Bloomin’ Brands(US:BLMN)2022-05-03 20:07Financial 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]