |
|
|
14,298 |
|
||||
Total revenues |
1,077,366 |
|
|
578,459 |
|
|
2,064,839 |
|
|
1,586,796 |
|
||||
Costs and expenses |
|
|
|
|
|
|
|
||||||||
Food and beverage costs |
312,102 |
|
|
180,758 |
|
|
603,972 |
|
|
500,451 |
|
||||
Labor and other related |
294,999 |
|
|
205,537 |
|
|
569,637 |
|
|
514,806 |
|
||||
Other restaurant operating |
233,450 |
|
|
177,846 |
|
|
462,743 |
|
|
424,401 |
|
||||
Depreciation and amortization |
40,539 |
|
|
45,784 |
|
|
81,765 |
|
|
94,052 |
|
||||
General and administrative |
66,462 |
|
|
55,487 |
|
|
123,710 |
|
|
140,289 |
|
||||
Provision for impaired assets and restaurant closings |
5,177 |
|
|
24,959 |
|
|
7,377 |
|
|
66,277 |
|
||||
Total costs and expenses |
952,729 |
|
|
690,371 |
|
|
1,849,204 |
|
|
1,740,276 |
|
||||
Income (loss) from operations |
124,637 |
|
|
(111,912) |
|
|
215,635 |
|
|
(153,480) |
|
||||
Loss on extinguishment and modification of debt |
(2,073) |
|
|
(237) |
|
|
(2,073) |
|
|
(237) |
|
||||
Other income (expense), net |
— |
|
|
581 |
|
|
21 |
|
|
(212) |
|
||||
Interest expense, net |
(14,990) |
|
|
(16,639) |
|
|
(29,618) |
|
|
(28,347) |
|
||||
Income (loss) before provision (benefit) for income taxes |
107,574 |
|
|
(128,207) |
|
|
183,965 |
|
|
(182,276) |
|
||||
Provision (benefit) for income taxes |
22,688 |
|
|
(35,779) |
|
|
29,281 |
|
|
(55,434) |
|
||||
Net income (loss) |
84,886 |
|
|
(92,428) |
|
|
154,684 |
|
|
(126,842) |
|
||||
Less: net income (loss) attributable to noncontrolling interests |
2,341 |
|
|
(172) |
|
|
3,277 |
|
|
25 |
|
||||
Net income (loss) attributable to Bloomin’ Brands |
82,545 |
|
|
(92,256) |
|
|
151,407 |
|
|
(126,867) |
|
||||
Redemption of preferred stock in excess of carrying value |
— |
|
|
— |
|
|
— |
|
|
(3,496) |
|
||||
Net income (loss) attributable to common stockholders |
82,545 |
|
|
(92,256) |
|
|
151,407 |
|
|
(130,363) |
|
||||
Convertible senior notes if-converted method interest adjustment, net of tax |
— |
|
|
— |
|
|
691 |
|
|
— |
|
||||
Diluted net income (loss) attributable to common stockholders |
$ |
82,545 |
|
|
$ |
(92,256) |
|
|
$ |
152,098 |
|
|
$ |
(130,363) |
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.93 |
|
|
$ |
(1.05) |
|
|
$ |
1.71 |
|
|
$ |
(1.49) |
|
Diluted |
$ |
0.75 |
|
|
$ |
(1.05) |
|
|
$ |
1.38 |
|
|
$ |
(1.49) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
89,075 |
|
|
87,496 |
|
|
88,721 |
|
|
87,312 |
|
||||
Diluted |
109,805 |
|
|
87,496 |
|
|
110,223 |
|
|
87,312 |
|
TABLE TWO |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
SEGMENT RESULTS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
(dollars in thousands) |
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
||||||||||||
U.S. Segment |
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Restaurant sales |
$ |
990,293 |
|
|
$ |
536,767 |
|
|
$ |
1,890,352 |
|
|
$ |
1,421,656 |
|
Franchise and other revenues |
12,765 |
|
|
313 |
|
|
17,624 |
|
|
9,921 |
|
||||
Total revenues |
$ |
1,003,058 |
|
|
$ |
537,080 |
|
|
$ |
1,907,976 |
|
|
$ |
1,431,577 |
|
Restaurant-level operating margin |
21.7 |
% |
|
3.2 |
% |
|
20.5 |
% |
|
8.4 |
% |
||||
Income (loss) from operations |
$ |
165,297 |
|
|
$ |
(62,921) |
|
|
$ |
287,032 |
|
|
$ |
(51,542) |
|
Operating income (loss) margin |
16.5 |
% |
|
(11.7) |
% |
|
15.0 |
% |
|
(3.6) |
% |
||||
International Segment |
|
|
|
|
|
|
|
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Restaurant sales |
$ |
64,934 |
|
|
$ |
39,494 |
|
|
$ |
144,326 |
|
|
$ |
150,842 |
|
Franchise and other revenues (1) |
9,374 |
|
|
1,885 |
|
|
12,537 |
|
|
4,377 |
|
||||
Total revenues |
$ |
74,308 |
|
|
$ |
41,379 |
|
|
$ |
156,863 |
|
|
$ |
155,219 |
|
Restaurant-level operating margin |
3.2 |
% |
|
(21.8) |
% |
|
9.3 |
% |
|
8.0 |
% |
||||
Income (loss) from operations |
$ |
2,470 |
|
|
$ |
(17,070) |
|
|
$ |
6,007 |
|
|
$ |
(10,283) |
|
Operating income (loss) margin |
3.3 |
% |
|
(41.3) |
% |
|
3.8 |
% |
|
(6.6) |
% |
||||
Reconciliation of Segment Income (Loss) from Operations to Consolidated Income (Loss) from Operations |
|
|
|
|
|
|
|
||||||||
Segment income (loss) from operations |
|
|
|
|
|
|
|
||||||||
U.S. |
$ |
165,297 |
|
|
$ |
(62,921) |
|
|
$ |
287,032 |
|
|
$ |
(51,542) |
|
International |
2,470 |
|
|
(17,070) |
|
|
6,007 |
|
|
(10,283) |
|
||||
Total segment income (loss) from operations |
167,767 |
|
|
(79,991) |
|
|
293,039 |
|
|
(61,825) |
|
||||
Unallocated corporate operating expense (2) |
(43,130) |
|
|
(31,921) |
|
|
(77,404) |
|
|
(91,655) |
|
||||
Total income (loss) from operations |
$ |
124,637 |
|
|
$ |
(111,912) |
|
|
$ |
215,635 |
|
|
$ |
(153,480) |
|
____________________
|
TABLE THREE |
|||||||
BLOOMIN’ BRANDS, INC. |
|||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION |
|||||||
(UNAUDITED) |
|||||||
(dollars in thousands) |
JUNE 27, 2021 |
DECEMBER 27, 2020 |
|||||
Cash and cash equivalents |
$ |
101,285 |
|
|
$ |
109,980 |
|
Net working capital (deficit) (1) |
$ |
(666,393) |
|
|
$ |
(626,250) |
|
Total assets |
$ |
3,246,753 |
|
|
$ |
3,362,107 |
|
Total debt, net |
$ |
850,063 |
|
|
$ |
1,036,480 |
|
Total stockholders’ equity |
$ |
152,907 |
|
|
$ |
10,957 |
|
_________________
|
TABLE FOUR |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
RESTAURANT-LEVEL OPERATING MARGIN RECONCILIATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
Consolidated |
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
||||||||||||
(dollars in thousands) |
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
||||||||
Income (loss) from operations |
$ |
124,637 |
|
|
$ |
(111,912) |
|
|
$ |
215,635 |
|
|
$ |
(153,480) |
|
Operating income (loss) margin |
11.6 |
% |
|
(19.3) |
% |
|
10.4 |
% |
|
(9.7) |
% |
||||
Less: |
|
|
|
|
|
|
|
||||||||
Franchise and other revenues |
22,139 |
|
|
2,198 |
|
|
30,161 |
|
|
14,298 |
|
||||
Plus: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
40,539 |
|
|
45,784 |
|
|
81,765 |
|
|
94,052 |
|
||||
General and administrative |
66,462 |
|
|
55,487 |
|
|
123,710 |
|
|
140,289 |
|
||||
Provision for impaired assets and restaurant closings |
5,177 |
|
|
24,959 |
|
|
7,377 |
|
|
66,277 |
|
||||
Restaurant-level operating income |
$ |
214,676 |
|
|
$ |
12,120 |
|
|
$ |
398,326 |
|
|
$ |
132,840 |
|
Restaurant-level operating margin |
20.3 |
% |
|
2.1 |
% |
|
19.6 |
% |
|
8.4 |
% |
||||
|
|
|
|
|
|
|
|
||||||||
U.S. |
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
||||||||||||
(dollars in thousands) |
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
||||||||
Income (loss) from operations |
$ |
165,297 |
|
|
$ |
(62,921) |
|
|
$ |
287,032 |
|
|
$ |
(51,542) |
|
Operating income (loss) margin |
16.5 |
% |
|
(11.7) |
% |
|
15.0 |
% |
|
(3.6) |
% |
||||
Less: |
|
|
|
|
|
|
|
||||||||
Franchise and other revenues |
12,765 |
|
|
313 |
|
|
17,624 |
|
|
9,921 |
|
||||
Plus: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
33,579 |
|
|
37,308 |
|
|
67,224 |
|
|
74,948 |
|
||||
General and administrative |
22,953 |
|
|
18,343 |
|
|
44,045 |
|
|
49,223 |
|
||||
Provision for impaired assets and restaurant closings |
5,676 |
|
|
24,781 |
|
|
7,139 |
|
|
56,475 |
|
||||
Restaurant-level operating income |
$ |
214,740 |
|
|
$ |
17,198 |
|
|
$ |
387,816 |
|
|
$ |
119,183 |
|
Restaurant-level operating margin |
21.7 |
% |
|
3.2 |
% |
|
20.5 |
% |
|
8.4 |
% |
||||
|
|
|
|
|
|
|
|
||||||||
International |
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
||||||||||||
(dollars in thousands) |
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
||||||||
Income (loss) from operations |
$ |
2,470 |
|
|
$ |
(17,070) |
|
|
$ |
6,007 |
|
|
$ |
(10,283) |
|
Operating income (loss) margin |
3.3 |
% |
|
(41.3) |
% |
|
3.8 |
% |
|
(6.6) |
% |
||||
Less: |
|
|
|
|
|
|
|
||||||||
Franchise and other revenues |
9,374 |
|
|
1,885 |
|
|
12,537 |
|
|
4,377 |
|
||||
Plus: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
5,565 |
|
|
5,884 |
|
|
11,285 |
|
|
12,642 |
|
||||
General and administrative |
4,116 |
|
|
4,146 |
|
|
8,721 |
|
|
10,402 |
|
||||
Provision for impaired assets and restaurant closings |
(708) |
|
|
296 |
|
|
(1) |
|
|
3,640 |
|
||||
Restaurant-level operating income (loss) |
$ |
2,069 |
|
|
$ |
(8,629) |
|
|
$ |
13,475 |
|
|
$ |
12,024 |
|
Restaurant-level operating margin |
3.2 |
% |
|
(21.8) |
% |
|
9.3 |
% |
|
8.0 |
% |
TABLE FIVE |
||||||||||||||
BLOOMIN’ BRANDS, INC. |
||||||||||||||
RESTAURANT-LEVEL OPERATING MARGIN NON-GAAP RECONCILIATIONS |
||||||||||||||
(UNAUDITED) |
||||||||||||||
|
THIRTEEN WEEKS ENDED |
|
FAVORABLE
QUARTER TO
|
|||||||||||
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
||||||||||
Consolidated: |
REPORTED |
|
ADJUSTED |
|
REPORTED |
|
ADJUSTED (1) |
|
||||||
Restaurant sales |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Food and beverage costs |
29.6 |
% |
|
29.6 |
% |
|
31.4 |
% |
|
31.2 |
% |
|
1.6 |
% |
Labor and other related |
28.0 |
% |
|
28.0 |
% |
|
35.7 |
% |
|
35.7 |
% |
|
7.7 |
% |
Other restaurant operating |
22.1 |
% |
|
22.1 |
% |
|
30.9 |
% |
|
30.4 |
% |
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Restaurant-level operating margin (2) |
20.3 |
% |
|
20.3 |
% |
|
2.1 |
% |
|
2.7 |
% |
|
17.6 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Segments - Restaurant-level operating margin: |
|
|
|
|
|
|
|
|
|
|||||
U.S. (2) |
21.7 |
% |
|
21.7 |
% |
|
3.2 |
% |
|
3.9 |
% |
|
17.8 |
% |
International (2) |
3.2 |
% |
|
3.2 |
% |
|
(21.8) |
% |
|
(21.4) |
% |
|
24.6 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
|
TWENTY-SIX WEEKS ENDED |
|
FAVORABLE (UNFAVORABLE) CHANGE IN ADJUSTED YEAR TO DATE |
|||||||||||
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
||||||||||
Consolidated: |
REPORTED |
|
ADJUSTED |
|
REPORTED |
|
ADJUSTED (1) |
|
||||||
Restaurant sales |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Food and beverage costs |
29.7 |
% |
|
29.7 |
% |
|
31.8 |
% |
|
31.4 |
% |
|
1.7 |
% |
Labor and other related |
28.0 |
% |
|
28.0 |
% |
|
32.7 |
% |
|
32.7 |
% |
|
4.7 |
% |
Other restaurant operating |
22.7 |
% |
|
22.7 |
% |
|
27.0 |
% |
|
27.0 |
% |
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Restaurant-level operating margin (2) |
19.6 |
% |
|
19.6 |
% |
|
8.4 |
% |
|
8.9 |
% |
|
10.7 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Segments - Restaurant-level operating margin: |
|
|
|
|
|
|
|
|
|
|||||
U.S. (2) |
20.5 |
% |
|
20.5 |
% |
|
8.4 |
% |
|
8.7 |
% |
|
11.8 |
% |
International (2) |
9.3 |
% |
|
9.3 |
% |
|
8.0 |
% |
|
9.3 |
% |
|
— |
% |
_________________ | |||
(1) |
The table set forth below titled “Restaurant-level Operating Margin Adjustments” provides additional information regarding the adjustments for each period presented. |
||
(2) |
The following categories of our 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. |
Restaurant-level Operating Margin Adjustments - Following is a summary of (favorable) unfavorable adjusted restaurant-level operating margin adjustments recorded in Other restaurant operating expense (unless otherwise noted below) for the following activities, as described in table six of this release for the periods indicated:
|
THIRTEEN WEEKS |
|
TWENTY-SIX WEEKS |
||||
ENDED |
ENDED |
||||||
(dollars in millions) |
JUNE 28, 2020 |
|
JUNE 28, 2020 |
||||
COVID-19 related costs (1) |
$ |
(3.7) |
|
|
$ |
(9.9) |
|
Restaurant relocations, asset impairments and closing costs |
— |
|
|
2.7 |
|
||
|
$ |
(3.7) |
|
|
$ |
(7.2) |
|
_________________
|
TABLE SIX |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
INCOME (LOSS) FROM OPERATIONS, NET INCOME (LOSS) AND DILUTED EARNINGS (LOSS) PER SHARE NON-GAAP RECONCILIATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
|
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
||||||||||||
(in thousands, except per share data) |
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
||||||||
Income (loss) from operations |
$ |
124,637 |
|
|
$ |
(111,912) |
|
|
$ |
215,635 |
|
|
$ |
(153,480) |
|
Operating income (loss) margin |
11.6 |
% |
|
(19.3) |
% |
|
10.4 |
% |
|
(9.7) |
% |
||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Legal and other matters (1) |
(6,337) |
|
|
— |
|
|
(6,337) |
|
|
178 |
|
||||
COVID-19-related costs (2) |
— |
|
|
30,342 |
|
|
— |
|
|
79,218 |
|
||||
Severance and other transformational costs (3) |
— |
|
|
2,415 |
|
|
— |
|
|
24,647 |
|
||||
Restaurant relocations, asset impairments and closing costs (4) |
— |
|
|
— |
|
|
— |
|
|
(2,205) |
|
||||
Total income (loss) from operations adjustments |
(6,337) |
|
|
32,757 |
|
|
(6,337) |
|
|
101,838 |
|
||||
Adjusted income (loss) from operations |
$ |
118,300 |
|
|
$ |
(79,155) |
|
|
$ |
209,298 |
|
|
$ |
(51,642) |
|
Adjusted operating income (loss) margin |
11.0 |
% |
|
(13.7) |
% |
|
10.2 |
% |
|
(3.3) |
% |
||||
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) attributable to common stockholders |
$ |
82,545 |
|
|
$ |
(92,256) |
|
|
$ |
152,098 |
|
|
$ |
(130,363) |
|
Convertible senior notes if-converted method interest
|
— |
|
|
— |
|
|
691 |
|
|
— |
|
||||
Net income (loss) attributable to common stockholders |
82,545 |
|
|
(92,256) |
|
|
151,407 |
|
|
(130,363) |
|
||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations adjustments |
(6,337) |
|
|
32,757 |
|
|
(6,337) |
|
|
101,838 |
|
||||
Loss on extinguishment and modification of debt |
2,073 |
|
|
— |
|
|
2,073 |
|
|
— |
|
||||
Amortization of debt discount (6) |
— |
|
|
1,379 |
|
|
— |
|
|
1,379 |
|
||||
Total adjustments, before income taxes |
(4,264) |
|
|
34,136 |
|
|
(4,264) |
|
|
103,217 |
|
||||
Adjustment to provision for income taxes (7) |
1,243 |
|
|
(6,474) |
|
|
1,243 |
|
|
(28,469) |
|
||||
Redemption of preferred stock in excess of carrying value (8) |
— |
|
|
— |
|
|
— |
|
|
3,496 |
|
||||
Net adjustments |
(3,021) |
|
|
27,662 |
|
|
(3,021) |
|
|
78,244 |
|
||||
Adjusted net income (loss) |
$ |
79,524 |
|
|
$ |
(64,594) |
|
|
$ |
148,386 |
|
|
$ |
(52,119) |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share attributable to common stockholders (9) |
$ |
0.75 |
|
|
$ |
(1.05) |
|
|
$ |
1.38 |
|
|
$ |
(1.49) |
|
Adjusted diluted earnings (loss) per share (9)(10) |
$ |
0.81 |
|
|
$ |
(0.74) |
|
|
$ |
1.53 |
|
|
$ |
(0.60) |
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average common shares outstanding (9) |
109,805 |
|
|
87,496 |
|
|
110,223 |
|
|
87,312 |
|
||||
Adjusted diluted weighted average common shares outstanding (9)(10) |
98,574 |
|
|
87,496 |
|
|
97,011 |
|
|
87,312 |
|
||||
_________________
|
Following is a summary of the financial statement line item classification of the net income (loss) adjustments:
|
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
||||||||||||
(dollars in thousands) |
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
||||||||
Franchise and other revenues |
$ |
(6,337) |
|
|
$ |
— |
|
|
$ |
(6,337) |
|
|
$ |
— |
|
Food and beverage costs |
— |
|
|
1,163 |
|
|
— |
|
|
7,345 |
|
||||
Other restaurant operating |
— |
|
|
2,467 |
|
|
— |
|
|
(176) |
|
||||
Depreciation and amortization |
— |
|
|
— |
|
|
— |
|
|
407 |
|
||||
General and administrative |
— |
|
|
3,632 |
|
|
— |
|
|
27,856 |
|
||||
Provision for impaired assets and restaurant closings |
— |
|
|
25,495 |
|
|
— |
|
|
66,406 |
|
||||
Loss on extinguishment and modification of debt |
2,073 |
|
|
— |
|
|
2,073 |
|
|
— |
|
||||
Interest expense, net |
— |
|
|
1,379 |
|
|
— |
|
|
1,379 |
|
||||
Provision (benefit) for income taxes |
1,243 |
|
|
(6,474) |
|
|
1,243 |
|
|
(28,469) |
|
||||
Redemption of preferred stock in excess of carrying value |
— |
|
|
— |
|
|
— |
|
|
3,496 |
|
||||
Net adjustments |
$ |
(3,021) |
|
|
$ |
27,662 |
|
|
$ |
(3,021) |
|
|
$ |
78,244 |
|
TABLE SEVEN |
|||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||
SEGMENT INCOME FROM OPERATIONS NON-GAAP RECONCILIATIONS |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
(dollars in thousands) |
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
||||||||||||
U.S. Segment |
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
||||||||
Income (loss) from operations |
$ |
165,297 |
|
|
$ |
(62,921) |
|
|
$ |
287,032 |
|
|
$ |
(51,542) |
|
Operating income (loss) margin |
16.5 |
% |
|
(11.7) |
% |
|
15.0 |
% |
|
(3.6) |
% |
||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
COVID-19-related costs (1) |
— |
|
|
29,805 |
|
|
— |
|
|
72,784 |
|
||||
Restaurant relocations, asset impairments and closing costs (2) |
— |
|
|
— |
|
|
— |
|
|
(2,205) |
|
||||
Adjusted income (loss) from operations |
$ |
165,297 |
|
|
$ |
(33,116) |
|
|
$ |
287,032 |
|
|
$ |
19,037 |
|
Adjusted operating income (loss) margin |
16.5 |
% |
|
(6.2) |
% |
|
15.0 |
% |
|
1.3 |
% |
||||
|
|
|
|
|
|
|
|
||||||||
International Segment |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations |
$ |
2,470 |
|
|
$ |
(17,070) |
|
|
$ |
6,007 |
|
|
$ |
(10,283) |
|
Operating income (loss) margin |
3.3 |
% |
|
(41.3) |
% |
|
3.8 |
% |
|
(6.6) |
% |
||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Legal and other matters (3) |
(6,337) |
|
|
— |
|
|
(6,337) |
|
|
— |
|
||||
COVID-19 related costs (1) |
— |
|
|
459 |
|
|
— |
|
|
5,651 |
|
||||
Adjusted loss from operations |
$ |
(3,867) |
|
|
$ |
(16,611) |
|
|
$ |
(330) |
|
|
$ |
(4,632) |
|
Adjusted operating loss margin |
(5.7) |
% |
|
(40.1) |
% |
|
(0.2) |
% |
|
(3.0) |
% |
||||
_________________
|
TABLE EIGHT |
|||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||
COMPARATIVE RESTAURANT INFORMATION |
|||||||||||
(UNAUDITED) |
|||||||||||
Number of restaurants (at end of the period): |
MARCH 28, 2021 |
|
OPENINGS |
|
CLOSURES |
|
JUNE 27, 2021 |
||||
U.S.: |
|
|
|
|
|
|
|
||||
Outback Steakhouse |
|
|
|
|
|
|
|
||||
Company-owned |
567 |
|
|
— |
|
|
(1) |
|
|
566 |
|
Franchised |
131 |
|
|
— |
|
|
— |
|
|
131 |
|
Total |
698 |
|
|
— |
|
|
(1) |
|
|
697 |
|
Carrabba’s Italian Grill |
|
|
|
|
|
|
|
||||
Company-owned |
199 |
|
|
— |
|
|
— |
|
|
199 |
|
Franchised |
21 |
|
|
— |
|
|
(1) |
|
|
20 |
|
Total |
220 |
|
|
— |
|
|
(1) |
|
|
219 |
|
Bonefish Grill |
|
|
|
|
|
|
|
||||
Company-owned |
180 |
|
|
— |
|
|
(1) |
|
|
179 |
|
Franchised |
7 |
|
|
— |
|
|
— |
|
|
7 |
|
Total |
187 |
|
|
— |
|
|
(1) |
|
|
186 |
|
Fleming’s Prime Steakhouse & Wine Bar |
|
|
|
|
|
|
|
||||
Company-owned |
64 |
|
|
— |
|
|
— |
|
|
64 |
|
Other |
|
|
|
|
|
|
|
||||
Company-owned (1) |
6 |
|
|
2 |
|
|
— |
|
|
8 |
|
U.S. total |
1,175 |
|
|
2 |
|
|
(3) |
|
|
1,174 |
|
International: |
|
|
|
|
|
|
|
||||
Company-owned |
|
|
|
|
|
|
|
||||
Outback Steakhouse - Brazil (2) |
110 |
|
|
3 |
|
|
— |
|
|
113 |
|
Other (1)(3) |
34 |
|
|
— |
|
|
— |
|
|
34 |
|
Franchised |
|
|
|
|
|
|
|
||||
Outback Steakhouse—South Korea (3) |
100 |
|
|
9 |
|
|
(1) |
|
|
108 |
|
Other (1) |
57 |
|
|
— |
|
|
(2) |
|
|
55 |
|
International total |
301 |
|
|
12 |
|
|
(3) |
|
|
310 |
|
System-wide total |
1,476 |
|
|
14 |
|
|
(6) |
|
|
1,484 |
|
____________________
|
TABLE NINE |
|||||||||||||||||
BLOOMIN’ BRANDS, INC. |
|||||||||||||||||
COMPARABLE RESTAURANT SALES INFORMATION |
|||||||||||||||||
(UNAUDITED) |
|||||||||||||||||
|
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
||||||||||||||
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
|
JUNE 27, 2021 |
|
JUNE 28, 2020 |
||||||||||
|
Comparable to
|
|
Comparable to
|
|
Comparable to
|
|
Comparable to
|
|
Comparable to
|
|
Comparable to
|
||||||
Year over year percentage change: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Comparable restaurant sales (stores open 18 months or more): |
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. (2) |
|
|
|
|
|
|
|
|
|
|
|
||||||
Outback Steakhouse |
11.3 |
% |
|
65.8 |
% |
|
(32.9) |
% |
|
2.3 |
% |
|
28.8 |
% |
|
(20.6) |
% |
Carrabba’s Italian Grill |
16.7 |
% |
|
84.3 |
% |
|
(36.7) |
% |
|
7.7 |
% |
|
38.4 |
% |
|
(22.2) |
% |
Bonefish Grill |
4.2 |
% |
|
141.2 |
% |
|
(56.8) |
% |
|
(6.3) |
% |
|
43.5 |
% |
|
(34.7) |
% |
Fleming’s Prime Steakhouse &
|
24.4 |
% |
|
182.6 |
% |
|
(56.3) |
% |
|
3.6 |
% |
|
55.6 |
% |
|
(33.6) |
% |
Combined U.S. |
12.1 |
% |
|
84.6 |
% |
|
(39.4) |
% |
|
1.9 |
% |
|
34.4 |
% |
|
(24.2) |
% |
International |
|
|
|
|
|
|
|
|
|
|
|
||||||
Outback Steakhouse - Brazil (3) |
(36.3) |
% |
|
78.8 |
% |
|
(63.9) |
% |
|
(26.2) |
% |
|
2.7 |
% |
|
(27.4) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Traffic: |
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. |
|
|
|
|
|
|
|
|
|
|
|
||||||
Outback Steakhouse |
4.4 |
% |
|
51.4 |
% |
|
(31.0) |
% |
|
(2.7) |
% |
|
21.9 |
% |
|
(20.2) |
% |
Carrabba’s Italian Grill |
13.0 |
% |
|
57.2 |
% |
|
(28.1) |
% |
|
5.8 |
% |
|
27.0 |
% |
|
(16.7) |
% |
Bonefish Grill |
3.9 |
% |
|
52.4 |
% |
|
(29.8) |
% |
|
(4.7) |
% |
|
22.4 |
% |
|
(20.6) |
% |
Fleming’s Prime Steakhouse & Wine Bar |
11.9 |
% |
|
97.0 |
% |
|
(43.5) |
% |
|
(3.5) |
% |
|
33.5 |
% |
|
(28.0) |
% |
Combined U.S. |
6.2 |
% |
|
53.6 |
% |
|
(30.6) |
% |
|
(1.4) |
% |
|
23.2 |
% |
|
(19.8) |
% |
International |
|
|
|
|
|
|
|
|
|
|
|
||||||
Outback Steakhouse - Brazil |
(20.3) |
% |
|
63.0 |
% |
|
(48.5) |
% |
|
(13.6) |
% |
|
8.9 |
% |
|
(19.0) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average check per person (4): |
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. |
|
|
|
|
|
|
|
|
|
|
|
||||||
Outback Steakhouse |
6.9 |
% |
|
14.4 |
% |
|
(1.9) |
% |
|
5.0 |
% |
|
6.9 |
% |
|
(0.4) |
% |
Carrabba’s Italian Grill |
3.7 |
% |
|
27.1 |
% |
|
(8.6) |
% |
|
1.9 |
% |
|
11.4 |
% |
|
(5.5) |
% |
Bonefish Grill |
0.3 |
% |
|
88.8 |
% |
|
(27.0) |
% |
|
(1.6) |
% |
|
21.1 |
% |
|
(14.1) |
% |
Fleming’s Prime Steakhouse & Wine Bar |
12.5 |
% |
|
85.6 |
% |
|
(12.8) |
% |
|
7.1 |
% |
|
22.1 |
% |
|
(5.6) |
% |
Combined U.S. |
5.9 |
% |
|
31.0 |
% |
|
(8.8) |
% |
|
3.3 |
% |
|
11.2 |
% |
|
(4.4) |
% |
International |
|
|
|
|
|
|
|
|
|
|
|
||||||
Outback Steakhouse - Brazil |
(15.8) |
% |
|
22.2 |
% |
|
(15.2) |
% |
|
(12.4) |
% |
|
(4.5) |
% |
|
(8.4) |
% |
____________________
|
TABLE TEN |
|||||||
BLOOMIN’ BRANDS, INC. |
|||||||
EBITDA RECONCILIATIONS |
|||||||
(UNAUDITED) |
|||||||
|
THIRTEEN WEEKS ENDED |
|
TWENTY-SIX WEEKS ENDED |
||||
(dollars in thousands) |
JUNE 27, 2021 |
|
JUNE 27, 2021 |
||||
Net income attributable to common stockholders |
$ |
82,545 |
|
|
$ |
151,407 |
|
Provision for income taxes |
22,688 |
|
|
29,281 |
|
||
Interest expense, net |
14,990 |
|
|
29,618 |
|
||
Depreciation and amortization |
40,539 |
|
|
81,765 |
|
||
EBITDA |
$ |
160,762 |
|
|
$ |
292,071 |
|
TABLE ELEVEN |
|
BLOOMIN’ BRANDS, INC. |
|
FISCAL 2021 THIRD QUARTER EBITDA OUTLOOK RECONCILIATION |
|
(UNAUDITED) |
|
(dollars in millions) |
|
Net income attributable to common stockholders |
At least $50M |
Provision for income taxes |
At least $10M |
Interest expense, net |
At least $14M |
Depreciation and amortization |
At least $41M |
EBITDA |
At least $115M |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210730005123/en/
Contacts
Mark Graff
Senior Vice President, IR & Finance
(813) 830-5311