Bloomin’ Brands(BLMN)
Search documents
Bloomin’ Brands(BLMN) - 2023 Q1 - Quarterly Report
2023-05-01 16:00
(Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 26, 2023 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-35625 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock $0.01 par value BLMN The Nasdaq Stock Market LLC (Nasdaq Global Select Market) Large accelerated f ...
Bloomin’ Brands(BLMN) - 2023 Q1 - Earnings Call Transcript
2023-04-28 17:06
Bloomin' Brands, Inc. (NASDAQ:BLMN) Q1 2023 Results Conference Call April 28, 2023 8:15 AM ET Company Participants Tammy Dean - Senior Director of Corporate Finance and Investor Relations David Deno - Chief Executive Officer Chris Meyer - Executive Vice President and Chief Financial Officer Conference Call Participants Jeffrey Bernstein - Barclays Alex Slagle - Jefferies Lauren Silberman - Credit Suisse John Ivankoe - JPMorgan Sharon Zackfia - William Blair Jeff Farmer - Gordon Haskett Sara Senatore - Bank ...
Bloomin’ Brands(BLMN) - 2022 Q4 - Annual Report
2023-02-21 16:00
Tax and Financial Reporting - As of December 25, 2022, the company had $17.9 million of unrecognized tax benefits, which could impact the effective income tax rate if recognized[19]. - The company maintains effective internal control over financial reporting, which is necessary for accurate financial information[51]. Commodity and Labor Cost Inflation - The company experienced 14.6% commodity inflation in 2022 and anticipates mid single digits commodity inflation for 2023[23]. - Labor cost inflation was 7.8% in 2022, with expectations of mid single digits inflation in 2023[25]. - Approximately 60% of the company's estimated 2023 annual food purchases are covered by fixed contracts, most of which will expire during 2023[22]. - As of December 25, 2022, approximately 60% of the estimated 2023 annual food purchases are covered by fixed contracts, most of which are scheduled to expire during 2023[22]. Market Risks - The company is exposed to market risks from changes in commodity prices, labor inflation, interest rates, and foreign currency exchange rates[21]. - The company does not currently use financial instruments to hedge commodity risk or foreign currency exchange rate changes[23][30]. - A 10% change in average foreign currency rates against the U.S. dollar would have impacted total revenues and net income for foreign entities by $54.4 million and $3.6 million, respectively[31]. - A hypothetical 150 basis point change in short-term interest rates would increase or decrease annual interest expense by $6.5 million[29]. Stock Price Volatility - The company’s stock price is subject to volatility due to various factors, including fluctuations in operating results and market conditions[27]. - The stock price is subject to volatility due to various factors, including fluctuations in operating results and competitive actions[27]. Insurance and Business Operations - The company carries insurance programs with specific retention levels, but certain losses may not be insurable, potentially affecting business operations[55].
Bloomin’ Brands(BLMN) - 2022 Q4 - Earnings Call Transcript
2023-02-16 17:50
Bloomin' Brands, Inc. (NASDAQ:BLMN) Q4 2022 Earnings Conference Call February 16, 2023 8:15 AM ET Company Participants Mark Graff - SVP-IR David Deno - CEO Chris Meyer - EVP and CFO Conference Call Participants Jeffrey Bernstein - Barclays Alex Slagle - Jefferies Lauren Silberman - Credit Suisse John Ivankoe - JPMorgan Jeff Farmer - Gordon Haskett Jon Tower - Citigroup Dennis Geiger - USB Andrew Strelzik - BMO Capital Markets Brian Vaccaro - Raymond James Operator Greetings, and welcome to the Bloomin' Bran ...
Bloomin’ Brands(BLMN) - 2022 Q3 - Quarterly Report
2022-11-01 20:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 25, 2022 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-35625 BLOOMIN' BRANDS, INC. (Exact name of registrant as specified in its charter) Delaware 20-8023465 (State o ...
Bloomin’ Brands(BLMN) - 2022 Q3 - Earnings Call Transcript
2022-10-28 15:47
Bloomin' Brands, Inc. (NASDAQ:BLMN) Q3 2022 Earnings Conference Call October 28, 2022 8:15 AM ET Company Participants Mark Graff - SVP-IR David Deno - CEO Chris Meyer - EVP and CFO Conference Call Participants Jeffrey Bernstein - Barclays Alex Slagle - Jefferies Lauren Silberman - Credit Suisse John Ivankoe - JPMorgan Jared Garber - Goldman Sachs Jon Tower - Citigroup Brian Vaccaro - Raymond James Brian Mullan - Deutsche Bank Andrew Strelzik - BMO Capital Markets Dennis Geiger - USB Operator Greetings, and ...
Bloomin’ Brands(BLMN) - 2022 Q2 - Quarterly Report
2022-08-02 20:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 26, 2022 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-35625 BLOOMIN' BRANDS, INC. (Exact name of registrant as specified in its charter) Delaware 20-8023465 (State or oth ...
Bloomin’ Brands(BLMN) - 2022 Q2 - Earnings Call Transcript
2022-07-29 17:39
Bloomin' Brands, Inc. (NASDAQ:BLMN) Q2 2022 Earnings Conference Call July 29, 2022 8:15 AM ET Company Participants Mark Graff – Senior Vice President-Investor Relations David Deno – Chief Executive Officer Chris Meyer – Executive Vice President and Chief Financial Officer Conference Call Participants Jeffrey Bernstein – Barclays Sharon Zackfia – William Blair Alex Slagle – Jefferies Lauren Silberman – Credit Suisse John Glass – Morgan Stanley John Ivankoe – JPMorgan Jeff Farmer – Gordon Haskett Jon Tower – ...
Bloomin’ Brands(BLMN) - 2022 Q1 - Quarterly Report
2022-05-03 20:07
Financial Performance - Total revenues for the thirteen weeks ended March 27, 2022, were $1,140,535, an increase of 15.5% compared to $987,473 for the same period in 2021[14] - Net income attributable to Bloomin' Brands for the thirteen weeks ended March 27, 2022, was $75,511, representing a 9.5% increase from $68,862 in the prior year[14] - Restaurant sales increased to $1,123,575 for the thirteen weeks ended March 27, 2022, compared to $979,451 for the same period in 2021, reflecting a growth of 14.7%[14] - Basic earnings per share for the thirteen weeks ended March 27, 2022, were $0.85, up from $0.78 in the same period of 2021, an increase of 9%[14] - The company reported comprehensive income of $91,069 for the thirteen weeks ended March 27, 2022, compared to $65,248 for the same period in 2021, an increase of 39.6%[14] - Net income for the thirteen weeks ended March 27, 2022, was $77,694, compared to $69,798 for the same period in 2021, representing an increase of approximately 2.6%[21] - Franchise revenues grew significantly to $13,406, compared to $6,789 in the prior year, marking an increase of about 97.4%[29] - Total segment income from operations reached $141,110 thousand, compared to $125,272 thousand in the prior year, marking an increase of 12.6%[106] - Adjusted diluted earnings per share increased to $0.80 for the thirteen weeks ended March 27, 2022, compared to $0.72 for the same period in 2021, reflecting a growth of 11.1%[146] Assets and Liabilities - Total current assets decreased to $271,287 as of March 27, 2022, down from $352,792 as of December 26, 2021, a decline of 23%[12] - Total liabilities decreased to $2,910,099 as of March 27, 2022, compared to $3,071,421 as of December 26, 2021, a reduction of 5.2%[12] - Cash and cash equivalents increased to $97,795 as of March 27, 2022, from $87,585 as of December 26, 2021, an increase of 13.7%[12] - Total stockholders' equity increased to $293,257 as of March 27, 2022, from $222,850 as of December 26, 2021, a growth of 31.6%[12] - Total long-term debt, net, as of March 27, 2022, was $711.025 million, a decrease from $782.107 million as of December 26, 2021, indicating a reduction of approximately 9.1%[48] - Other long-term liabilities decreased to $90.5 million as of March 27, 2022, down from $125.2 million on December 26, 2021[59] - Current liabilities decreased from $984.6 million as of December 26, 2021, to $935.6 million as of March 27, 2022[170] - Working capital deficit increased from $631.8 million to $664.4 million during the same period[170] Cash Flow and Investments - Net cash provided by operating activities was $147,135, compared to $141,026 in the previous year, showing a growth of approximately 4.4%[21] - Capital expenditures increased to $(40,180) from $(17,411) year-over-year, indicating a rise of approximately 130%[21] - Net cash used in investing activities was $(39,150), compared to $(16,618) in the prior year, reflecting an increase of about 135%[21] - Cash dividends paid on common stock amounted to $(12,559) during the current period, with no dividends paid in the prior year[21] - The company had net cash provided by operating activities of $147.1 million for the thirteen weeks ended March 27, 2022, compared to $141.0 million for the same period in 2021[166] - The increase in net cash used in investing activities was primarily due to higher capital expenditures, totaling $39.2 million for the thirteen weeks ended March 27, 2022[167] Shareholder Returns - The company declared cash dividends of $0.14 per common share during the period[18] - The Company declared a quarterly cash dividend of $0.14 per share, totaling $12.6 million for the first fiscal quarter of 2022[61] - The Company has a share repurchase program authorized for up to $125.0 million, with $113.3 million remaining available as of March 27, 2022[60] - A total of 550,517 shares were repurchased at an average price of $21.26 per share during the period from February 21, 2022, to March 27, 2022[181] Operational Efficiency - Restaurant-level operating margin was 17.1%, down from 18.8% in the first quarter of 2021, indicating a decrease in operational efficiency[107] - The total costs and expenses as a percentage of total revenues decreased to 90.6% for the thirteen weeks ended March 27, 2022, from 90.8% in the prior year, indicating improved operational efficiency[117] - Labor and related expenses decreased to $312.5 million for the thirteen weeks ended March 27, 2022, from $274.6 million in the prior year, a change of 13.5%[126] - Other restaurant operating expenses were $259.1 million, down from $229.3 million, representing a decrease as a percentage of restaurant sales from 23.4% to 23.1%[127] Tax and Legal Matters - The effective income tax rate for the thirteen weeks ended March 27, 2022, was 17.0%, an increase of 8.4 percentage points compared to 8.6% for the same period in 2021[82] - The company recorded reserves of $7.5 million for legal proceedings as of March 27, 2022, compared to $7.1 million as of December 26, 2021[87] Market and Economic Conditions - The company experienced commodity and wage rate inflation, which partially offset the increases in income from operations[138] - There have been no material changes in market risk since December 26, 2021, including interest rates, foreign currency exchange rates, and commodity prices[173]
Bloomin’ Brands(BLMN) - 2022 Q1 - Earnings Call Transcript
2022-04-29 18:19
Bloomin' Brands, Inc. (NASDAQ:BLMN) Q1 2022 Earnings Conference Call April 29, 2022 8:15 AM ET Company Participants Mark Graff - Senior Vice President of Investor Relations David Deno - Chief Executive Officer Chris Meyer - Executive Vice President & Chief Financial Officer Conference Call Participants Jeffrey Bernstein - Barclays Sharon Zackfia - William Blair Alex Slagle - Jefferies John Ivankoe - JPMorgan John Glass - Morgan Stanley Lauren Silberman - Credit Suisse Jeff Farmer - Gordon Haskett Brian Vacc ...